Landlords hit with hefty fines for failing to file tax form

Requirement goes unnoticed by some managers because they don't look at their tax bill

New York /
Jun.June 19, 2014 08:00 AM

Fines for failing to file a report as part of last year’s tax payments have exceeded $300,000 for some building owners.

An investigation by the New York Post found fines ranging from $1 to six digits for neglecting to file the city’s 2012 Real Property Income and Expense Report. The New York City Department of Finance uses the report to estimate the market value of properties for tax purposes, according to the department’s website. In some cases, owners were fined $100 for simply neglecting to notify the city that they are not required to file the report, according to the Post.

The requirement often goes unnoticed because it is spelled out in tax bills –but many managers and owners do not review their bill because their mortgage company pays it, reports the Post.

Finance commissioner Jacques Jiha told the Post the city is reviewing the filing requirements to make sure they are clear.

The two fines exceeding $300,000 were levied on the Hilton New York Hotel and a co-op on East 14th Street, reports the Post. [NYP]Tom DiChristopher


Related Articles

arrow_forward_ios
Steven Mnuchin (Getty)

Trump plan would let real estate firms avoid SALT deduction cap

Trump plan would let real estate firms avoid SALT deduction cap
Mayor Bill de Blasio (Getty, iStock)

Commercial property tax delinquencies jump 50%

Commercial property tax delinquencies jump 50%
President Donald Trump and former Vice President Joseph Biden (Getty, iStock)

Election puts real estate’s generous tax breaks in spotlight

Election puts real estate’s generous tax breaks in spotlight
CBRE CEO Bob Sulentic; the firm has shifted its global HQ from LA to Dallas. (CBRE, Getty)

“Sad day” in LA: CBRE’s corporate exit latest blow to dented office market

“Sad day” in LA: CBRE’s corporate exit latest blow to dented office market
From June through August, sales taxes collected from the city’s accommodation businesses fell $2.2 billion short of the year-ago total. (iStock)

Business at city hotels down a stunning 90%

Business at city hotels down a stunning 90%
Gov. Phil Murphy (left) and billionaire David Tepper

Does taxing the wealthy really drive them away?

Does taxing the wealthy really drive them away?
Gov. Andrew Cuomo (Getty, iStock)

New York lost $755M in real estate tax revenue this year: REBNY

New York lost $755M in real estate tax revenue this year: REBNY
The Internal Revenue Service is going after foreign real estate investors as part of a broader sweep to collect revenues amid the pandemic.  (iStock)

“There’s a lot of money to be made”: IRS targets foreign real estate investors

“There’s a lot of money to be made”: IRS targets foreign real estate investors
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...