News

Important Dates Regarding the Applications to Contest the 2017/2018 Tentative Assessed Values of Properties in NYC

0

January 4th, 2017

The applications to contest the 2017/2018 Tentative Assessed Value with the Tax Commission are due as follows:

Class 2, 3, or 4- Properties (TC-101 and TC-109) — March 1, 2017
Returned to our office by February 22, 2017.

Class 2, 3, or 4- Properties – Supplemental TC-150 & TC-309 (If necessary) — March 24, 2017.
Returned to our office March 14, 2017.

In order to ensure that your application is filed timely we are requesting that executed applications previously mailed to you be returned to our office by the dates listed above.

RPIE – Cooperative Filing Information

0

June 1st Real Property Income and Expense (RPIE) Electronic Filing Requirement

This is to remind you that, by law, all cooperative real property owners are required to submit an RPIE-2015 filing to the Department of Finance by the June 1, 2016 filing deadline. Even cooperatives that can file an exclusion from the RPIE filing requirement are required under the regulations to make an RPIE filing and mark the appropriate exclusion box. These filings are separate and apart from the Tax Commission filings we make on your behalf but are a jurisdictional requirement to obtain a tax protest hearing.

All filings must be completed electronically on the Department of Finance’s internet website. The forms and instructions are accessible at: http://www1.nyc.gov/site/finance/taxes/property-rpie.page

Cooperative properties with greater than 2,500 square feet of commercial space are not excluded and must file an RPIE-2015 form with income and expenses. Condominiums with commercial/professional tax lots must do so as well.

We remind you that owners of properties subject to filing requirements who fail to file on time will face a monetary penalty based upon the actual assessed value of their property. Although the penalty provisions have been in effect since the inception of the RPIE law, the Department of Finance is now enforcing them.

We also caution you that regulations have been adopted requiring the filing of income and expense statements for unsold condominium and cooperative building units where the sponsor retains ownership of at least ten percent of the total number of units. The burden to file is on the cooperative and not the sponsor. The form has a check box where you may indicate that such information was not made available to the cooperative.

The instructions and the data entry section can be accessed by going to the website at www.nyc.gov/finance, then “Property”, then “Property Assessment” and “RPIE”.

A link to the DOF website can also be found on the Resources page of our firm’s website. We urge you to submit the RPIE-2015 electronic filing prior to the June 1, 2016 deadline. Please send us a copy of the filed form along with proof of filing.

Tuchman, Korngold, Weiss, Liebman & Gelles, LLP

RPIE Filing Information

0

June 1st Real Property Income and Expense (RPIE) Electronic Filing Requirement

This is to remind you that, by law, all real property owners are required to submit an RPIE-2015 filing to the Department of Finance by the June 1, 2016 filing deadline. Even if you believe that you are excluded from the RPIE filing requirement, the regulations require that you still must make an RPIE filing and mark the appropriate exclusion box. These filings are separate and apart from the Tax Commission filings we make on your behalf but are a jurisdictional requirement to obtain a tax protest hearing. All filings must be completed electronically on the Department of Finance’s website. The forms and instructions are accessible at: http://www1.nyc.gov/site/finance/taxes/property-rpie.page

We point out to you the following important items:

1. Owners of properties subject to filing requirements who fail to file on time will face a monetary penalty based upon the actual assessed value of their property. Although the penalty provisions have been in effect since the inception of the RPIE law, the Department of Finance is now enforcing them.

2. We remind you that signage and cell tower income must be separately reported on the appropriate line.

3. We strongly urge you to confirm that this RPIE-2015 filing contains the same information you submitted with your most recent 2016/2017 filing with the Tax Commission. Any significant deviation in the numbers will be closely scrutinized by various City agencies, and different information should not be submitted unless accompanied by an adequate explanation.

4. In a change from past practices, owners may now submit consolidated filings for contiguous tax lots that are operated as a single economic unit.

5. There are new filing requirements for properties that are hotels, adult care/nursing home facilities, gas stations, car washes, oil change facilities, self-storage, theaters or concert halls. Please call us if you have any questions regarding those filings.

A link to the DOF website can also be found on the Resources page of our firm’s website. We urge you to submit the required RPIE-2015 filing prior to the June 1, 2016 deadline. Please send us a copy of the filed form along with proof of filing.

Tuchman, Korngold, Weiss, Liebman & Gelles, LLP

Proposed Real Property Tax Law Section 421-a Legislation Has Been Introduced

0

Proposed Real Property Tax Law Section 421-a legislation has been introduced in the New York State Senate and New York State Assembly. These bills cover Real Property Tax Law Section 421-a for new residential multiple dwelling construction commencing after June 15, 2015. Below are the links to the full text of the bills. It is likely that these bills will be amended if enacted into law.

NY Senate Proposal—

http://open.nysenate.gov/legislation/bill/S5768-2015

NY Assembly Proposals-

http://open.nysenate.gov/legislation/bill/A7944-2015

http://open.nysenate.gov/legislation/bill/A7945-2015

The Real Property Income and Expense (RPIE) Electronic Filing Requirement Notice for Cooperative Real Property Owners

0

This is to remind you that, by law, all cooperative real property owners are required to submit an RPIE-2013 filing to the Department of Finance by the new June 2, 2014 filing deadline.   Even cooperatives that can file an exclusion from the RPIE filing requirement are required under the regulations to make an RPIE filing and mark the appropriate box as excluded. These filings are separate and apart from the Tax Commission filings we make on your behalf but are a jurisdictional requirement to obtain a tax protest hearing.

