Filing of RPIE Statements by Owners of Income-Producing Property

Proposed Rules: Closed to Comments

Agency:
Comment By: 
Monday, August 11, 2014
Download Copy of Proposed Rule (.pdf): 

Statement and Basis and Purpose of Proposed Rule

 

Section 11-208.1 of the Administrative Code of the City of New York requires that owners of income-producing real property in New York City file income and expense statements each year for the property. The Department of Finance uses the information in the statements to assess the value of real property in the City.

 

Local Law 52 of 2013 amended Administrative Code § 11-208.1.  These proposed amendments will, among other things, conform the rules relating to the filing of income and expense statements set forth in Chapter 33 of Title 19 of the Rules of the City of New York to the Administrative Code by:

  • revising the deadline for filing the annual income and expense statements from September 1 to June 1;
  • providing that if a property owner has not owned the property and is without knowledge of the income and expenses of the property for the entire year for which the income and expense statement is required, then the owner must file a claim of exclusion and will not be required to file an income and expense statement for that year;
  • providing penalties for the failure to file a claim of exclusion, where it is required, and the opportunity for property owners to be heard prior to the imposition of such penalties;
  • authorizing the Commissioner of Finance to extend the deadline for filing by up to sixty days for income and expense statements or claims of exclusion for residential class two properties held in the cooperative or condominium form of ownership (the existing rules authorize the Commissioner to provide up to thirty days extension for all properties);
  • providing that monetary penalties imposed for failure to file an income and expense statement, or, where required, a claim of exclusion, will be liens on the affected real property and will accrue interest until they are paid; and
  • providing an “innocent purchaser” waiver mechanism for property owners who took title to real property without knowledge that a monetary penalty would be imposed for the prior owner’s failure to timely file.

 

Matter underlined is new.  Matter in brackets [ ] is to be deleted. 

 

“Will” and “must” denote mandatory requirements and may be used interchangeably in the rules of this department unless otherwise specified or unless the context clearly indicates otherwise.

Public Hearing
Subject: 

.Filing of RPIE Satements by Owners of Income-Producing Property

Public Hearing Date: 
Monday, August 11, 2014 - 11:00am
Contact: 

You can submit comments to the Department of Finance through the NYC rules website: http://rules.cityofnewyork.us.

Email. You can email written comments to laroset@finance.nyc.gov.

Mail. You can mail written comments to NYC Department of Finance, Legal Affairs Division, 345 Adams Street, 3rd Floor, Brooklyn, N.Y. 11201, Attn: Timothy LaRose.

Fax. You can fax written comments to NYC Department of Finance, Attn: Timothy LaRose, at (718) 403-3650.

Location: 
Dept. of Finance
345 Adams Street 3rd Floor
Brooklyn, NY 11201