New York City Tax Commission Announces Changes to TC201 Income and Expense Form That Will Affect Property Tax Appeals in the Coming Year

The Tax Commission (TC) in New York City has announced changes to the format of its TC201 form for reporting income and expenses for property tax appeals. Starting in the 2024/2025 tax year, applicants who file a TC201 will be required to use the newly formatted form. While a grace period for non-compliance will be allowed this year, full compliance will be expected thereafter.

Changes to the TC201 form are a result of the TC’s implementation of an Optical Character Recognition (OCR) system, which will enable the TC to scan the data submitted more efficiently. As a result, any alterations, changes, insertions, or annotations on the form will no longer be allowed. These changes aim to facilitate the implementation of the OCR system and ensure accurate data scanning.

Section 6(k) of the TC201 form, which pertains to “Other Income,” has also been updated for the 2024/2025 tax year. If an applicant is reporting Other Income, the “Details Attached” box must be checked, and the applicant must provide the necessary details on an Addendum attached to the TC201 form.

It is crucial for taxpayers to be aware of these changes and to notify their accountants who often prepare the TC201 form, as the TC will not be actively reaching out to the accounting community. Owners and other taxpayers are advised to visit the TC website or reach out to one of Ryan’s property tax experts for assistance.