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

TRD 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

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