Real Property Tax Audit
Report Form
Instructions
CITY OF NEW YORK, OFFICE OF THE CORPORATION COUNSEL
TAX AND BANKRUPTCY LITIGATION DIVISION
100 CHURCH STREET
NEW YORK, NEW YORK 10007
TELEPHONE #: 212-356-2141
(Document # 2054836 May 2011)
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REAL PROPERTY TAX AUDIT REPORT FORM
INSTRUCTIONS
These instructions were written to help answer questions you might have
concerning completion of the Tax and Bankruptcy Litigation Division Real Property
Audit Report Form (often referred to as the “Certification”). The New York City Law
Department uses the income, expense and other information provided on the form to
value properties in connection with Real Property Tax Law assessment challenges.
Non-income producing properties are exempt from filing an Income and Expense
Statement but the owners of same must file a certified statement that the property is non-
income producing. This can and should be done using the Certification. Non-income
producing property owners should still provide information about their property using the
form. By doing so you are providing relevant information about your property which
will help the Law Department to more accurately value your property. In addition, please
note the following:
• Completion of this form does not preclude the city from making an independent
audit of the petitioner’s books and records. Nor shall the filing of this certification
be raised as a defense to a request, if any, made to the court for further
documentation or information.
• All items on the form should be completed. Indicate “n/a” if a question or section
does not apply.
• The original Real Property Tax Audit Report Form and one copy must be served
upon the Law Department.
• All income and expenses must be reported in gross amounts. Net figures are not
acceptable. All figures in this report should be rounded off to the nearest dollar.
• Where this form provides that information may be attached in a summary format,
full copies of said documentation may still be required to be provided at a later
date and should be maintained and preserved until disposition of the proceedings
under review.
Any inquiries regarding the Real Property Tax Audit Report Form should be
directed in writing to the Tax and Bankruptcy Litigation Division, Room 5-236, 100
Church Street, New York, New York 10007. Telephone No. (212) 356-2141. Please
allow 7-10 business days for a response. Please note that a pending inquiry will not serve
to extend the statutory deadline, if any, for the filing of the Certification.
COVER PAGE INFORMATION & CERTIFICATION
The cover page of the Real Property Tax Audit Report Form should be completed
in its entirety. Be sure to indicate whether the financial information being provided was
prepared on the cash basis or accrual basis of accounting and whether the actual
assessment levied on the property exceeds $500,000 for any tax year covered by the
form. If the petitioner is claiming a violation of statutory assessment increase limitations
and/or a misclassification of the property, check the appropriate box(es) on the cover
page.
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All Real Property Tax Audit Report Forms must be certified before a Notary
Public. If the form is filed by a corporation or partnership, the certification must be
completed by an officer or partner, respectively. Petitioners’ attorneys may not certify
the Real Property Tax Audit Report Form. Any modification made to our form of
Certification will render it void.
Section A: General Information
1. Number of Buildings: Enter the number of buildings located on the property
for which the form is filed. For example, if the property consists of more than one
building (such as a condominium development, a parking garage complex, an apartment
complex, or a shopping center), enter the total number of buildings that constitute the
entire property for which this Real Estate Tax Audit Report Form is being filed.
2. Year Built: Please enter the year or year range. Note that if the building was
constructed within two years of the first year under review, a schedule of construction
costs is required and should be attached to the Real Property Tax Audit Report Form.
3. Total Number of Units: Enter the total number of units, (i.e. the combined
number of residential units and the number of commercial units).
4. Number of Residential Units: Enter the number of residential units.
5. Total Number of Residential Rooms: Enter the total number of residential
rooms in the residential units listed above.
6. Total Number of Commercial Units: Enter the total number of commercial
units.
7. Stories: List the number of stories in the main (or only) building. Count the
ground floor as one story.
8. Total Numbers of Elevators: Indicate the number of functioning elevators
located at the subject property.
9. Year of Purchase/Acquisition: Indicate the year the property was bought or
leased by the petitioner, or, if the building was built for the owner or petitioner, list the
date of construction.
10. Was Property Acquired along with other Lots: Check Yes if the lot(s)
covered by this Audit Report Form was/were part of a multiple lot purchase/conveyance.
