NYC Property Tax Update | June 2020

Michael E. LefkowitzManaging Member, Rosenberg & Estis, P.C.

The NYC Department of Finance posted the new property tax bills for the start of the 2020/2021 tax year and for payment due July 1. You can access the bills at http://nyc.gov/taxbill. 

DOF calculated these bills with the prior year’s 2019/2020 tax rates. Whenever the City Council sets the 2020/2021 tax rates, DOF will adjust the November bills for payment due January 1, 2021.

The late payment interest rate is proposed to be 18% per annum for properties with assessments over $250,000.

DOF reminds you: If you own income-producing property, you must file a Real Property Income and Expense (RPIE) statement or a claim of exclusion unless you are exempt by law. You must also file information about any ground or second floor commercial units on the premises, even if you are exempt from filing an RPIE statement. The deadline to file is July 1, 2020. RPIE filers whose properties have an actual assessed value of $750,000 or greater will be required to file an addendum containing rent roll information. The deadline to file this addendum is September 1, 2020. Failure to file will result in penalties and interest, which will become a lien on your property if they go unpaid. Visit http://www.nyc.gov/rpie for more information.