File RPIE Statements, Storefront Registry Filings with DOF 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 uses income and expense information gathered each year from this filing to value your property accurately for the upcoming tax year. The deadline to file the RPIE statement and register storefronts is June 1, 2023.
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 2023–24 tentative assessment roll, you’re required to file an annual RPIE form.
The RPIE-2022 filing deadline is June 1, 2023, and covers the calendar year reporting period from Jan. 1, 2022, to Dec. 31, 2022. You can refer to the “Actual Assessed Value” shown on Finance’s 2023–24 Tentative Assessment Roll available at www.nyc.gov/assessments to find your property’s actual assessed value.
You can also find your property’s actual assessed value by reviewing the annual notice of property value that was sent to your property. If you don’t have your notice of property value, you can access it by visiting www.nyc.gov/nycproperty and searching for your property. Choose “Notices of Property Value” and click the link to your most recent notice of property value, which will include an “Actual Assessed Value” field in a table displaying values for your property.
You must file electronically unless you apply for and are granted a waiver from electronic filing. The electronic filing instruction and the online portal to file the RPIE form can be found at https://www1.nyc.gov/site/finance/taxes/property-rpie.page.
For RPIE-2022, owners whose property’s “Actual Assessed Value” as shown on Finance’s 2022–23 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 2023–24 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 NYS Department of Taxation and Finance.
Preserving Tax Assessment Appeal
The NYC Tax Commission, by law, can deny a hearing for any property that doesn’t file the RPIE-2022 form by the June 1, 2023, deadline. To retain your right to appeal to the Tax Commission, you must file your RPIE on time.
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, 2023, deadline, the penalty is up to 5 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, 2023, deadline, there’s a penalty of $100.
Storefront Registry Requirement
The storefront registry requirement with the DOF began in 2020 after the City Council passed a bill mandating the tracking of ground-floor or second-floor commercial premises (storefronts) in an effort to accurately measure vacancies. The storefront registrations section can be found in Section S of RPIE-2022. If there are no storefronts on your property, enter zero for the number of ground-floor or second-floor commercial units on the premises and submit your RPIE to the Department of Finance.
According to the DOF, storefronts typically have windows that face the street and are accessible to the public using a street or interior entrance. They generally display products and signs to make them easily identifiable to the public. Storefront spaces are spaces that are used for retail sales or, without substantial physical alteration to the building or building entrances, could be used for retail sales. Retail sales include the sale of goods, food, or beverages, as well as personal or financial services. Professional offices with only a name plaque on the exterior of the building are not considered storefronts.
The storefront registration requirement applies to all tax Class 2 and 4 property owners with ground-floor or second-floor storefronts, even those 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 will 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.
In addition, all Class 2 and 4 owners of ground-floor or second-floor commercial premises who meet the registry filing requirements must also file a supplemental registration to report vacancies as of June 30 and Dec. 31 of the year in which the storefront registration statement is filed. The deadline to file will be Aug. 15 of that same year to report vacancies on June 30, and Feb. 15 of the following year for vacancies on Dec. 31.
Rent Roll Addendum
Along with the storefront registry requirement, owners of properties that have an actual assessed value of $750,000 or greater must file an addendum containing details about the lease and related information. To submit, you must use the rent roll spreadsheet provided by the DOF. This is the only version you’ll be able to upload. The RPIE and the rent roll addendum don’t have to be submitted at the same time, but both must be submitted by the June 1, 2023, filing deadline.