11. Purchase/Acquisition Price: Enter the total amount of consideration paid for
the subject property.
12. Contract of Sale and Closing Statement Attached: If any sale or
conveyance of the subject property occurred within two years of any year covered by the
Real Property Tax Audit Report From, a contract of sale and closing statement, setting
forth the details of the transaction, must be attached to the audit form. Indicate if parties
are related or affiliated.
13. Real Property Transfer Tax Return Attached: If a Real Property Transfer
Tax Return was filed in connection with any sale or conveyance of the subject property
within two years covered by the Real Property Tax Audit Report Form, the Real Property
Transfer Tax Return must be attached to the audit form and the box indicating Yes should
be checked.
14. Rent Regulated: Please check the box if the property is subject to rent
regulations and indicate whether any orders (e.g. rent reduction orders or service
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reduction orders) or determinations issued in response to a complaint or application of a
tenant or property owner have been issued from the Division of Housing & Community
Renewal (DHCR) during any year under review herein.
15. Utility Property: Check the box if the property under review is a utility
property.
16. Land Area: Enter the land area of the subject’s property (in square feet).
17. Appraisal: Please check Yes if an appraisal was prepared which valued the
subject property during the years covered by the Real Property Tax Audit Report Form or
two years immediately preceding. Indicate the reconciled value of the property as
indicated by the appraisal. If no appraisal has been prepared, check No.
Section B: Property Use/Square Footage Information
For items number 18 through 28, provide gross square footage amounts for each
of the listed uses. Enter the number of gross square feet in the property for each of the
types designated (e.g. residential, retail, etc.). Your property’s gross square footage may
be entirely in one category or divided among numerous categories, depending on how
your property is used. In the absence of data from a blueprint, please provide an estimate
of the approximate gross square footage for each category. If there is no square footage
in a particular category, write N/A. If the property has more than three floors, the number
of units and use for all additional floors should be summarized in column “F” and the
highest floor number should be indicated. Provide a total gross square footage amount at
the bottom of each column.
Section C: Cooperative and Condominium Additional Information
To be completed only if the property is a cooperative or a condominium.
29. Indicate whether the property is a cooperative or a condominium by
checking the appropriate box.
30. List the number of residential units that have not been sold (and are still
owned by the sponsor or by the cooperative or condominium) that are occupied, and the
monthly income received. Provide this information for each year covered by the Real
Property Tax Audit Report Form.
31. List the number of commercial units in the cooperative or condominium
that are leased and the monthly income received from these commercial units. NOTE:
Any commercial income should be listed as income from real estate under the appropriate
heading on the Income and Expense Statement. Do not include maintenance
payments/income in Section C.
32. List the number of commercial units that are owned and occupied by the
cooperative or condominium owner. No monthly income need be reported in this
category.
33 – 36. Answer each question Yes or No by checking the appropriate box.
Section D: Lease/Owner Occupancy Information
37. If any part of the property is subject to a net lease, check Yes. If not,
check No.
38. If there is a ground lease on the property for any of the years under review,
check Yes and indicate the term of the ground lease. If not, check No.
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39. Check Yes if any of the property is owner-occupied. If not, check No.
40. If a rent strike affected the subject property during any year under review,
check Yes and provide details regarding the rent strike on a separate page, along with
copies of any orders issued by a court. If not, check No.
Section E: Exemption Information
If the subject property benefitted from any real estate tax exemption during any of
the years under review, complete this section. For questions Number 41 through 45,
please indicate the starting and ending year, along with the total percent of the square
footage which was exempt. If the subject property did not benefit from any real estate
tax exemptions during the years under review, please check No Exemptions/Not
Applicable. If petitioner disputes the calculation of a partial exemption, complete (a)-(g)
relative to the property as a whole and the taxable portion.
Section F: Insurance Information
Please complete the information pertaining to each type of coverage as of the
taxable status date for each year covered by the Real Property Tax Audit Report Form. If
any of the policies covered more than one property, attach details including listing of
properties covered.
Section G: Mortgage Information
Please complete the information pertaining to each mortgage affecting the subject
property as of the taxable status date for each year covered by the Real Property Tax
Audit Report Form. List all mortgages separately. If additional space is needed, please
attach a separate schedule. If no mortgage affected the subject property during the years
covered by the form, write “n/a” next to “Name of Mortgagee” on the chart.
