MAYOR BLOOMBERG SIGNS LEGISLATION MOVING THE FILING DEADLINE OF REAL PROPERTY INCOME AND EXPENSE STATEMENTS

MAYOR BLOOMBERG SIGNS LEGISLATION MOVING THE FILING DEADLINE OF REAL PROPERTY INCOME AND EXPENSE STATEMENTS

Remarks by Mayor Michael R. Bloomberg at a Public Hearing on Local Laws

New York, NY – July 9, 2013 – (RealEstateRama) — “The first of two bills before me today is Introductory Number 906-A, sponsored at the request of our Administration by Council Members Recchia and Palma. This legislation moves the deadline to file annual Real Property Income and Expense statements from September 1st to June 1st.

“The Department of Finance uses Real Income and Expense statements, commonly known as RPIEs, to assess the value of hundreds of thousands of residential condominium and cooperative properties, as well as tens of thousands of businesses. Moving up the filing deadline will provide the Finance Department with more time to review the information submitted, yielding more accurate and transparent assessments for these properties.

“Introductory Number 906-A also requires the Finance Department to provide information regarding their assessment methodology, including how capitalization rates are determined and how values change from year to year. The Department already includes much of this information on their newly revamped web site at nyc.gov/finance, and I commend the Finance Department, under the leadership of Commissioner David Frankel, and the City Council for working together to make the assessment process event more transparent.”

MEDIA CONTACT:

Marc LaVorgna/Evelyn Erskine (212) 788-2958

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