Real Property Income and Expense (RPIE) Statement
An RPIE statement is required by the NYC Department of Finance (DOF) for most income-producing properties with an Actual Assessed Value of more than $40,000. There are certain properties that are excluded from having to file an RPIE. However, those owners still must file a Claim of Exclusion. In limited circumstances certain properties are not required to file an RPIE or Claim of Exclusion. Failure to file or filing past the due date may result in penalties and the owner losing the right to a hearing at the New York City Tax Commission to challenge their property assessments to reduce taxes.
Also, owners of ground-floor or second-floor commercial premises that are visible from the street and accessible to the public, directly from the street or from the interior of a building, are required to file an annual storefront registration statement. This must be done by completing Section S of the RPIE form. The filing is applicable to all tax class two and four property owners with ground-floor or second-floor storefronts, even if they are otherwise exempt from filing an annual income and expense statement.
Additionally, all RPIE filers with properties that have an actual assessed value of $750,000 or more are required to file an addendum that contains rent roll information.
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 of the property.
As a business process outsourcing (BPO) and consulting firm, Real Assistance, Inc. can help property owners or their representatives comply with annual RPIE filing requirements and avoid penalties.
If you need expert advice or assistance with the submission of your RPIE statement, please contact us and you will receive the professional support you need.