Proposed Amendment to the Rules for RPIE Non-Filers
Proposed Rules: Closed to Comments
STATEMENT OF BASIS AND PURPOSE
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.
These proposed rule amendments will reduce the monetary penalties on owners of income-producing property for failure to file income and expense statements set forth in Chapter 33 of Title 19 of the Rules of the City of New York by:
establishing a set penalty amount based on final actual assessed valuation for the property for the calendar year in which such a statement was required to be filed.
eliminating a higher penalty amount for owners who fail to file an income and expense statement by the thirty-first day of December, and
eliminating a higher penalty amount for owners who fail to file an income and expense statement for consecutive years.