Page 24 - NY Cooperator October Expo 2019

24 THE COOPERATOR — OCTOBER 2019 COOPERATOR.COM E-mail: mschneider@schneiderbuchel.com WWW.SCHNEIDERBUCHEL.COM 462 Seventh Avenue, Suite 1600 New York, NY 10018 P: 212.485.9400 666 Old Country Road, Suite 412 Garden City, NY 11530 P: 516.393.5555 For more information, please contact: Marc H. Schneider, Esq. Full Service Law Firm for Cooperatives, Condominiums and Homeowner Associations LEGAL GUIDANCE — RESOURCEFUL SOLUTIONS 250 Park Avenue South New York, New York 10003 212-557-3600 www.TudorRealty.com To learn more about our property management services, please contact Andrew S. Lazarus, Senior Vice President 212-813-3054 or ALazarus@TudorRealty.com Since 1990, Tudor Realty Services Corp. has been providing hands- on, proactive property management services to cooperative and condominium buildings throughout New York City. Life was simpler in 1990. New rules and regulations as well as changing echnology have certainly made managing your building t more challenging. Let us tell you how our extensive experience, team approach, strong financial reporting, and advanced use of technology will help you meet the challenge. 37966_Cooperator_5x6.25.indd 1 12/8/17 11:24 AM BUDGET & FINANCE The New York City Department of Fi- nance (DOF) is the city's revenue service, Register Information System (ACRIS). taxing authority and recorder of deeds. It The City Registrar Division also collects collects more than $39 billion (yes, with a real property transfer and mortgage re- 'b') per year in revenue, and values more cording taxes when documents are sub- than 1 million properties collectively ap- praised at more than $988 billion. The and condo owners, the Registrar provides department is headed by Jacques Jiha, ap- pointed as commissioner by Mayor Bill ownership of units – which is critical to De Blasio in April of 2014. A DOF Snapshot The Department of Finance is com- posed of seven different divisions: The City Registrar Payments, Audit, and Collections Parking and Violations Property Tax and Exemptions The Office of the Sheriff and Tax En- forcement Treasury and Cash Bail The Mayor’s office of Pensions and In- vestments The Banking Commission In short, if it has to do with monetary calls, and court actions, as well as other transactions in the city, the Department enforcement efforts. of Finance is usually involved to a greater or lesser degree. The divisions most rele- vant to the co-op and condominium com- munity are the Registrar, Property Tax Real Property, usually referred to as the and Exemptions, and the Banking Com- mission. (Though if you’ve not complied parcels are valued each year to produce with whatever financial or tax regulations the official Assessment Roll. The City’s you should have, you may find yourself property tax rates are applied to a prop- doing business with the Sheriff as well.) erty’s assessed value to calculate what Here's a quick look at how those depart- ments impact co-op and condo owners: The City Registrar The City Registrar records and main- tains all official documents related to real estate, including deeds, mortgages, and set each year by the mayor and city coun- leases, and has offices in every borough cil, the Department calculates, bills and except for Staten Island, where the Of- fice of the County Clerk provides these ty-related charges. When property taxes functions. Records going back to 1966 are or other charges remain unpaid, the De- maintained online in the Automated City mitted for recording. Clearly, for co-op a critical function in memorializing the an owner’s legal status and the protection of assets. Payments, Audits, and Collections The Department of Finance also bills and collects property taxes, business taxes and excise taxes. Payments are ac- cepted online, by mail, or in person at Finance Business Centers. For all taxes except property taxes, the Department’s auditors monitor payments to ensure that underpayments or nonpayments do not occur. Unpaid taxes or other debt owed to the City are collected by the Depart- ment of Finance through letters, phone Property Taxes and Exemptions The Department of Finance values all property in the city through the Office of Assessor’s Office. More than one million the owner owes in property taxes. The Department of Finance also administers exemption and abatement programs that can lower property owners’ tax liability. After the city’s property tax rates are collects property taxes and other proper- The New York City Department of Finance A Look at the City’s Money Managers BY A J SIDRANSKY See us at Booth 316