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Tax bills due, I&E's out.

Property owners should have received both their tax bills, due July 1, as well as their Real Property Income & Expense Forms, due Sept. 1.

"The residential owners are hurting and they are going to hurt more when they see their tax bills," said Isaac Sherman, a tax certiorari expert with Moroze, Sherman, Gordon & Gordon. "The mayor said, [there would be a tax freeze] but since when do you believe a politician?"

While the average tax rate actually went down, the tax rate for Class II multi-family residential properties, including large co-ops and condominiums, actually rose 4.6 percent because of equalization shifts between classes.

All property owners with income producing properties that are assessed at $40,000 or more are supposed to file either an RPIE, an exclusion form, or an agreement to use the 1993 Tax Commission Income and Expense Statement. Non-filers lose the opportunity to challenge the tentative assessment for the next fiscal year at the Tax Commission and can be assessed other fines and penalties.

Non-residential or mixed-use properties assessed at $1 million or more must also file an addendum including rent rolls. RPIE information is confidential while Tax Commission figures are not.

"They are doing exactly the same thing as last year," Sherman explained. One change, on the last page of the instruction booklet, allows properties assessed for $1 million or more to submit a computerized rent roll for either April 1992 or a later month. "So you have an advantage of using a later rent roll if you are doing worse Sherman added.
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Title Annotation:Real Property Income and Expense Forms due September 1, 1993
Author:Weiss, Lois
Publication:Real Estate Weekly
Date:Jun 30, 1993
Words:258
Previous Article:Court rules co-ops equal rentals under ETPA.
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