By LAURA ITALIANO
Last updated: 8:18 am
June 27, 2008
Posted: 4:27 am
June 27, 2008
It's a dirty little secret among city commercial-property owners - that there is no penalty for lying on an application for a lower property-tax assessment.
The city agency that reviews such applications can't raise assessments, so the worst that usually happens is that the application is denied, according to the city Tax Commission and the Manhattan DA - and they're seeking legislation to close the loophole.
"For the property owner, it's, 'Heads we win, tails we win,' " said DA Robert Morgenthau. "You can . . . lie with impunity."
When asked for substantiating paperwork, property owners often just withdraw their applications.
