NYC Proposes Increasing Failure to File Fee

By:
Chris Gaetano
Published Date:
Apr 15, 2019
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The New York City Department of Finance is considering increasing the monetary penalty for failing to file an annual income and expense statement for income-producing property. Under the proposed rules, "[o]wners of income-producing property who fail to file an income and expense statement for three consecutive years shall be subject to a penalty of five percent of the final actual assessed value for the property promulgated in the calendar year in which such a statement was to be filed." 

The city said that the measure is meant to discourage property owners who repeatedly fail to file the proper documentation. The Department of Finance is accepting written comments on the proposed rule until May 10. The department will hold a public hearing on the proposed rule at 11:00 a.m. on May 10, 2019. The hearing will be held in the Department of Finance hearing room at 375 Pearl Street, 30th Floor, Room 30D, New York, N.Y.


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