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$26M in water credits coming to customers.

$26M in water credits coming to customers

The Department of Finance is sending out letters within the next two weeks to refund $25.88 million to property owners who may have credits for overypaments of water meter charges.

Taxpayers can submit a notarized affidavit - the form is included with the letter - to claim the overcharges. Those taxpayers who made overpayments based on frontage rates should have received a letter at the end of September.

Over 33,300 letters detailing frontage overpayments in the amount of $15.1 million were sent out and more than 16,000 owners and escrow agents have responded so far. Thus far, the department has processed 14,000 affidavits, amounting to $6.2 million in refunds.

Lawrence Brochhausen, deputy commissioner of Operations in the Department of Finance, said, "We're sending a similar letter to the person registered to receive the meter bills."

Daniel Poinsen, assistant commissioner for Real Estate Revenue, said he expects approximately 37,500 letters to be mailed on meter overcharges. If no registered name is on the meter, he said, the letter will go to the person registered to pay the real estate taxes.

Poinsen said $21.71 million on meter overcharges is expected to be refunded while an additional $4.17 million will be offset against current charges.

The letters will go to all those registered to receive meter bills, including tenants where applicable. If the credit occurred while that party was making the payment, simple affidavit, included with the letter, must be filled out and signed in front of a notary public. Brochhausen said similar information is being sent to all escrow agents who pay by tape so they can determine if they were the ones who made the overpayment.

Overpayments will first be credited to outstanding charges on the meter where applicable, and the balance refunded. Poinsen noted any offset will be for the same meter number.
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Copyright 1991, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Title Annotation:New York
Author:Weiss, Lois
Publication:Real Estate Weekly
Date:Nov 13, 1991
Previous Article:Tax freeze? It all depends.
Next Article:Silverstein: tell Congress to end credit crunch.

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