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

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

Governor Andrew Cuomo and Mayor Bill de Blasio (Credit: Getty Images)

Cuomo expects NYC to take lead on property tax reform

A photo illustration of Michael Gianaris and Jeff Bezos (Credit: Getty Images, Wikipedia, iStock)

Gianaris wants to reform NYC tax credit programs that drew Amazon

City Council Speaker Corey Johnson and Mayor Bill de Blasio (Credit: Getty Images, iStock)

NYC’s convoluted property tax system could get a big reboot

State Sen. Julia Salazar and Assembly member Harvey Epstein proposed the tax this month in an effort to disincentivize real estate speculation (Credit: iStock, Getty Images)

Experts take issue with proposed tax on mezzanine loans

The total market value of all properties in New York City was at about $1.4 trillion (Credit: iStock)

Market value of NYC real estate went up at slowest rate in years

State Senator Julia Salazar and Assemblymember Harvey Epstein (Credit: Getty Images)

Pols take aim at private equity with plan to tax mezz debt

Donald Trump with Rep. Emanuel Cleaver II, Rep. Ron Kind and Sen. Cory Booker (Credit: Getty Images, iStock)

Trump’s Opportunity Zone program is under investigation

Staten Island City Councilman Joe Borelli and City Council Speaker Corey Johnson (Credit: Getty Images)

Gentrification tax? Pols pitch fix for “completely screwed” system