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Final tax roll released, tax fixing delayed.

Final Tax roll released, tax fixing delayed

The final property tax roll for 1991/92 was published by the Department of Finance last week.

The roll that was published indicates citywide billable assessments have declined to $78.467 billion from the $79.2 billion tentative roll. That is still higher than the $76.2 billion final roll for 1990/91. The actual roll totals $84.958 billion, barely down from the $85 billion tentative roll. Tax Commission Counsel, Glenn Borin, said reductions totalling $600 million in actual assessments were given and some was still being entered into computers.

The actual assessments have declined this year for the first time since 1982. Fiscal year 1990's actual assessments were the highest totalling $91.5 billion.

The billable assessments continued to grow due to the phase-in of increases under the transition system from the four previous years. Property owners will pay on the lesser of the actual or transition assessments. Tax rates, to be set by the City Council within the next few weeks, are expected to rise anyway because of the city's fiscal condition.

The decline from the tentative roll is due to challenges made to that roll by property owners, as well as decreases from exemption, demolition and changes by notice, made by the Department of Finance after the publication of the tentative roll in January.

Utilities received billable cuts amounting to $1.9 billion.

Total actual and billable taxable assessments respectively for the boroughs are as follows: Manhattan $52.61 billion and $48.75 billion; the Bronx, $5.07 billion and $4.51 billion; Brooklyn, $10.72 billion and $9.89 billion; Queens, $13.74 billion and $12.66 billion; and Staten Island, $2.79 billion and $2.63 billion.

The Tax Commission financial statistics, Borin said, are more behind. Applications were filed on $63.808 billion of the tentative property tax roll's $85 billion in assessments. Borin said the dollar value already heard was $37.649 billion. As of May 22, he said, the Tax Commission computers were showing accepted offers of $600 million dollars off the actuals, which would have brought the final roll to $84.4 billion. Finance computers were apparently only reflecting $50 million of the reductions.

Borin said the Tax Commission had been trying to hold hearings on the largest value possible before May 15. Even after that date came and went, Borin said, "We kept going at full speed."

Hearings are held on the most valuable property first to help the budget decision makers obtain the most accurate forecast of what the city's billable tax base will be, and how much might need to be refunded at a later time.
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Title Annotation:property tax roll
Author:Weiss, Lois
Publication:Real Estate Weekly
Date:Jun 5, 1991
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