Management Basics

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Here's what you need to know before the Aug. 9 deadline.

Even with the initial grace periods, many owners have found the reporting process challenging.

Or risk a stiff penalty: You can’t collect a rent increase or even apply for one until you file. 

The DHCR won't let you increase the rent of your rent-controlled apartments if there are serious code violations at your building.

The Department of Buildings has brought back its annual No-Penalty Inspection Program for summer 2025. The program offers penalty-free safety inspections to small landlords across New York City. For 2025, the program runs from May 19 through June 30, a shift from prior years when it ran from late June through July.

The NYC Department of Finance requires certain owners of residential properties to file the Real Property Income & Expense Statement (RPIE) every year. The DOF uses the information from this filing to value your property accurately for the upcoming tax year. If you miss the filing deadline, the penalty is up to 5 percent of your property’s actual assessed value.

Filing for a lead-based paint exemption will ensure you get the benefits of having lead-paint-free spaces that are no longer subject to some of the Local Law 1 requirements.

Owners can now use J-51 for energy-efficient upgrades that support Local Law 97 compliance.

Brooklyn experienced the largest market value percent increase for Class 2, at 9.4%.