In NYC its all about "location, location, location". Location is not everything in real estate, but we would argue this point of and savvy real estate firms and real estate broker in the NYC area. Success in real estate and construction businesses is far more complex than the simplistic notion of bricks and mortar. There are the risks – cost overruns, market timing and material and workforce shortages – as well as the opportunities – improved cash flows, better cost allocation, prudent tax planning – all of which can have a significant impact on profitability. From this perspective, your accountant can be equally as important as the location in which you invest in. For numerous real estate and construction companies, Mandamus LLC is that partner.
NYC Real Estate Accounting and Audit Service
Mandamus provides a variety of services and tax services to the real estate industry, including: Income and Expense TC 201, Real Estate Audits, Assurance Service, Family Office Service, High net worth tax returns for individuals, CAM Audits and Certiorari Tax audits. Our team of dedicated real estate accountants in NYC and in the New York tri state area has been trained to take a comprehensive approach to your real estate business and compliance needs. Our real estate accounting firm works a team of real estate tax audit professionals to assist you in understanding and obtaining your long term financial and business goals. For additional information about our NYC Real Estate Account Firm, call our real estate experts today!
Audit and Assurance services
Our firm audits many of New York City’s well known companies and other both large and small. Our audit approach in NYC offer large and small businesses the best extensive industry knowledge around. Our deep understanding of regulation and legislation means we can also help with complex reporting issues involving your Financial Reporting needs. Additionally, we are leaders in the development of non-financial performance reporting, helping our clients respond to the need for greater transparency, improved corporate governance, and business models based on the principles of sustainability. Our Assurance & regulatory reporting services: Depending on the independence and regulatory requirements that may be applicable, our service may not be available to all audit clients at our firm. • Financial statement audit • Regulatory compliance & reporting • IFRS reporting • Assistance on capital market transactions • Corporate reporting improvement • Financial accounting • Independent controls & systems process assurance • Sustainability reporting • Actuarial insurance services • Internal audit
For additional information about our Assurance services, call our Real Estate Accounting Firm today!
CAM Audit
Mandamus, LLC is a leading provider of lease audit services (also known as rent audits, CAM audits, escalation audits, or lease reviews) for tenants throughout the NYC and the New York State tri-state area. Our firm specializes in reviewing commercial real estate leases and conducting lease audits of rent, operating expenses, common area maintenance (CAM) expenses and real estate taxes to generate significant financial savings of behalf of NYC tenants. Mandamus, LLC can identify, recover, and prevent overcharges that could save your company Thousands of dollars! During the past decade, we have reviewed thousands of commercial real estate leases in NYC and in the tri state area. Most of the clients that we serve are tenants in office buildings, retail locations such as malls and large shopping centers, manufacturing facilities, warehouses, and other industrial spaces. They range in all sizes from "Fortune 500" to small privately-held firms. Some of the benefits to companies that utilize our service include... Realize immediate financial savings- During the lease audit process, Mandamus identifies errors and overcharges made by landlords, so tenants can recoup significant amounts of money they may have already overpaid Provide future financial savings- Mistakes Mandamus finds during a lease audit can result in direct reductions in rental obligations that can carry forward to minimize the tenant's expenses for many years to come. CAM and lease audits also help companies by signaling to their landlord that they are aware of the terms of their leases, thereby avoiding any attempt at overcharges in future years Outsource lease audit services to experienced lease audit professionals- The negotiation of refunds or credits is managed by a bona fide team of lease audit experts. Mandamus will represent the tenant's interests, while protecting their relationship with their landlords, and simultaneously maintaining their confidentiality Maximize the terms of the original lease- Most leases have wording that provide tenants with "audit rights" or "inspection rights" to review the landlord's accounting records and perform a lease audit. Companies that utilize these rights properly are much less likely to incur overcharges made by their landlord Complement your staff- Mandamus can help reduce the burden on a company's real estate team and accounting department. We assist them by managing the lease audit recovery process, and by identifying potential for improvements in language in future leases.
To scheduale a CAM Audit, call our Real Estate Accounting Firm today!
2011 NYC Real Estate Taxes
The Department of Finance collects property taxes and other property-related charges. It also maintains land title records and tax maps, conducts lien sales, and collects Real Property Transfer and Mortgage Recording Taxes. Finance values New York City residential and commercial properties. New York State and City real estate law is applied. Tax rates are set each year by the Mayor and City Council. The rates are applied to property values to help determine each homeowner's annual tax liability. Bills and Payments Finance mails Statements of Account (SOA) every three or six months showing taxes owed on each property. Updating Account Information View/Print Your SOA and Notice of Property Value (NOPV) Check Your Current Balance/Make Payments Condominium/Cooperative Comparable Rental Income NY State law requires Finance to value residential condominium and cooperative buildings as if they were residential apartment buildings. We apply income and expense information from similar rentals to value these properties. Property Information Access property records, lot information, tax maps, and update account information. Rates and Other Charges Finance collects charges and fees issued by many other New York City and State agencies. We also offer most of the New York City property tax reduction programs. Recording Documents The City Register keeps the official records of real property transactions (including deeds, mortgages, mortgage satisfactions, and financing statements UCCs). Refunds Owners can use certain credits in their account to pay past or future charges. You can also request a refund. Rolling Sales Update Buyers and sellers can better understand the value of real estate in New York City by using Finance’s Rolling Sales List. Property transaction information is shown for all five boroughs. Categories include sales price, neighborhood, building type and square footage. Tax Reduction Programs Finance programs reduce property taxes, help build new homes and fix up existing ones. Valuation/Assessment NYC’s fiscal tax year begins July 1. Finance releases a tentative assessment every January. If there are no changes, the final is released in May.
For additional information about 2011 NYC Real Estate Taxes, call our Real Estate Accounting Firm today!
NYC Certiorari Taxes
Real estate tax certiorari (TC 201 & TC 309) (Income and Expense Schedule) is the legal process by which a property owner can challenge the real estate tax assessment on a given property (commercial or residential) in attempt to reduce the property’s assessment and real estate taxes. Although many real estate developers, owners and managers in NYC are familiar with real estate tax certiorari proceedings, not all take advantage of the opportunity afforded by this legal process which is usually handled by real estate tax attorneys on a contingency basis. Real estate tax attorneys have written extensively and have lectured publicly on real estate tax certiorari and exemption matters. Our skill and dedication to the client make Mandamus LLC stand out in the complex and confusing world of tax certiorari. Mandamus LLC has performed tax certiorari for more than 15 years. In NYC, it involves filing a protest with and appearing before the NYC Tax Commission for a hearing. If a settlement is not reached, it gets taken to the next level by filing a petition with the Supreme Court. In New York State, there is a new assessment every year which is released on January 15th; The deadline to file the protest with the NYC Tax Commission is March 1 (for most tax classes that we handle). It is still possible to challenge building property taxes even after the March deadline, but not through the Tax Commission.
For additional information about NYC Certiorari Taxes, call our Real Estate Accounting Firm today!
Mandamus LLC handles all tax assessment protests. Contact Mandamus LLC today at 212-984-0691
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