One of the buildings designated by the Department of Finance as a primarily residential Class 1 property. Image credit: Office of the New York City Comptroller
The audit report reveals that the misclassification of 140 properties has deprived the City of $1.7 million annually in lost property tax revenue. On February 18, 2016, the Office of the NYC Comptroller publicized the results from its audit of the New York City Department of Finance. The audit sought to investigate whether the Department of Finance had implemented procedures that adequately safeguard against the misclassification of Brooklyn property sites. The Comptroller’s Office and DOF ultimately seem to differ on the definition of “adequate.”
