Council Member Wong on pied-a-terre enforcement for LLCs and trusts
Wong asks about enforcement and compliance plans for the pied-a-terre surcharge, especially for properties held through LLCs or trusts. Commissioner Lee says DOF is promulgating rules and the legislation provides a range of enforcement actions, with Shear noting the surcharge will appear on property tax bills to drive voluntary compliance.
I think I have time for squeeze one more question.
The peer a tier collection.
The executive plan books 500 million from this peer-to-peer tax.
What is your enforcement and compliance plan, especially for properties held through LLCs or trusts?
So the peer-to-peer surcharge right now,
We are in the process of promulgating a lot of those rules.
The legislation does provide us a wide range of enforcement actions that we can utilize.
So as we get towards the rulemaking process, we're going to...
Develop a lot of those enforcement actions a little bit more closely.
Again, our first deputy commissioner is overseeing the liens, the penitentiary surcharge and implementation process.
If there's anything that I've missed.
I would just add that the surcharge will be appearing on the property tax bill.
of the homeowners who are subject, we think that alone is going to drive voluntary compliance.
Okay, thank you.