Proposed RPTL Section 485-x Application Registration Form Rule Amendment

Effective date: April 8, 2025

Proposed Rule Full Text
Proposed-RPTL-485-x-Application-Registration-Form-Penalty-Fee-Draft-for-Submission-to-City-Record-for-publication-on-2-7-25.pdf

Adopted Rule Full Text
2025-RG-003-final-rule-2025.03.19-Legal-15661999_142804-KB-002-Submitted-to-City-Record-for-Publication-on-4-8-25.pdf

Adopted rule summary:

Real Property Tax Law Section 485-x (16) requires prospective applicants for Affordable Neighborhoods for New Yorkers ("ANNY") tax benefits to file a form with HPD stating their intention to apply for ANNY benefits and subjects them to a penalty not to exceed 100% of the application filing fee for failure to do so. The adopted rule amendments establish the penalty as 25% of the application filing fee for projects that commenced before April 20, 2024, the effective date of Real Property Tax Law Section 485-x, and 50% of the application filing fee for projects that commenced on or after April 20, 2024.