Roughed up in Raleigh

Evidently I got a new role in the bailout bonanza & didn't even know it! Now - I am helping to stimulate the coffers of the fair city of Raleigh, NC.

Raleigh has enacted a new ordinance requiring that owners of investment property within their city limits register their rental properties. The Rental Dwelling Registration ordinance lists benefits including resident safety, expediting repairs, and safeguarding property values.

All this for an annual $30 fee per parcel (plus $10/unit for multi family units).

Here's the rub.

• Affected property owners are not being notified of the new ordinance. If you are lucky - your property manager will inform you (another reason to use professional management) - or perhaps you heard about the law in the local media if you are nearby.
• The owner must personally register the property (online is recommended) - the property manager can not do it for you.
  
• The penalties for noncompliance are stiff - $50/day up to a maximum of $2000/month.
  

Evidently - the city is expecting this law to generate some serious revenue. It is planning to fund several employee positions with the proceeds. So I'm guessing that ignorance of the law is not going to be seen as a valid excuse! (and as a resident of the fiscally-troubled state of California - I can only guess that other localities are considering similar actions....)

The deadline to register rental properties in Raleigh is April 30, 2009. Registration forms, general info, and frequently asked questions are available on the Raleigh city website here.
Please help get the word out!