In relation to requiring from owners of income-producing property income and expense statements for real property assessment purposes
NYC L.L. 1986/063
in effectL.L. 1986/063
Enactment date: 12/8/1986
Int. No. 708
By Council Member DeMarco (by request of the Mayor); also Council Members Maloney and Messinger
A Local Law to amend the administrative code of the city of New York, in relation to requiring from owners of income-producing property income and expense statements for real property assessment purposes
Be it enacted by the Council as follows:
Section 1. Declaration of legislative findings. On October second, nineteen hundred eighty-six, a judgment was entered by a justice of the New York state supreme court which invalidated local law number twenty-four for the year nineteen hundred eighty-six, relating to requiring from owners of income producing property income and expense statements for real property assessment purposes, on the ground that the requirements for notice of public hearing prior to mayoral approval of the measure set forth in former section 38b-1.0 of the administrative code of the city of New York were not met. While the corporation counsel advises that the judgment invalidating local law number twenty-four for such year is before the appellate courts and that, in his view, the mayor properly approved local law number twenty-four for such year, the council has determined that to exercise utmost caution in order to protect the fiscal health of the city it is prudent at this time to re-enact the provisions of local law twenty-four for such year and local law forty-one for such year which made certain modifications to such local law number twenty-four so as to remove any uncertainty that may exist as to their status.
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[Consolidated provisions are not included in this Appendix A]
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§ 3. The timely submission for the year nineteen hundred eighty-six of an income and expense statement to the commissioner of finance in accordance with local law number twenty-four for the year nineteen hundred eighty-six as enacted by the council shall be deemed as compliance with the provisions of this local law for the year nineteen hundred eighty-six. The commissioner of finance may use any income and expense statement submitted pursuant to local law number twenty-four for the year nineteen hundred eighty-six as so enacted including those submitted on forms prepared by the commissioner of finance in accordance with such local law for the purpose of fixing, diminishing or increasing the assessed value of real property to chapter fifty-eight of the New York city charter.
§ 4. Notwithstanding the provisions of subdivision a of section 11-208.1 of the administrative code of the city of New York as added by section two of this local law, any statement of income and expense required to be filed in the year nineteen hundred eighty-six pursuant to the provisions of this local shall be deemed timely filed if filed on or before the fifteenth day following the date of enactment of this local law.
§ 5. If any clause, sentence, paragraph, section or part of this local law shall be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair or invalidate the remainder thereof, but shall be confined in its operation to the clause, sentence, paragraph, section, or part thereof directly involved in the controversy in which such judgment shall have been rendered.
§ 6. This local law shall take effect immediately and shall be retroactive to and deemed in full force and effect as of August first, nineteen hundred eighty-six.
Source: City of New York, Charter, Administrative Code and Rules (American Legal Publishing XML export, codelibrary.amlegal.com)URL: https://codelibrary.amlegal.com/codes/newyorkcity/latest/NYCadmin/0-0-0-223132Fetched: 10/25/2026