[Adopted 2-17-2009 by L.L. No. 1-2009]
Within this article, the following words and phrases shall have the meanings indicated:
- COMMERCIAL RESIDENTIAL PROPERTY
- All single-family, two-family, and other multifamily dwellings, and all residential units in cooperative and condominium apartment buildings for which any income is received by the owners for the use and occupancy thereof.
- INCOME-PRODUCING PROPERTY
- Property owned and/or used for the purpose of securing an income from the property itself. Such term shall include, but not be limited to, any property that is used in whole or in part for industrial, commercial, and/or commercial residential use.
The owners of all income-producing property shall submit annually to the Village Clerk, not later than the first day of May, a statement of all income derived from and all expenses attributable to the operation of such property as follows:
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.
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 April preceding the date the statement shall be filed.
Notwithstanding the provision of Subsection A(1) and (2), 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 April preceding the date of the statement being filed, then the statement shall be for the period of ownership.
The Village Clerk may for good cause shown extend the time for filing an income and expense statement by a period not to exceed 30 days.
Such statements shall contain the following declaration:
The Village Clerk may require that the form on which such statement shall be submitted shall be prepared by the Village Clerk. In the event such requirement is made, copies of such form shall be made available at the Village Hall.
In the event that an owner of income-producing property fails to file in proper form a full and complete income and expense statement within the time prescribed in § 500-48 (determined with regard to any extension of time for filing), such owner shall be subject to the following penalties:
A penalty in an amount not to exceed $300.
However, that if such statement is not filed by the 31st day of August, the penalty shall be in an amount not to exceed $400.
If, in the year immediately following the year in which an owner fails to file by the 31st of day of August, the owner again fails to file an income and expense statement within the time prescribed in § 500-48 (determined with regard to any extension of time for filing), such owner shall be subject to a penalty in an amount not to exceed $600.
Such owner shall also be subject to a penalty of up to $750 in any year immediately succeeding a year in which a penalty of up to $600 could have been imposed, if in such succeeding year the owner fails to file an income and expense statement within the time prescribed in § 500-48 (determined with regard to any extension of time for filing).
The penalties prescribed in this section shall be determined by the Village Clerk after notice and an opportunity to be heard, with a right to appeal such determination to the Board of Trustees.
The Village Board of Assessment Review shall deny relief for any complaint filed pursuant to § 525 of the New York State Real Property Tax Law if, upon request of such Board, orally or in writing, the person whose real property is assessed, or his or her agent or representative, shall willfully neglect or refuse to provide the income and expense information set forth in this article.
Where an income and expense statement required under the provisions of this article has not been timely filed, the Village Clerk 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.
The Village Clerk shall be authorized to promulgate rules and regulations necessary to effectuate the purposes of this section. Subject to the promulgation of such rules and regulations by the Village Clerk, such statements of income and expense shall be on such forms as are approved by the County of Nassau for similar filings.