Section H: Statement of Income for Each Calendar Year
For each year covered by the Real Property Tax Audit Report Form, income and
expenses reported on Section H should be for the full calendar year, ending on December
31
st
, of the year immediately prior to the year under review. For example, income and
expenses reported for January 1
st
through December 31
st
, 2007 should be listed as
applicable to the 2008/09 tax year. If the applicant uses a fiscal year for federal income
tax purposes, the schedule may report income for the most recently ended fiscal year
prior to the tax year under review. If a fiscal year is used for reporting purposes, please
indicate the beginning and ending dates of the fiscal year on the Certification Section H.
Report all income received or accrued by the petitioner or related parties in
connection with the property.
Report all operating income received or accrued by the applicant or related
persons in connection with the property.
Next to each figure listed on the Statement of Income, list the Vacant Square
Footage, the Number of Vacant Units, and the Owner Occupied Square feet which did
not generate income included in the reported figure. This vacancy information can also be
reported by attaching a vacancy schedule to the Real Property Tax Audit Report Form
and by indicating so by checking the appropriate box at the top of Section H. No
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breakdown between vacant units, vacant square footage or owner occupied square
footage need be entered in the gray cells.
Apartments/Senior Citizens Tax Abatement/Stores/Garages/Offices/
Lofts/Warehouse/Factory: Rent received or accrued for space occupied by tenants.
Exclude space occupied by the owner, applicant, related parties or affiliates. Rent must be
correctly identified by use (apartments, offices, stores, loft, factory, warehouse, storage,
parking). If reporting rental income on the accrual basis and the reporting entity’s leases
provide scheduled increases in rent, report income over the lease term as it becomes
receivable according to the provisions of the lease. Do not “straight-line” rental income
as may be required by Financial Accounting Standard No. 13. Payments by tenants to the
reporting entity to terminate a lease prior to the lease’s expiration date (lease termination
income) should be included and specified as “Other Income” under Base Rents.
Additional explanation or disclosures about any item of income may be attached the Real
Estate Tax Audit Report Form.
Owner or Applicant Occupied Space, Owner or Applicant Related Space: Income
from related persons must be segregated from income received from tenants and should
be identified as “Other Income.” State the amount carried on the owner or applicant’s
books for space occupied by the owner, applicant, related parties or affiliates. If such rent
income is not reflected on the reporting entity’s books, an estimated fair market rental
may be stated instead if designated “estimated”.
Vacancies: Report only if Rental income is reported gross or on accrual basis.
Allowances: Report only if Rental income is reported gross or on accrual basis.
Percentage Rents: Additional rent received or accrued above the base rent, as provided
for in the lease.
Real Estate Tax Escalation: Additional rent received or accrued above the base rent, as
provided for in the lease, for increases in real estate taxes.
Operating Escalation Income: Additional rent received or accrued above the base rent,
as provided for in the lease, for increases in operating expenses, Consumer Price Index
clauses, etc.
Sale of Utility Services: The gross amount received or accrued from the sale of utility
services such as electricity, gas, steam, water, and telecommunications. Do not deduct
the landlord’s costs.
Sale of Other Services: The gross amount received or accrued for services such as
laundry, valet, vending machines, etc.
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Government Rent Subsidies: Direct rent subsidies received or accrued (for example,
Section 8) and any abatement of real estate taxes or carryover amount received or accrued
in respect to senior citizen rent increase exemption (SCRIE) orders.
Cell Tower: The gross amount received for placing a cell tower or other
telecommunications equipment on your property and/or allowing for its use.
Signage/Billboard: The gross amount received from unrelated persons from renting any
signage or billboard space on your property.
Other Income: List each type of operating income derived from the property not
previously specified. Income from categories not already listed should be identified and
reported as Income not listed above. As noted above, lease termination payments should
be reported and specified under Base Rents-Other Income.
Total Income: Add all income column totals.
