US Laws, Codes, Statutes & Cases

 
    §  11-208.1  Income  and expense statements. a. Where real property is
  income-producing  property,  the  owner  shall  be  required  to  submit
  annually  to  the department not later than the first day of September a
  statement of all income derived from and all  expenses  attributable  to
  the operation of such property as follows:
    (1)  Where  the  owner's books and records reflecting the operation of
  the property are maintained on a  calendar  year  basis,  the  statement
  shall be for the calendar year preceding the date the statement shall be
  filed.
    (2)  Where  the  owner's books and records reflecting the operation of
  the property are maintained on a fiscal year basis  for  federal  income
  tax  purposes, the statement shall be for the last fiscal year concluded
  as of the first day of August preceding the date the statement shall  be
  filed.
    (3)  Notwithstanding  the provisions of paragraphs one and two of this
  subdivision, where the owner  of  the  property  has  not  operated  the
  property  and  is  without  knowledge  of the income and expenses of the
  operation  of  the  property  for  a  consecutive  twelve  month  period
  concluded  as  of  the  first  day  of  August preceding the date of the
  statement shall be filed, then the statement shall be for the period  of
  ownership.
    (4)  The  commissioner  may  for  good cause shown extend the time for
  filing an income and expense statement by a period not to exceed  thirty
  days.
    b. Such statements shall contain the following declaration: "I certify
  that  all information contained in this statement is true and correct to
  the best of my knowledge and  belief.  I  understand  that  the  willful
  making of any false statement of material fact herein will subject me to
  the  provisions  of  law  relevant  to  the  making  and filing of false
  instruments and will render this statement null and void."
    c. The form on which  such  statement  shall  be  submitted  shall  be
  prepared  by  the  commissioner  and  copies  of such form shall be made
  available at the offices of the department in the county  in  which  the
  property is located.
    d.  (1)  In the event that an owner of income-producing property fails
  to file an income and expense statement within the  time  prescribed  in
  subdivision  a  of this section (determined with regard to any extension
  of time for filing), such owner shall be subject  to  a  penalty  in  an
  amount  not  to  exceed  three  percent  of  the  assessed value of such
  income-producing property determined for  the  current  fiscal  year  in
  accordance  with  section  fifteen  hundred six of the charter provided,
  however, that if such statement is not filed by the thirty-first day  of
  December,  the  penalty shall be in an amount not to exceed four percent
  of such assessed value. If, in the year immediately following  the  year
  in  which  an  owner  fails to file by the thirty-first of December, the
  owner again fails to file an income and  expense  statement  within  the
  time prescribed in subdivision a of this section (determined with regard
  to  any  extension of time for filing), such owner shall be subject to a
  penalty in an amount not to exceed five percent of the assessed value of
  such property determined for the current fiscal year. Such  owner  shall
  also  be  subject  to  a  penalty of up to five percent of such assessed
  value in any year immediately succeeding a year in which a penalty of up
  to five percent could have been imposed, if in such succeeding year  the
  owner  fails  to  file  an  income and expense statement within the time
  prescribed in subdivision a of this section (determined with  regard  to
  any  extension  of  time  for  filing). The penalties prescribed in this
  paragraph shall be determined by the commissioner after  notice  and  an
  opportunity to be heard.

    (2)  The  tax  commission shall deny a hearing on any objection to the
  assessment of property for which an  income  and  expense  statement  is
  required and has not been timely filed.
    (3)   Where  an  income  and  expense  statement  required  under  the
  provisions of this section has not been timely filed,  the  commissioner
  may  compel  by  subpoena the production of the books and records of the
  owner relevant to the income and expenses of the property, and may  also
  make  application  to  any  court of competent jurisdiction for an order
  compelling  the  owner  to  furnish  the  required  income  and  expense
  statement.
    e. As used in this section, the term "income-producing property" means
  property  owned  for the purpose of securing an income from the property
  itself, but shall not include property with an assessed value  of  forty
  thousand  dollars  or  less,  or  residential property containing ten or
  fewer dwelling units or property classified  in  class  one  or  two  as
  defined  in article eighteen of the real property tax law containing six
  or fewer dwelling units and one retail store.
    f. Except in accordance with proper judicial  order  or  as  otherwise
  provided  by law, it shall be unlawful for the commissioner, any officer
  or employee of the  department,  the  president  or  a  commissioner  or
  employee  of  the  tax commission, any person engaged or retained by the
  department or the tax commission on an independent  contract  basis,  or
  any  person,  who, pursuant to this section, is permitted to inspect any
  income and expense statement or to whom a copy, an abstract or a portion
  of any such statement is furnished, to divulge  or  make  known  in  any
  manner  the amount of income and/or expense or any particulars set forth
  or disclosed in any such statement  required  under  this  section.  The
  commissioner,  the  president of the tax commission, or any commissioner
  or officer or employee of the department or the tax  commission  charged
  with the custody of such statements shall not be required to produce any
  income and expense statement or evidence of any contained in them in any
  action or proceeding in any court, except on behalf of the department or
  the  tax  commission.  Nothing herein shall be construed to prohibit the
  delivery to an owner or his or her duly authorized representative  of  a
  certified  copy  of  any  statement filed by such owner pursuant to this
  section or to prohibit the publication of statistics so classified as to
  prevent the  identification  of  particular  statements  and  the  items
  thereof,   or  the  inspection  by  the  legal  representatives  of  the
  department or of the tax commission of the statement of  any  owner  who
  shall  bring  an  action to correct the assessment. Any violation of the
  provisions of this subdivision shall be punished by a fine not exceeding
  one thousand dollars or by imprisonment not exceeding one year, or both,
  at the discretion of the court, and if the offender  be  an  officer  or
  employee  of the department or the tax commission, the offender shall be
  dismissed from office.
    g. The commissioner  shall  be  authorized  to  promulgate  rules  and
  regulations necessary to effectuate the purposes of this section.
    h.  Subdivision  f of this section shall be deemed a state statute for
  purposes of paragraph (a) of subdivision two of section eighty-seven  of
  the public officers law.