File RPIE Statements by June 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.
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, you are required to file an annual RPIE form. The RPIE-2016 filing deadline is June 1, 2017, and covers the calendar year reporting period from Jan. 1, 2016, to Dec. 31, 2016. 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, 2017.
You can refer to the “Actual Assessed Value” shown on DOF’s 2017-2018 Tentative Assessment Roll available at nycprop.nyc.gov to find your property’s Actual Assessed Value. You will find detailed instructions and requirements on the RPIE form available at http://www.nyc.gov/rpie.
Who Is Eligible to File a Short Form?
For RPIE-2016, owners whose property’s “Actual Assessed Value” as shown on Finance’s 2016-2017 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.
Who Is Not Required to File an RPIE or Claim of Exclusion?
The following properties are not required to file an RPIE or a Claim of Exclusion:
- Properties that have an Actual Assessed Value of $40,000 or less on the 2017-2018 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 or 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.
Recently Purchased Property
In cases of recently purchased properties that don’t have the income and expense information for an entire year, new owners without the necessary information for this RPIE reporting period don’t need to submit an income and expense statement. These owners must, however, submit a Claim of Exclusion. Property owners who claim an exclusion from the filing requirement must do so by completing section D of the RPIE.
Who Can File an RPIE?
The RPIE can be filed by the owner, owner’s representative, lessee, or lessee representative. If there’s more than one owner, only one of the owners needs to file, provided that the information supplied covers the entire property or lot.
If a corporation, partnership, or limited liability company owns the property, an authorized corporate officer, general partner, or LLC manager or member may file the RPIE form. A managing agent, employee, accountant, attorney, or other agent may file the RPIE on the owner's behalf, but the filer must disclose the name of the owner and must have knowledge of the facts.
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 June 1, 2017, 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 June 1, 2017, deadline, there is a penalty of $100.
Also, if you don’t file an RPIE, the New York City Tax Commission, by law, can deny a hearing for any property that doesn’t file its RPIE-2016 form by the June 1, 2017, deadline. To retain your right to appeal to the Tax Commission, you must file your RPIE on time.