Section I: Statement of Expenses
Report only actual operating expenses. Do not report projections or reserves. Do
not report payments to related persons as expenses, unless disclosure is made as indicated
in the glossary below. Do not include any personal or business expenses for space
occupied by the applicant or a related party. All related party expenses must be disclosed
in an attachment to The Real Property Tax Audit Report form stating: the nature, amount
of the expense(s) and on what line of Section I the expense is reported.
An example of a related party disclosure is a management fee, reported as
“management” in Section I, representing 5% of rent collected during the year. Services or
goods provided by related parties for which no charge was made may be disclosed on an
attachment to The Real Property Tax Audit Report and a fair market expense estimated.
For example, an owner of the property may provide management services at no charge.
Wages and Payroll: Wages and related payroll taxes and employee benefits paid or
incurred to employees responsible for the operation or maintenance of the property.
Exclude salaries or commissions paid to owners, directors, officers or management
employees or agents.
Bad Debt Expense: List only if accrual method is used.
Management and Administration: Amount paid or incurred for management, legal and
accounting services attributable to operation of the property.
Leasing Commissions: Amount paid or incurred as commissions in order to lease space
to tenants over the term of their respective leases. If amount reported is an amortized
amount, provide a schedule showing a brief description, period of amortization, and
amount of amortization included over year and accumulated amortization.
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Other Renting Expense(s): Identify nature of expense(s) and list amount(s) incurred.
Advertising: Amount paid or incurred for advertising space for rent.
Telephone: Amount paid or incurred for telephone service attributable to operation of
the property.
Amortized Leasing and Tenant Improvement Costs: The amortization of all costs
incurred to lease space to tenants over the term of their respective leases other than
broker commissions reported above. Examples of such costs are legal fees and tenant
improvements. If tenant improvements are claimed, mark the line item with a check (3)
mark and attach a chart with a description of the improvement, date of expenditure, and
amount expended, or itemize on lines a-d respectively.
Major Capital Improvements or Major Alterations: If major capital improvements (as
defined by the New York City Rent Stabilization Code), or Major Alternations (as
defined by the Glossary below) are claimed, list the amounts incurred and attach a chart
with a description of the improvement, date of expenditure, and amount expended.
Other Administrative Expenses: Identify and list amount paid or incurred for not listed
elsewhere in section “I”.
Repairs and Maintenance: Amount paid or incurred for specified categories:
• Painting
• Boiler
• Electrical
• Elevator
• Carpentry
• Kitchen Cabinets, Bath Tubs, Sinks, etc.
• Mason and Cement
• Plumbing
• Refrigerators, Stoves, And Other Appliances
• Air Conditioners
• Roofing/Waterproofing
• Supplies
Include contracted labor and materials for the general maintenance and repair of the
property. Exclude reserves for replacements, amounts attributable to capital
improvements and common area improvements.
Other Repairs/Miscellaneous Expenses: Other expenses paid or accrued not previously
specified which are related to the operation and maintenance of the property, including
amortization of common area improvements and amortization of certain lease buyout
costs defined below. Exclude income tax, commercial rent tax, rent, capital costs,
depreciation, mortgage payments and acquisition costs, interest, and uncollectible
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accounts receivable originating in a previous year. Ground lease rent may be listed
if identified.
Amortization of common area improvements having a useful life of more than
one year may be included in line items listed above if you itemize the amortized costs and
the amount is amortized over the useful life of the item. For those costs that are
amortized, provide a schedule showing a brief description, cost, date of service, period of
amortization, and amount of amortization included over year and accumulated
amortization.
Common area improvements include replacements of existing building
components, major repairs, and installation of safety and health systems. Examples of
replacement costs are replacement of boilers, roofs, elevators, and residential kitchen
appliances and cabinets. Examples of safety and health systems are brick pointing, fire
safety systems, and environmental remediation.
Amortization of lease buyout costs includes all costs to acquire the unexpired
lease of an exiting tenant to secure an identified prospective tenant and may be included
only if you itemize the amortized costs and the amount is amortized over the term of the
new lease. Lease buyout costs incurred without an identified replacement tenant should
be deferred until a new tenant is secured; itemize and amortize such costs over the term
of the new lease.
Electricity and Gas: Amount paid or incurred for electricity. Include electricity
supplied or sold to tenants; exclude electricity consumed for the owner’s personal or
business use.
