“Heads-We-Win-Tails-We-Win” Commercial Property Tax Fraud
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While I do not promote the indiscriminate breaking of the law, for any of us living with some absolutely burdensome tax rates (ed. “You mean all of us…) this tax dodge is pretty funny.
A parking lot company in New York Cityfiled false documents to get their property taxes lowered. Due to a loophole in the city tax laws the company got out of paying nearly 180,000 dollars in the past 6 years.
Prosecutors say the 59 Realty Associates group pleaded guilty to filing false documents about the value of its Manhattan public parking garage. They say the group agreed to pay the maximum $20,000 fine.
District Attorney Robert Morgenthau said Thursday that because of a quirk in the law, a commercial taxpayer can lie to get a lower tax assessment but the city cannot increase the assessment if the lie is discovered. Newsday.com.
What I love is that the city of New York left such a gaping loophole in the tax structure for people to drive a bus through.
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Comment by commercial real estate st george on 27 June 2008:
Wow. There are all kinds of things going on in the tax arena but I have never heard of that before.