New York Department of Finance [Updated Guide]

The New York Department of Finance is a taxation agency of the city of New York. It provides services such as recorder of deeds, revenue service, and parking violation adjudication.

Charge On Returned Payments

One of the best ways to avoid being hit by a returned payment is to keep track of your funds and not let your guard down. If you do happen to make a miscalculation, you are likely to pay the price in the form of interest charges and an empty checking account. A good pre-addressed envelope can go a long way in facilitating prompt payment.

While you’re at it, you may want to consider a new bank or credit union. Many financial institutions offer free or low-cost accounts, as well as online banking services that are more than happy to take your business. You may also want to shop around for the best interest rates. The more options you have the better.

Not all banking institutions are created equal. In fact, some banks actually have multiple returned item fees per day. Using a reputable institution is the best way to go. When in doubt, ask your bank what a “returned payment” means. Some of the big boys will actually tell you the number of times a payment has been returned before letting you continue with your transaction.

For instance, you may be charged up to $34 per day if you opt for a Chase business checking account. This can be a significant drain on your wallet, especially if you are trying to keep a close eye on your spending habits. However, if you have a bit of money to burn, you might be able to find a way to avoid a returnee. With a little diligence, you can be in good stead for years to come. It might even be worth asking your bank what you can do to improve your payment history.

Tax Exemptions And Abatements

There are several types of tax abatements available in New York City, which are designed to reduce the cost of property taxes. Abatements usually incentivize the development of underutilized land and buildings.

The most common of these tax abatements is the 421-a program. This abatement is a state-run program that encourages the development of multi-unit residential buildings. A new building that receives the abatement will have the property tax reduced by up to 20% per year until it is fully taxable.

Another popular abatement is the Cooperative and Condominium Property Tax Abatement. These tax abatements are only applicable to co-op and condo owners who meet certain requirements.

If you are considering purchasing a condo in Manhattan, you should know whether you are eligible for a tax abatement. You can find out if you are a candidate by checking the NYC Department of Finance website.

To qualify for the program, you must be the primary residential owner of the condo. You must have owned the condo for at least eight years. In addition, you must not have purchased it with a home construction loan.

Additionally, if you are a disabled renter, you may also qualify for an exemption. The Disability Rent Increase Exemption Program will allow you to receive an exemption from capital charges on your cooperative carrying charges.

Notice Of Intention To Sell Tax Liens

A tax lien is a legal claim on real property. It is created when an annual tax is levied. The claim is recorded in land records. Upon failure to pay the tax, the lien will be foreclosed and the property will be sold.

If you are in a position to buy at a tax sale, you should be aware of the rules and regulations involved. For instance, you may be required to take out a bond. You also should check out the conditions of the property.

Although the sale of a parcel of real estate for taxes will not necessarily divest the estate of any existing liens, it is a good idea to research the property before making a bid. Generally, a buyer will be entitled to take title to the property four years after the date of the tax deed recording.

The New York Department of Finance (DOF) is the government entity that administers the sale of delinquent tax liens. The DOF posts a list of properties that qualify for a lien sale about 90 days before the auction.

A tax lien is a document that lists the charges owed on a property, including property taxes, water bills, and other fees. In some cases, the lien can be forwarded to a third-party collection agency that adds high-interest rates to the total amount of the charge.

Amnesty Granted To Taxpayers With An Audit Pending

Tax amnesty programs have risen in popularity in the United States. The economic downturn has strained tax collections. However, states are using every available measure to increase revenues.

Some states, like Connecticut, see the amnesty as an opportunity to raise needed revenue. They recently adopted their own amnesty program.

Amnesty programs vary in terms of the types of taxes targeted and the benefits offered. Most programs offer some form of interest waiver or penalty waiver. In addition, some amnesty programs allow taxpayers to enter into installment agreements. Detailed payment and interest provisions are specified in these agreements.

Several states are planning to offer tax amnesty programs in 2009. These programs will provide taxpayers with the opportunity to clean up delinquencies.

In addition to the interest and penalty waivers, some amnesty programs are intended to add new taxpayers to the rolls. For example, Connecticut recently adopted an amnesty program that applies to all outstanding taxes. This includes liabilities for periods before Jan. 1, 2007.

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A tax amnesty program is typically limited in time and scope. State law sets the dates for the program. It also specifies the amount of time the amnesty will last. If the taxpayer fails to meet the requirements of the amnesty, the amnesty will be revoked.

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