§ 24-05 Transfer of Overpayment.
RCNY § 24-05
A taxpayer may transfer an overpayment from one property to another under the following conditions: (a) An overpayment may be transferred only between properties owned by the same beneficial owner.
(b)A transfer of an overpayment from one property to another shall have no effect on the accrual of interest as required by law on arrears on the property to which the overpayment is transferred. Nothing in this provision, however, shall prevent the taxpayer from requesting that an overpayment, or a portion thereof, be applied to interest on the property to which the overpayment is transferred.
(c)In the event that an application for a transfer of an overpayment concerns properties that are not owned by the same record owner, the applicant must furnish proof required to establish that the properties are owned by the same beneficial owner. Example 1: In January, 2007, X made an overpayment of real property taxes on property A in the amount of $1,000. Property B has an outstanding balance of real estate taxes and interest from July, 2008, in the amount of $1,000. There are no other outstanding charges on either of the two properties. X is the record owner of both property A and property B and desires to transfer the overpayment from property A to property B. X must submit to the Department a request for transfer of the overpayment pursuant to 19 RCNY § 24-02. The $1,000 overpayment will be transferred from property A to property B to be applied to the outstanding balance on property B. Example 2: The facts are the same as in Example 1 except that Y made the overpayment on property A. If X wishes to transfer the overpayment from property A to property B, X must submit to the Department an application pursuant to 19 RCNY § 24-02 certifying that X is entitled to the refund. Example 3: In January, 2007, X made an overpayment of real property taxes on property A in the amount of $1,000. Property B has an outstanding balance of real estate taxes and interest in the amount of $2,000 from July, 2008. There are no other outstanding charges on either of the two properties. X owns 75% of the stock of X Corp. which is the record owner of property A. X also owns 75% of Y Corp. which is the record owner of property B. X desires to transfer the overpayment from property A to property B. X must submit to the Department an application pursuant to 19 RCNY § 24-02 together with any documentation requested by the Department to establish that X is the beneficial owner of both property A and property B. The $1,000 overpayment will be transferred from property A to property B to reduce the outstanding balance on property B by $1,000. Example 4: The facts are the same as in Example 3 except that X Corp. made the overpayment on property A. If X wishes to transfer the overpayment from property A to property B, X must submit to the Department an application pursuant to 19 RCNY § 24-02 certifying that X is entitled to the refund and any documentation requested by the Department to establish that X is the beneficial owner of both property A and property B.