Cooperative properties with greater than 2,500 square feet of commercial space are not excluded and must file an RPIE-2013 form with income and expenses.

All filings must be completed electronically on the Department of Finance=s internet website.

We remind you that owners of properties subject to filing requirements who fail to file on time will face a monetary penalty of up to 3% of the actual assessed value of their property.  Although the penalty provisions have been in effect since the inception of the RPIE law, the Department of Finance is now enforcing them.

We also caution you that regulations were previously adopted requiring the filing of income and expense statements for unsold condominium and cooperative building units where the sponsor retains ownership of at least ten percent of the total number of units.  The burden to file is on the cooperative and not the sponsor.

The instructions and the data entry section can be accessed at www.nyc.gov/finance.

We urge you to submit the required RPIE-2013 electronic filing prior to the June 2, 2014 deadline.

The Real Property Income and Expense (RPIE) Electronic Filing Requirement Deadline is June 2nd, 2014

0

All real property owners are required to submit an RPIE-2013 filing to the Department of Finance by the new June 2, 2014 filing deadline.  If you believe you can file an exclusion from the RPIE filing requirement, the regulations require that you still must make an RPIE filing and mark the appropriate box as excluded.  These filings are separate and apart from the Tax Commission filings we file on your behalf but are a jurisdictional requirement to obtain a tax protest hearing.  All filings must be completed electronically through the Department of Finance’s website.

We point out to you the following important items:

  1.  Owners of properties subject to filing requirements who fail to file on time will face a monetary penalty of up to 3% of the actual assessed value of their property.  Although the penalty provisions have been in effect since the inception of the RPIE law, the Department of Finance is now enforcing them.
  2. We remind you that sign and cell tower income must be reported on the appropriate line.
  3. We strongly urge you to confirm that this RPIE-2013 filing contains the same information you submitted with your most recent 2014/2015 filing with the Tax Commission. Any significant deviation in the numbers will be closely scrutinized by various City agencies and different information should not be submitted unless accompanied with an adequate explanation.
  4.  In a change from past practices, Owners may now submit consolidated filings for contiguous tax lots that are operated as a single economic unit.

The instructions and the RPIE application can be accessed at www.nyc.gov/finance.

We urge you to submit the required RPIE-2013 electronic filing prior to the June 2, 2014 deadline.

Important Dates Regarding the Applications to Contest the 2014/2015 Tentative Assessed Values of Properties in NYC

0

The applications to contest the 2014/2015 Tentative Assessed Value with the Tax Commission are due as follows:

Class 1 Properties  (TC-108) —- March 17, 2014

Class 2, 3, or 4- Properties (TC-101 and TC-109) —- March 3, 2014

In order to ensure that your application is filed timely we are requesting that executed applications previously mailed to you be returned to our office by February 15, 2014.

The 2014-2015 Coop-Condo Tax Abatement Application is Now Available

0

Eligible Cooperative and Condominium Developments applying for the tax abatement for the first time need to complete the 2014/2015 Cooperative and Condominium Property Tax Abatement application.  The deadline is March 1, 2014. The application can be found at: 2014-2015 Coop-Condo Tax Abatement Application.

Condominium owners applying for the benefit for the first time in condominium developments that already receive the abatement need to file Section A of the Condominium Property Tax Abatement Renewal Application and have their board submit the completed application.  The deadline is February 15, 2014.  The application can be found at: Condominium  Renewal Application.

Cooperative owners applying for the benefit for the first time in cooperative developments that already receive the abatement should have their board submit the completed Co-op Tax Benefit Change Form, the deadline is February 15, 2014.  The instruction to the form can be found at: Cooperative Benefit Change Form.

All of the above applications must be submitted by the board of directors or managing agent on behalf of the entire cooperative or condominium development.  Applications from individual cooperative or condominium unit owners will not be accepted by the Department of Finance.

New Coop/Condo Property Tax Abatement Application for Qualified New Condominium Owners

0

The Department of Finance is in the process of developing a new application form for qualified new owners of condominium units in condominiums that are already receiving the Coop/Condo Tax Abatement.

The application is expected to be made available in the Department of Finance’s website in a month.   For more information on requirements and recent changes to the abatement application  click here.

Industrial and Commercial Incentive Program (ICIP) 2014/2015 Renewal Certificates Are Due Now

0

ICIP benefit recipients are required to file a Certificate of Continuing Use form in order to continue receiving the exemption benefits.  The forms for tax year 2014/2015 have been mailed to all ICIP exemption recipients.

If you receive this property tax exemption, you must renew your exemption now.  A renewal form may be mailed to the Department of Finance but filers are strongly encouraged to file online.

For more information or to renew online visit: http://www.nyc.gov/html/dof/html/property/property_tax_reduc_incentive_icip.shtml