“The New York City Tax Commission has received a subpoena from the Manhattan District Attorney regarding the properties of the Trump organization,” Laura Feyer, spokesperson for the mayor of New York, told CNN. also on behalf of the office of the property tax agency.
Reuters first reported on the summons.
Feyer did not comment further on the matter. Manhattan District Attorney’s Office Cy Vance declined to comment. CNN has reached out to the Trump organization for comment.
Vance’s office is investigating whether the Trump organization has violated state laws, including insurance fraud or tax evasion. His team of prosecutors are examining what the Trump organization has told lenders and tax authorities about the value of its assets and the legality of tax deductions, including conservation easements and advisory fees the company has taken.
The Trump Organization has maintained that it has complied with all laws. The company’s general counsel, Alan Garten, told the New York Times last year that “everything was done in strict accordance with applicable law and under the guidance of a lawyer and tax experts” and that “all applicable taxes have been paid and neither party has received any undue payment. Vance’s investigation, which began in earnest in August 2019, includes allegations by former Trump attorney Michael Cohen that The Trump organization has inflated assets when seeking loans and deflated them when paying taxes. CNN previously reported that investigators have interviewed Cohen on several occasions, including as recently as this week.
Investigators are also looking at numerous loans the Trump organization has taken out, including those from Deutsche Bank and Ladder Capital, CNN reported this week.
Meanwhile, prosecutors are awaiting a Supreme Court ruling on a subpoena to Trump’s accounting firm Mazars USA for his financial records, including his tax returns.
The summons issued to the New York City Tax Commission, which reviews annual property tax assessments set by the Department of Finance, is another sign that prosecutors are looking to see if Trump’s company has duped local tax authorities in error on the value of its properties.
The New York City Tax Commission reviews requests for correction of tax assessments and examines whether applicants have been wrongly denied a property tax exemption.
A separate civilian investigation into the Trump organization is being led by the Office of New York Attorney General Letitia James.
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