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Date Published:: 2023-07-11
Description:: IBO's review of the tax break, under Local Law 18 of 2017, was released as NYC Council is about to consider MSG’s DCP application to renew its zoning special permit. It also coincides with a reignited debate on the future of the beleaguered & over-capacity Penn Station that lies below MSG.
Agency:: Independent Budget Office, NYC (IBO)
Subject(s):: Taxation - Exemption from and Taxation - Real Property
Report Type:: Reports - Other (Consultant/Staff)

Date Published:: 2023-07-11
Description:: The Independent Budget Office's press release for its report examining Madison Square Garden's tax exemption.
Agency:: Independent Budget Office, NYC (IBO)
Subject(s):: Taxation - Exemption from and Taxation - Real Property
Report Type:: Press Releases

Date Published:: 2023-05-02
Description:: The total citywide market value of fully and partially taxable property approached $1.4 trillion, about 7.8 percent higher than in FY 2022. Growth was higher in Class Two (9.1 percent) and Class Four (9.7 percent) compared to Class One (6.6 percent) and Class Three (5.4 percent).
Agency:: Finance, Department of (DOF)
Subject(s):: Taxation, Finance, and Taxation - Real Property
Report Type:: Reports - Annual

Date Published:: 2023-03-07
Description:: This report provides data on Commercial Rent Tax (CRT) liability at the taxpayer and premises level. The data sources for this report are taxpayers’ CRT tax year 2022 (June 1, 2021 – May 31, 2022) returns and CRT collections data from Department of Finance records.
Agency:: Finance, Department of (DOF)
Subject(s):: Taxation - Real Property and Finance
Report Type:: Reports - Annual

Date Published:: 2023-03-01
Description:: This report contains information about the Tax Commission and its mission, functions, operations and resources, an overview of the agency's performance, and statistical profiles of its determinations during calendar year 2022.
Agency:: Tax Commission, New York City (TC)
Subject(s):: Taxation - Real Property
Report Type:: Reports - Annual

Date Published:: 2022-12-05
Description:: The City Charter requires that the Office of Management and Budget (OMB) publish documentation of forecasting methodologies used for projecting tax revenues for those taxes which account for five percent or more of total City tax revenues.
Agency:: Management and Budget, Office of (OMB)
Subject(s):: Budget and Finance, Taxation, and Taxation - Real Property
Report Type:: Budget / Finance

Date Published:: 2022-11-15
Description:: Acting Director George Sweeting testifies at a Council hearing on recommendations from the Advisory Commission on Property Tax Reform. While its recs. could help eliminate some of the most glaring problems, significant disparities were largely unexamined.
Agency:: Independent Budget Office, NYC (IBO)
Subject(s):: Taxation - Real Property
Report Type:: Other

Date Published:: 2022-08-30
Description:: To calculate a commercial property’s value for tax purposes, the city uses what is known as a “capitalized income approach.” IBO examines this method, focusing on a key part of the calculation and investigates how overestimation of these rates leads to inequitable property assessments.
Agency:: Independent Budget Office, NYC (IBO)
Subject(s):: Taxation and Taxation - Real Property
Report Type:: Reports - Other (Consultant/Staff)

Date Published:: 2022-07-01
Description:: The City Charter requires that the Office of Management and Budget (OMB) publish documentation of forecasting methodologies used for projecting tax revenues for those taxes which account for five percent or more of total City tax revenues.
Agency:: Management and Budget, Office of (OMB)
Subject(s):: Budget and Finance, Taxation, and Taxation - Real Property
Report Type:: Budget / Finance

Date Published:: 2022-06-06
Description:: Without action from state lawmakers last week, the 421-a tax exemption will expire on June 15, 2022. However, even if the program is not renewed in a future session, it will continue to cost the city property tax revenue for years to come.
Agency:: Independent Budget Office, NYC (IBO)
Subject(s):: Taxation - Exemption from and Taxation - Real Property
Report Type:: Reports - Other (Consultant/Staff)

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