File RPIE Statements by June 3
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’re required to file an annual RPIE form. The RPIE-2018 filing deadline is June 3, 2019, and covers the calendar year reporting period from Jan. 1, 2018 to Dec. 31, 2018. 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, 2019. You can refer to the “Actual Assessed Value” shown on Finance’s 2019–20 Tentative Assessment Roll available at https://www1.nyc.gov/assets/finance/downloads/pdf/19pdf/fy20-tentative-assessment-roll-statistical-summary.pdf to find your property’s Actual Assessed Value. And you’ll find detailed instructions and requirements on the RPIE form available at https://www1.nyc.gov/site/finance/taxes/property-rpie.page.
Who’s Eligible to File a Short Form?
For RPIE-2018, owners whose property’s “Actual Assessed Value” as shown on Finance’s 2019–20 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’s NOT Required to File an RPIE or Claim of Exclusion?
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 June 3, 2019, 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 3, 2019, deadline, there’s a penalty of $100.