“The New York Tax Commission received a subpoena from the Manhattan District Attorney regarding Trump Organization real estate,” Laura Feyer, spokeswoman for the New York City Mayor, who also speaks on behalf of the Real Estate Tax Bureau, told CNN.
Reuters first reported on the subpoena.
Feyer did not comment on this matter. Manhattan District Attorney Cy Vance’s office declined to comment. CNN has asked the Trump Organization for comment.
The Vance office is investigating whether the Trump Organization has violated state laws, including insurance fraud or tax fraud. His team of prosecutors are investigating what the Trump Organization has told lenders and tax authorities about the value of their assets and the legality of tax deductions, including the company’s maintenance and advisory fees.
The Trump organization has claimed that it complied with all laws. Company general counsel Alan Garten told the New York Times last year that “everything was done in strict compliance with applicable law and under the advice of legal counsel and tax professionals” and that “all applicable taxes have been paid and no party has been paid improperly received benefits. “Vance’s investigation, which began in earnest in August 2019, includes allegations by former Trump attorney Michael Cohen that the Trump Organization inflated assets in search of credit and deflated them when it came time to Pay taxes. CNN previously reported that investigators had interviewed Cohen multiple times, including just this week.
Investigators are also reviewing numerous loans the Trump organization has taken out, including those from Deutsche Bank and Ladder Capital, CNN reported this week.
Meanwhile, prosecutors await a Supreme Court ruling on a grand jury subpoena at Trump’s accounting firm Mazars USA for his financial records, including his tax returns.
The subpoena to the New York City Tax Commission, which is reviewing the Treasury Department’s annual real estate tax assessments, is yet another sign that the prosecutor is investigating whether Trump’s business has misled local tax authorities about the value of their properties.
The New York Tax Commission is reviewing requests for adjustment of tax assessments and whether applicants have been wrongly denied property tax exemption.
There is a separate civil investigation into the Trump Organization being conducted by New York Attorney General Letitia James.