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Tax revenues up as delinquencies decline.


Here are some items gleaned from the 253-page Executive Budget that Mayor Rudolph W. Giuliani presented to the City Council last Thursday.

Property tax revenues are ahead of projections, but only because the tax rate was higher in the second half for office buildings and other commercial property. Actual taxes paid are $6.862 billion, according to according to
prep.
1. As stated or indicated by; on the authority of: according to historians.

2. In keeping with: according to instructions.

3.
 the Dept. of Finance, and are about $45.6 million ahead of Office of Management and the Budget projections.

The improvement in the marketplace has also resulted in a decline in delinquencies from 5 percent to about 4.7 percent.

There will be an as-yet-to-be-determined fee for those involved in the Lower Manhattan Project, and even bigger fees to cover the estimated $125,000 cost of the Landmarks Commission when preparing documentation for the landmarking of your buildings. There will be increases in fees for recording at the City Register; for cleaning up your vacant lots; and for ULURP ULURP Uniform Land Use Review Process  and CEQR CEQR City Environmental Quality Review  environmental review filings.

The city is gleefully glee·ful  
adj.
Full of jubilant delight; joyful.



gleeful·ly adv.

glee
 expecting that it can extract big transfer taxes under the Pan Am ruling for the restructuring of the ownership of the Plaza Hotel.

The Environmental Control Board is being merged into the Dept. of Finance. Sanitation will receive increased revenues from recycling violations.

Housing Preservation and Development will sell its loan portfolio. It will develop and rehabilitate 7,300 affordable or SRO/AIDS units next year alone. HPD HPD Honolulu Police Department (Honolulu County, Island of Oahu)
HPD Housing Preservation and Development
HPD Housing Preservation and Development (New York City Department) 
 will shift its emphasis to prepare buildings with fewer than ten units for a return to the private market. To prevent abandonment and capture into the in rem [Latin, In the thing itself.] A lawsuit against an item of property, not against a person (in personam).

An action in rem is a proceeding that takes no notice of the owner of the property but determines rights in the property that are conclusive against all the
 process, HPD will invest $573 million over the next ten years to provide financial and technical assistance to private owners so they can better maintain and upgrade their buildings. In 1996, HPD expects to maintain an average of 26,328 units in multiple dwellings and 1,231 units in occupied one and two family homes, with that number decreasing by 2,300 through privatization privatization: see nationalization.
privatization

Transfer of government services or assets to the private sector. State-owned assets may be sold to private owners, or statutory restrictions on competition between privately and publicly owned
 programs.

Revenue estimates show a decline in interest income from $167 million in 1991 to a low of a projected $74 million for this fiscal year. So far, only $49 million has been collected of this revenue component that is truly a sign of the zeros in the city's bank accounts. That figure is expected to rise to only $89 million this coming fiscal year.

The Department of Transportation is also "aggressively" pursuing the sale of several city parking facilities through public auction, including one on 53rd Street.

Many capital programs are proceeding, including renovations at city zoos, libraries, the Whitehall Ferry station and the Manhattan morgue morgue (morg) a place where dead bodies may be kept for identification or until claimed for burial.

morgue
n.
.
COPYRIGHT 1995 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1995, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Title Annotation:New York, NY
Author:Weiss, Lois
Publication:Real Estate Weekly
Date:May 3, 1995
Words:432
Previous Article:Investment group buys Westchester property.
Next Article:Rent Guidelines hearings begin.
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