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Proposed Rules: Closed to Comments

Agency:
Comment By: 
Friday, May 10, 2019
Proposed Rules Content: 

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.

This rule amendment will increase the monetary penalties 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.

Subject: 

Monetary Increase for Failure to File RPIE

Location: 
NYC Department of Finance, Legal Affairs Division
375 Pearl Street, 30th Floor
New York, NY 10038
Contact: 

Sign up before the hearing by calling Joan Best at (718) 488-2007, or submit comments through the NYC rules website: http://rules.cityofnewyork.us. or email comments to laroset@finance.nyc.gov. or mail comments to NYC Department of Finance, Legal Affairs Division, 375 Pearl Street, 30th Floor, Room 30D, New York, NY 10038, Attn: Timothy LaRose. Also you can fax comments to NYC Department of Finance, Attn: Timothy LaRose, at (718) 488-2491.

Download Copy of Proposed Rule (.pdf): 

Adopted Rules: Closed to Comments

Adopted Rules Content: 

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.
Effective Date: 
Fri, 10/17/2014