§ 33-01 General Provisions.
RCNY § 33-01
(a)Purpose.
(1)Title 11, Chapter 2, § 11-208.1 of the Administrative Code of the City of New York requires owners of designated income-producing properties to file annual income and expense statements with the Department of Finance. The income and expense statement must be filed by electronic means in accordance with the provisions of subdivision (b) of 19 RCNY § 33-02. The annual filing of income and expense statements is necessary to improve the accuracy of assessments of income-producing properties, reduce the number of administrative and judicial review proceedings challenging tentative assessed valuations, ensure the equitable distribution of the intra-class tax burden, substantially reduce tax refunds to be paid by the City of New York, and ultimately to achieve fairness in the assessment process.
(2)These regulations govern the administration of the filing of income and expense statements as authorized by Title 11, Chapter 2, § 11-208.1 of the Administrative Code of the City of New York.
(3)Income and expense statements filed by property owners shall be governed by the substantive law and regulations in effect as of the date on which such statements are filed with the Department.
(4)The Commissioner of Finance may delegate any of the duties of the Commissioner under these regulations to any employee of the Department of Finance whom the Commissioner designates as the Commissioner's representative. All references contained in these regulations relating to the Commissioner of Finance shall mean the Commissioner and/or the Commissioner's representative.
(b)Income-producing property.
(c)Income and expense items.
