DOF Extends RPIE Statements, Storefront Registry Filing Deadline to July 1
The NYC Department of Finance (DOF) requires certain owners of residential properties to file the Real Property Income & Expense Statement (RPIE) every year. The DOF needs income and expense information each year to value your property accurately. In response to the COVID-19 pandemic, the DOF has extended the deadline for RPIE statements and storefront registry filings from June 1, 2020, to July 1, 2020.
Storefront Registry Requirement
The storefront registry requirement with the DOF is new for this calendar year. You must register with the city if you own a property with ground-floor or second-floor commercial premises (storefronts). Last July, the City Council passed a bill mandating the tracking of storefronts and second-floor commercial spaces in an effort to measures vacancies accurately.
Building owners with storefront and second-floor commercial spaces, as well as commercial spaces in residential buildings, will be required to register with the DOF as part of their annual income and expense filings. The requirement applies to all Tax Class 2 and 4 property owners with ground-floor or second-floor storefronts, even those who are otherwise exempt from filing an annual income and expense statement. Owners of Class 1 property in commercially zoned areas must register their storefronts if the space was vacant or owner-occupied for any days during the previous year. The size, location, occupancy status, monthly rent, lease status, and owner contact information will be required for each space.
Owners who fail to register or who provide inaccurate data will face fines. They’ll also be required to update the database if the occupancy status or ownership of the building changes within the first six months of the year.
Rental properties, other than cooperatives, where the occupants pay rent are generally required to file. This includes rental apartment buildings and commercial properties with one or more tenants. If you own an income-producing property with an Actual Assessed Value greater than $40,000 on the 2020-21 tentative assessment roll, you’re required to file an annual RPIE form.
The RPIE-2019 filing deadline has been extended to July 1, 2020, and covers the calendar year reporting period from Jan. 1, 2019, to Dec. 31, 2019. However, if the property’s records are maintained on a fiscal year basis, the RPIE will cover the last complete fiscal year as of May 1, 2020. You can refer to the “Actual Assessed Value” shown on DOF’s 2020–21 Tentative Assessment Roll available at https://www1.nyc.gov/site/finance/taxes/property-assessments.page to find your property’s Actual Assessed Value. And you’ll find detailed instructions and requirements on the RPIE form, available at www.nyc.gov/rpie.
Short form. For RPIE-2019, owners whose property’s “Actual Assessed Value” as shown on Finance’s 2020–21 Tentative Assessment Roll is $250,000 or less can complete a shorter RPIE form as long as the property isn’t a hotel. If the property is eligible, you’ll be given the long or short form option when you begin the filing process online. Either form will fulfill your reporting requirements. Voluntary filers can also elect to use either form.
RPIE or Exclusion Filing Exemption. The following properties aren’t required to file an RPIE or a Claim of Exclusion:
- Properties that have an Actual Assessed Value of $40,000 or less on the 2018–19 Tentative Assessment Roll.
- Residential properties containing 10 or fewer dwelling units.
- Class 1 or Class 2 properties with six or fewer dwelling units and no more than one commercial unit.
- Special franchise properties that are utility properties not municipally owned, located in the public right of way, and are valued by the Office of Real Property Tax Services of the New York State Department of Taxation and Finance.
Penalties for late filing or failure to file. The law authorizes monetary penalties for late filing and for failing to file. Income and expense information is needed for tax administration purposes and, therefore, must be received by the deadline. In addition, willful misstatement of facts on an RPIE form is a crime punishable by law.
If you’re required to file the income and expense statement and it’s not received by the July 1, 2020, deadline, the penalty is up to 3 percent of your property’s actual assessed value. If you’re required to file a claim of exclusion and one isn’t received by the July 1, 2020, deadline, there’s a penalty of $100.