The New York City Department of Finance requires an annual reporting of income and expense information each year to value your property accurately. In order to provide this information in accordance with the law, property owners are required to file a Real Property Income and Expense statement (RPIE) for each tax year.
The RPIE-2019 statement must be filed by July 1, 2020, through the Department of Finance website. Apfelbaum & Apfelbaum, LLP can help you file your RPIE completely and on-time. Use the form on the right side to contact us.
New for the RPIE-2019, property owners who have ground-floor or second-floor storefronts must register these spaces using the RPIE statement. Be sure to complete Section S on your RPIE statement.
Steps to File the RPIE-2019
- Login at nyc.gov/rpie. If you experience issues in logging in, contact the Department of Finance immediately at RPIE@finance.nyc.gov, and provide them with the property address, borough, block and lot.
- You must complete the entire form and electronically file it through Finance’s website. The RPIE statement is an annual requirement that must be filed each year. Failure to file your RPIE by the deadline could result in a monetary penalty. Furthermore, failure to file could also result in denial at a Tax Commission hearing later on. We can help.
- File the RPIE-2019 as soon as possible. The City’s system might be overwhelmed as the 2019 tax year’s filing deadline of July 1, 2020 approaches. It’s best to avoid this prospect and any resulting confusion by simply filing ahead of the deadline.
- Call us at (646) 355-8602 if you are uncertain about your own specific requirements or have any questions about the process. We will be happy to help you to complete the RPIE properly. We will also be happy to discuss any other special circumstances you may have that would require further legal assistance.
Failure to File Will Result in a Fine
In recent years, the NYC Department of Finance has increased penalties for those who fail to file by the set deadline. The NYC Finance Department has previously published the following fine schedule for RPIE-2019, noting that a minimum fine of at least $100 may be due from those eligible for the Claim of Exclusion who fail to file by the required due date.
The fine schedule provided by the NYC Finance Department (as of 5/8/2020) is as follows:
|FY21 Final Assessed Value|
Owners of income-producing property who fail to file an income and expense statement for three consecutive years may be subject to a penalty of five percent of the final actual assessed value.
Note: While these fines are not expected to change dramatically for the 2020/2021 tax year, it is advised the filer check the source for fine amount updates and deadlines. We make no claims in relation to the above fine information and include it here merely as a previous example. Please refer to the NYC Finance Department’s own information if in doubt as to exact requirements, deadlines, filing, fines, etc.
Who Is Required to File an RPIE?
- Rental properties
- Business-Operating Properties
- Generally, any owner of an income-producing property with an Actual Assessed Value of over $40,000 on the 2020/2021 Tentative Assessment Roll is required to file an RPIE.
- Specific types of RPIE forms are required from these business-operating property types:
- Adult Care and Nursing Homes
- Gas Stations and Oil Change Facilities
- Car Washes
- Hotels and Motels
- Self-Storage Facilities
- Theaters and Concert Halls
- Department Stores
- Parking Garages and Parking Lots
Who is Not Required to File an RPIE?
- Some properties meeting the criteria posted on the Department of Finance’s website and may file a Claim of Exclusion and thereby not be obligated to provide the full income and expense form.
- To obtain additional information on eligibility for exclusion, and filing requirements, check the Department of Finance site here, or speak with us, to see if you may be entitled to such an exclusion. It is advised that you not assume you are entitled to an exclusion and that you request a consultation well in advance of the final July 1, 2020 deadline.
Who is Exempt from Filing an RPIE or a Claim of Exclusion?
- These types are:
- Properties with an Actual Assessed Value of $40,000 or lower.
- Residential properties with 10 or fewer dwelling units.
- Tax Class 1 or 2 properties with
- 6 or fewer dwelling units and
- No more than 1 commercial unit.
- Special franchise properties.
- To determine whether you may be exempt, check the Department of Finance site and/or contact our office.