The New York City Department of Finance A Look at the City’s Money Managers

By A.J. Sidransky 2019 October Finance

The New York City Department of Finance (DOF) is the city's revenue service, taxing authority and recorder of deeds. It collects more than $39 billion (yes, with a 'b') per year in revenue, and values more than 1 million properties collectively appraised at more than $988 billion. The department is headed by Jacques Jiha, appointed as commissioner by Mayor Bill De Blasio in April of 2014.

A DOF Snapshot

The Department of Finance is composed of seven different divisions:

The City Registrar

Payments, Audit, and Collections

Parking and Violations

Board Presidents Petition for Tax Relief

90-Day Hold Could Avoid a Cash Crunch

Capital Gains and Your Co-op or Condo

Demystifying the Cost-Basis Factor

Tracking Tax Revenue Losses During the Coronavirus Crisis

REBNY Launches New Monthly Report

NYC Leaders Debate Property Tax and Interest Rates

Property Owners Worry as July 1 Tax Payments Loom

A New Classification

Fixing Property Taxes for New York’s Co-ops and Condos

New York City Co-op and Condo Tax Distribution

Abatements and Exemptions

News

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The number of real estate contracts signed for Manhattan apartments plunged 84% in May compared with last year, as shutdowns to prevent the spread of Covid-19 and protests following the death of George Floyd effectively paralyzed the market.
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6/4/2020 Security Guards Flooding New York After Looting Binge—Wall Street Journal

Soon after the first crash of broken glass in downtown Manhattan as peaceful protests gave way to looting, the calls to Beau Dietl & Associates started coming from stores, offices and apartment buildings for security guards.
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6/1/2020 Why sheltering in NYC is unlike anywhere else: An essay—Brick Underground

Riding out the coronavirus in a typical New York City apartment has not been the same—not even close—as sheltering in a suburban house. Think of the rooms and the ancillary places—the backyards, porches, garages, attics, and basements that houses have—where suburbanites can go to escape each other, or get some fresh, socially distant air to breathe, or just avoid a pile of unfolded laundry.
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6/1/2020 New York City Property Taxes Rise as Coronavirus Pushes Values Down—Wall Street Journal

New York City property owners owe $1.65 billion more in property taxes than they did last year, despite a pandemic that has hobbled real-estate values.
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6/1/2020 Aermec’s fast cooling solution for New York condos—Modern Building Services

Aermec came to the rescue when a chiller in a multi-family condominium in New York City needed replacing, by completing the installation and commissioning of new chillers within two weeks.
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6/1/2020 We Must Not Ignore the Toll of COVID-19 on the Bronx—Fordham Ram

Since the COVID-19 pandemic struck New York City, Fordham’s Rose Hill campus has been left largely empty as classes transitioned online and students and faculty returned home. While the majority of us have left the Bronx, we cannot ignore the devastating toll that the pandemic has taken on the borough.
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5/29/2020 De Blasio Delay Plus Pandemic Means Property Tax Reform Appears Off the Table This Year—Gotham Gazette

The start of the year 2020 offered what many believed to be the most promising steps in decades to revamping New York's confusing and unfair property tax system. In January, an advisory commission established by Mayor Bill de Blasio and the New York City Council, which was tasked with comprehensively assessing and reevaluating the property tax system, released a set of recommendations.
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5/29/2020 New York’s Townhouses Poised for Comeback as Buyers Prize Space, Privacy and Social Distance—Mansion Global

The past two years have seen a slowdown in New York City’s formerly gangbusters real estate market, with townhouses facing a particularly stark slump—median sales prices for Manhattan townhouses plunged nearly 35% year-over-year in the third quarter of 2019.
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5/29/2020 NY Landlords Sue Over Cuomo's Order Restricting Evictions—Law360

A group of landlords filed a federal lawsuit Thursday against New York Gov. Andrew Cuomo over his executive order limiting evictions during the COVID-19 crisis, arguing that the move violated their due process rights and their "constitutionally protected right against takings."
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5/29/2020 NYC Judge Cites 'Drafting Issue' In Eviction Guidance—Law360

New York City landlords do not have the court's blessing to investigate their tenants' finances as a prerequisite for commencing a new eviction case, an administrative judge told dozens of attorneys, citing a "drafting issue" in newly published court directives.
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5/28/2020 Justin Theroux 'accuses NYC neighbour of domestic abuse' in ongoing court battle—Evening Standard

here has been a dark development in Justin Theroux’s battle against his downstairs neighbour in New York, as the Leftovers star has reportedly accused Norman Resnicow of domestically abusing his 71 year old wife.
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5/28/2020 Coop Property Of The Week!! In Forest Hills, Queens, New York—Patch.com

JUST LISTED!! "Barclay Plaza Premier 2 bedroom/ 1 Bath Coop with Terrace"
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5/28/2020 Steve Mnuchin’s socialite sister sues potential buyers of her $8M pad—NY Post

The socialite sister of US Treasury Secretary Steve Mnuchin is suing two potential buyers of her Park Avenue penthouse for a near $1 million deposit after she claims they tanked the deal, new court papers show.
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5/28/2020 Bold Buyer Spends Almost $1M Without Seeing NYC Condo in Person Due to Coronavirus—NY1

Sales of houses and apartments in the city plummeted after Governor Cuomo ordered a halt to in-person showings of residential real estate to help stop the spread of the coronavirus. Even with those restrictions, some sales are still taking place. They’re often deals that require a bold buyer, willing to take an almost blind risk.
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5/28/2020 New York City Business And Civic Leaders Are Now Pushing For Property Tax Relief—Forbes

A broad coalition of city leaders, from business to civic groups, is urging Mayor Bill de Blasio to put a freeze on property tax bills and provide relief for property owners who are struggling with their payments amidst the COVID-19 pandemic.
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5/21/2020 Co-Op City, the ‘City Within A City’ in the Bronx, Shaken by Sickness and Fear—NBC New York

Tarhia Morton and her family were planning to party this year. She is retired after 40 years with the U.S. Postal Service. Her sister is turning 70. A birthday bash in Las Vegas was booked for August.
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5/21/2020 Brian D. Obergfell, Robyn DesHotel and Andrew Reicher join the Board of Directors for National Cooperative Bank—Yahoo! Finance

National Cooperative Bank (NCB), a leading financial services company dedicated to providing banking products and services to cooperatives, their members and socially responsible organizations nationwide is pleased to welcome three new members to its board of directors.
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5/21/2020 Coronavirus News: Cuomo calls for outreach to hardest hit low-income areas—ABC 7 News

The Bronx has been hit harder by the coronavirus than any other place in the New York City metropolitan area. And within the Bronx, almost no place has been hit as hard as Co-op City.
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5/21/2020 New Yorkers find ways to cram in Pelotons amid coronavirus—NY Post

One week into New York’s stay-at-home order, Nicole Rosofsky couldn’t sleep. As her thoughts churned with coronavirus-fueled anxiety, the Upper East Sider focused on the one thing she could control: her exercise routine.
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5/21/2020 The Winners and Losers When New York’s Luxury Home Market Reopens—Bloomberg

At the start of 2020, New York’s luxury real estate market was finally showing signs of life. There was still a large oversupply of new condos on the market, but buyer and seller expectations—never aligned in the best of circumstances— were slowly beginning to move in tandem.
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