The Manhattan District Attorney’s Office has Subpoenaed a New York City Property Tax Agency as part of a Criminal Investigation into Trump’s Company, suggesting Prosecutors are examining the Trump’s Efforts to Reduce his Commercial Real-estate Taxes for possible Evidence of Fraud.
The Subpoena issued to the New York City Tax Commission is the latest indication that Manhattan District Attorney, Term-Limited, Cy Vance Jr. is looking at the Values Trump assigned to some Commercial Properties in Tax Filings and Loan Documents.
Along with Information already Subpoenaed from Creditors, the Tax Agency Documents would help Investigators determine whether Trump’s Business Inflated the Value of his Properties to secure Favorable Terms on Loans while Deflating those Values to Lower Tax Bills for those same Properties. Trump used his White House Position to deflexed these Inquires in the past.
New York City Tax Commission President, Frances Henn, Confirmed the Subpoena. The Subpoena likely would Compel the Agency to provide Detailed Income and Expense Statements the Trump Organization would have Filed as part of an effort to Lower Tax Assessments on some of its Commercial Properties.
Those Filings typically would include Valuations Submitted by the Company to Challenge the Market Values assigned to Trump’s Property by the City’s Tax Assessors.
Subpoenas also have been Issued to at least Two Creditors that helped Finance Trump’s Real-estate Holdings, Deutsche Bank AG and Ladder Capital Finance LLC.
Vance has Not commented specifically on the Focus of his Investigation but noted in Court Filings that his Office is exploring “possibly extensive and protracted criminal conduct” at the Trump Organization, including possible Falsification of Records as well as Insurance and Tax Fraud.
Vance’s Investigation is the only known Criminal Probe of Trump’s Real-Estate Business.
New York State Attorney General, Letitia James, is leading a separate Civil Probe into whether Trump’s Company Falsely reported Property Values to Secure Loans and obtain Economic and Tax Benefits.
The Tax Commission is New York City’s Forum for Adjudicating Appeals of Tax Assessments set by the City’s Department of Finance, which manages Property Tax Bills and Collections.
The Tax Assessments are based on a Property’s Market Value, as determined by the Department, so Challenges require Detailed Documentation to show that the Assigned Value is Not Accurate, including Revenue and Occupancy Data.
If Trump’s Business claimed a Substantially Lower Value for a Property in its Tax Filings than it did in Documents it Submitted to Creditors, the Discrepancy could help back up a Fraud Charge. That could become Fraud Charges, if it was done to multiple Properties.
There is also a Case, in Upstate New York, where Trump Received a Tax Break for giving some of the Land to the State, but again Over Valued the Property. The private Assessor has already Testified.
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