We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
The NYC Department of Finance (DOF) requires certain owners of residential properties to file the Real Property Income & Expense Statement (RPIE) every year. The DOF uses income and expense information gathered each year from this filing to value your property accurately for the upcoming tax year. The deadline to file the RPIE statement and register storefronts is June 1, 2023.
Failure to benchmark will result in a violation and a penalty of $500.
Local Law 84 (LL84) requires owners of large buildings to measure their energy and water consumption annually in a process called benchmarking. LL84 standardizes this process by requiring building owners to enter their annual energy and water use in the U.S. Environmental Protection Agency’s (EPA) online tool, ENERGY STAR Portfolio Manager, and use the tool to submit data to...
PHFL allows higher rent collection for certain low-income housing projects.
On Dec. 15, 2022, Governor Hochul signed Section 610 of the Private Housing Finance Law (PHFL) to resolve a conflict for low-income housing owners between their rental subsidy program and rent stabilization laws. As a result of the amendment, these owners will now be able to collect the maximum payment standard or contract rent that a rental subsidy program allows without af...
On Jan. 30, Mayor Eric Adams and NYC Department of Environmental Protection (DEP) Commissioner Rohit T. Aggarwala announced a temporary amnesty program for overdue water bills. Amnesty means forgiveness, and in this context, it means partial or complete interest forgiveness for qualified customers.
In the last issue of the Insider, we notified you that the NYC Department of Finance published the tentative property assessment roll for fiscal year 2023 (see DOF Publishes FY 2023 Tentative Assessment Roll). In January, the DOF sent a Notice of Property Value (NOPV) to property owners including information about market and assessed value and other perti...
On Jan. 18, the NYC Department of Finance (DOF) announced the publication of the tentative property assessment roll for fiscal year (FY) 2023, which shows the total market value of all New York City properties for the upcoming year at about $1.398 trillion, an increase of 8.2 percent from the 2022 fiscal year. According to the DOF, the citywide taxable billable assessed value, the portion of market value to which tax rates are applied, increased by 8.1 percent to $277.4...
Stove knob covers are an important fire prevention tool. The covers make stove knobs on gas-powered stoves inaccessible to children. Local Law 117, which became effective in December 2018, requires that an owner of multiple dwellings provide stove knob covers for gas-powered stoves where the owner knows, or reasonably should know, that a child under 6 years of age resides. Owners are also required to provide stove knob covers in a unit without a child under age 6 if the...
Each year, apartment building owners are required to file bedbug infestation and treatment reports with HPD. Owners must file annually between Dec. 1 and Dec. 31 for the previous year—which currently means from November 2021 through October 2022.
In New York City, Local Law 55 of 2018, the Asthma-Free Housing Act, requires that owners of buildings with three or more apartments keep their tenants’ apartments free of mold and pests. Under this law, an owner of multiple dwellings is required to inspect units annually for indoor allergen hazards, such as mice, cockroaches, rats, and mold. And it requires safely fixing the conditions that cause these problems.
RSS