Fuel: Amount paid or incurred for heating and for supply of hot water. Include the cost
of gas provided to tenants.
Water and Sewer: Amount paid or incurred for water and sewer usage.
Insurance: Annual charges paid or incurred for fire and other insurance premiums
relating to the real property. Prorate multi-year premiums on a yearly basis. Note that
amounts paid or reimbursed by tenants should be identified in Section F.
Uniforms: Amount paid or accrued for the purchase of uniforms related to the operation
and maintenance of the property,
Exterminating: Amount paid or accrued for extermination services at the subject
property.
Rubbish Removal: Amount paid or accrued for rubbish removal at the subject property.
Depreciation: Amount claimed or accrued for tax purposes at the subject property.
Mortgage Expense: Amount paid or incurred on principal of any mortgage affecting the
subject property.
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Interest on Mortgage: Amount paid or incurred as interest on any mortgage affecting
the subject property.
Other Interest Expense: Amount paid or incurred, other than interest on any mortgage,
in connection with the maintenance or operation of the subject property.
Real Estate Taxes (Gross): Total annual real property taxes paid or incurred. Where
there are SCRIE abatements, state the total tax levied.
New York State Franchise Tax: Total annual New York State Franchise tax paid or
incurred.
New York City General Corporation Tax: Total annual New York City General
Corporation tax paid or incurred.
Vault Tax: Total annual vault tax paid or incurred.
Other Taxes (list and identify): List and identify any tax not already listed above which
was paid or incurred.
Other Expenses: List and identify any other expense not already listed above which was
paid or incurred.
Total Expenses: Total of items listed in Section I for year indicated.
SUBSTANTIATION OF INCOME AND EXPENSES
Substantiation of any income and/or expense item reported on the Real Property Tax
Audit Report Form relating to the following items is required as indicated below and
must be attached to the Real Property Tax Audit Report Form.
Submit substantiation to explain the following 12 items:
1. Operating loss
2. Greater than ten percent (10%) decrease or increase in gross income from prior 12
month period.
3. Vacancy rate greater than ten percent (10%) which has continued for more than 12
months.
4. Greater than ten percent (10%) decrease or increase in operating expenses from prior
12 month period.
5. Average monthly rent per apartment $650 or less, or $850 or less per apartment in
Manhattan on South of 110th Street.
6. Wages higher than normal for the type of property or the level of income.
7. Repairs and maintenance higher/greater than 15% of gross rent.
8. Greater than ten percent (10%) increase in vacancy from prior 12 month period.
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9. Residential rent roll times 12 less than total residential income.
10. Residential rent roll times 12 110% or more of total residential income.
11. Residential rent roll times 12 equals precisely total residential income.
12. Apparent inconsistency between information reported on the Real Property Tax Audit
Report Form and the Tax Commission Income and Expense Statement for the same
reporting year including the property’s owner-occupied status.
How to substantiate these 12 items:
Item 1. State the specific circumstances causing the operating loss, such as the
tenants, time period and extent of vacancy, unusual expenses, or physical conditions.
Items 2, 3, 4, 8 and 12. State specifics that would explain the situation.
Items 5, 9, 10, and 11. Submit a copy of the rent roll or the DHCR filing for the
building as of the month of December of the year preceding the reporting year or the
month of January of the reporting year. Tenants, apartment numbers, apartment rents and
a total of the month’s rent income must be stated.
Item 6. Submit a weekly payroll statement from January of the reporting year with
job descriptions, employee names, total gross salary and benefits.
Item 7. Submit an itemized breakdown of repair and maintenance costs attached
to the Real Property Tax Audit Report Form.
Supplemental information. It is often advisable to supplement the income and expense
schedule even when substantiation is not required. Copies of leases or abstracts, a rent
roll, and itemizations of expenses may be useful. Supplementation is especially useful
when there is no prior filing, there is a single major tenant, there is a substantial increase
in the income from the prior year, or the building has unusual operating characteristics,
for example, an unusually high expense item.
