A Local Law to amend the administrative code of the city of New York, in relation to requiring the department of finance to report certain information concerning the valuation and taxation of real property

Summary

This local law would require the Department of Finance (DOF) to report certain data related to the assessment and taxation of real property, including with respect to the effective tax rate and unexempted effective tax rate of all assessed properties, the sales-based tax rates and sales ratio for recently sold properties, and the median effective tax rates and sales ratios for the various tax classes and building types. Additionally, the legislation specifies additional information that DOF would be required to include on the Notice of Property Value sent to property owners, and requires DOF to report this information for all properties within ten days after the delivery of assessment rolls.

Official summary of legislation · NYC Council