COVID-19 Update: NYC Property Tax Update

Dear Clients,

The NYC Tax Commission extended the TC150 Supplemental Application deadline to file the income and expense schedule as part of the 2020/21 property tax protest application. The previous deadline was March 24, 2020. The new deadline will be 30 days after the State of Emergency ends. Pursuant to the Mayor's Executive Order No. 102, dated March 20, 2020, the March 24, 2020 deadline for filing a duly verified statement of income and expenses is suspended and extended (see section 11 of the Executive Order) and the 20-day period within which to apply for correction of a new assessment is suspended and tolled (see section 12 of the Executive Order).

Tax Commission forms can be remotely notarized through April 18, 2020, per the Governor's Executive Order 202.7. This year for the first time, your representative can upload PDFs to the Tax Commission, but please save the original forms to be filed later. We expect 2020 hearings will be via telephone instead of in-person.

We have not heard anything about extending the New York City property tax due dates (April 1, July 1) or waiving interest. However, due to the COVID-19 pandemic, New York City's 2020 tax lien sale, originally scheduled to be held on May 15, has been postponed.

The RPIE-2019 filing deadline is still June 1, 2020. Electronically file your Real Property Income and Expense statement on the Department of Finance's website. New this year are requirements to register your storefronts and file your rent roll.

My latest article in the Commercial Observer gives tips on preparing for your important Tax Commission hearing this year: "Coronavirus Property Tax Relief: Flattening the Curve on Increases."

Sincerely,

Benjamin Williams