Section J: Commercial Lease Information
Complete this section only if the property had any commercial leases (e.g. stores,
office space or other commercial tenants) in place during the years covered by the Real
Property Tax Audit Report Form. You may substitute the table with a rent roll as of
January of each calendar year of the tax year under review. In other words, provide the
January, 2005 rent roll for the 2005/06 tax year under review. The rent roll should
provide, at a minimum, the same information listed in Section J. If any information listed
in Section J is not on the rent roll, the omitted information should be completed on
Section J.
If any of the rent roll information is attached to the Real Property Tax Audit
Report Form, indicate so by checking (3) the appropriate box at the top of Section J. You
may still be required to provide copies of said documentation (e.g. leases) at a later date.
Space I.D.: If any or all of the tenants on the subject property are identified by an
identification number, list the identification number.
Name of Tenant: Provide the name of the tenant.
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Term of Lease: List both the month and year that the lease begins and ends.
Annual Rental: Provide the annual income for the lease beginning with the base year.
If the annual rent for a year under review is higher pursuant to the terms of the lease, list
the escalation in the “other clauses” column of Section J.
If free rent is a condition of the lease, indicate terms in other clauses column of
Section J.
Escalation: List the terms of both real estate and operating escalations clauses in the
columns provided.
Other payments made by the tenant: Describe percentage rentals due from tenant or
any other payments to be made by tenant such as electricity, water, etc.
Other clauses: Indicate the purpose/type of clause/percent rent or other applicable term.
Section K: Residential Lease Information
Section K should be completed with information pertaining to each residential
apartment at the subject property. A rent roll containing the same information may be
attached in lieu of completing Section K in which case the rent roll box at the top of the
page should be checked. If there are any subleases affecting the subject property, check
the appropriate box at the top of the page in Section K and identify which of the tenants
have subleases as known to the petitioner.
Column 1. Apartment Number: List the apartment or unit number.
Column 2. Name of Tenant: List the name of the tenant occupying each apartment or
unit.
Column 3. Check (√) if Rent Regulated: Place a checkmark in the column if the rent
charged for the apartment is subject to rent regulation.
Column 4
. Check (√) if Vacant on January 5 of Year: Place a checkmark in the
appropriate box if the apartment or unit was vacant as of January 5
th
of each year.
Column 5
. Contract Rent: List the contract rent applicable to the apartment or unit
as of January 5
th
.
Column 6. Check (√) if Preferential Rent Paid/Claimed: Place a checkmark in the
appropriate box if the rent being received for the apartment or unit is considered a
preferential rent. A preferential rent is a rent which an owner agrees to charge but is
lower than the legal regulated rent that the owner could otherwise lawfully collect.
Column 7. Lease Term Start: Enter the date of the commencement of the lease.
Column 8. Lease Term End: Enter the last date or termination date of the lease.
Column 9. Check (√) if Owner or Superintendent Occupies Apartment: Place a
checkmark in the appropriate box if the unit is owner-occupied or occupied by a
superintendent.
Section L: Weekly Payroll Analysis
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Submit payroll information as shown above for the second week in January of
each year. If any employee does not work exclusively at the subject property, indicate
which employee(s) with an asterisk next to the building employee’s name or position.
For each year covered by the Real Property Tax Audit Report Form, list
the number of employees in each position and their combined gross salary. Enter the
totals of each column at the bottom of Section L.
Section M: Hotel Information
Section M is to be completed only if the property is a hotel or motel. Income
and expense information required by Section M replaces the income and expense
information required in Sections H and I. Do not list any negative numbers. Reporting
expenses other than operating expenses and rents is optional. If reported, however, these
items should be reported only in part 52C. Rent Expense for furniture, fixtures and
equipment may be reported among other operating expenses.
If the Real Estate Tax Audit Report Form being submitted covers more than
one year, information regarding additional years should be supplied on an attached chart.
46. List the name of the hotel or motel operating at the subject property.
a. If the property(ies) is/are managed by an entity that is unrelated to the filer
of the Real Property Tax Law Article 7 petition, indicate so by checking Yes, if not,
check No.
b. If any individual, business or institutional user of any of the hotel rooms
have proprietary rights to use the rooms, indicate so by checking Yes. If not, check No.
c. If question 46(b) was answered in the affirmative, please describe the
terms of the use.
