An additional $2 million may have been lost to ineligible owners of 571 co-ops and other properties.
The Department of Finance (DOF) improperly gave away over $4 million in property tax reductions that are intended to benefit veterans and individual homeowners, a new audit from New York City Comptroller Scott M. Stringer shows. The audit report shows that DOF improperly granted or continued Veterans’ Exemptions to over 1,500 ineligible property owners. In more than 1,000 of those cases, DOF failed to remove the tax breaks after the eligible veteran or family member moved or passed away, and the agency also allowed 60 corporations and LLC’s to receive the exemptions inappropriately. In some cases, the eligible veterans had moved away in the 1960s, in other cases, the veteran had died in the early 2000s, yet DOF allowed the properties to continue receiving Veterans’ Exemptions through at least July 1, 2016.