§ 3-04 Substantive and Procedural Requirements for Income and Expense Schedules.
RCNY § 3-04
(a)An applicant shall report all income received or accrued and all expenses paid or incurred in the operation of the property in the reporting period specified in Section 163 of the Charter or Section 164-a of the Charter.
(b)Income and expense information shall be filed in the form prescribed for such purpose, in accordance with published instructions.
(c)The applicant shall complete all applicable items listed in the prescribed form.
(d)An income and expense schedule required by Section 163 of the Charter or Section 164-a of the Charter or this section shall be filed as part of an application to review an assessment, unless such law permits the filing of an income and expense schedule until March 24, in which case such income and expense schedules must be received by the Tax Commission no later than 5:00 p.m. on such date. When March 24 falls on a Saturday or Sunday, income and expense schedules are timely if filed no later than 5:00 p.m. on the preceding Friday.
(e)An income and expense schedule not included in an application must be filed attached to a supplemental application form.
(f)If the property is occupied exclusively by seven families or more and operated by a cooperative or condominium corporation, the cooperative or condominium corporation applicant must file an income and expense schedule in a form prescribed as part of the application or supplemental application.
(g)If the property is operated as a hotel or motel, the applicant must file an income and expense schedule in a form prescribed as part of the application or supplemental application.
(h)If the property is owner-occupied, in whole or part, for business purposes as a department store, garage or other vehicle parking site, or theater, the applicant must file a schedule of gross receipts for the most recent three years in a form prescribed as part of the application or supplemental application.
(i)An application may be denied review where income and expense information required by law or this chapter is not filed timely, not filed in the prescribed form, incomplete, or otherwise defective.