47. List the total number of rooms.
a. Indicate the number of transient rooms.
b. Indicate the number of permanent rooms.
c. Indicate the number of keys if different than number of rooms listed
above. If same, indicate “same”.
d. Indicate the occupancy rate for each year covered by the Real Property
Tax Audit Report Form. Indicate the room types, number of rooms, single rate and
double rate for each type of room at the subject property. Include this information as of
December 31 of each year income and expenses are reported in the Real Property Tax
Audit Report Form.
48. Confirm Hotel Reporting year and basis of accounting.
49. Indicate the number of rooms in each type of room and room rates for each
room type.
50. Report income from rental tenants. If reported income includes income from
rental tenants, indicate related tenant and amounts received in the “detailed answers”
space provided.
51-53. Report income and expenses as indicated.
54. Report details concerning furniture, fixtures and equipment used in hotel
operations.
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Section N: Parking-Related Information
To be completed only if the property contains any parking-related space.
55. Indicate outdoor parking information.
a. Indicate the number of parking spaces.
b. Indicate the monthly rate per space as of taxable status date of each year
covered by the Real Property Tax Audit Report Form.
c. Indicate the initial hourly rate per space as of the taxable status date for
each year covered by the Real Property Tax Audit Report Form.
d. Indicate the total square footage of parking space.
56. Indicate indoor parking information.
a. Indicate the number of parking spaces.
b. Indicate the monthly rate per space as of taxable status date of each year
covered by the Real Property Tax Audit Report Form.
c. Indicate the initial hourly rate per space as of the taxable status date for
each year covered by the Real Property Tax Audit Report Form
Section O: Theater Information
To be completed only if the property is a theater. Do not list any negative
numbers.
57. Indicate the number of theater seats.
58. If any part of the subject property is subject to a net lease (as defined in
the glossary) indicate so by checking Yes. If not, check No.
59. If the property is affected by a ground lease, indicate by checking Yes. If
not, check No. If Question #59 is answered in the affirmative, indicate the term of the
ground lease by entering the commencement and ending dates.
60. If any of the subject properties are owner-occupied, indicate so by
checking Yes. If not check No. If Yes is checked, answer Parts A and B by indicating the
percentage that is owner-occupied and gross square footage that is owner-occupied.
Section P: Income from Business
If there is income generated at the subject property, which is considered business
income, list each type of income in questions 61 through 68. Answer question #67 if the
subject property is a department store by indicating sales amounts in dollars for parts A
through D.
69. Indicate the total income from the business.
.
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GLOSSARY
Floor area. Where floor area is called for, state the approximate gross floor area to the
best of your knowledge and ability. The measurement should be from exterior wall to
exterior wall for each floor.
Major alteration. Any work which increases the enclosed floor area or cubic content of
a building, which renovates a building that had been predominately vacant or which
changes the use of one or more floors of a building, such as from office to residential or
from storage to office; renovation, interior demolition, or tenant installations affecting at
least 25% of building area; other work not covered by repair and maintenance expense,
including, but not limited to, new installation or replacement of any one of the following
systems: HVAC, elevators, electric wiring or plumbing; or replacement of at least one of
the exterior faces of the building; or any work which has or is expected to cost an amount
that equals or exceeds the tentative total actual assessment under review.
Net Lease. There are three common types of net leases: Single net lease—tenant pays
utilities and taxes or insurance, and landlord pays structural repairs, property
maintenance, and property taxes or insurance; Double net lease—tenant pays utilities and
taxes and insurance, and landlord pays structural repairs and property maintenance;
Triple net lease- tenant pays utilities, taxes, insurance, and maintenance, and landlord
pays for structural repairs only.
Owner. The individual(s) or entity having legal title to the real property assessed. Unless
title has been conveyed to a trust, the trust is not the owner.
Property. Refers to the tax lots list covered by the Real Property Tax Audit Report Form.
Related persons. Related persons include individuals related by blood, marriage or
adoption, individuals and the business entities they control, business entities under
common control, and fiduciaries and the beneficiaries for whom they act. A person
includes a corporation or other business entity.
Year of purchase. The year of purchase is the year the owner or other applicant or any
related person purchased the property or acquired its interest in the property.
