May 19 NYC JUNE 1 DEADLINE: REAL PROPERTY INCOME & EXPENSE FORM (RPIE)

The 2020 Real Property Income and Expense (RPIE-2020) online application for NYC property owners  is due by June 1, 2021. If you own an income-producing property that has an actual assessed value of more than $40,000, you must file an RPIE statement or a claim of exclusion by June 1, 2021.

If you own a property with a ground-floor or second-floor commercial storefront, you must provide information about these spaces by completing the storefront registry section of the RPIE, even if you are otherwise exempt from filing an RPIE statement. If you fail to file an RPIE statement, you may be charged a penalty.

You may also have the option of filing a short-form RPIE statement if your property has an actual assessed value of $250,000 or less and is not a hotel, adult care or nursing home facility, gas station, car wash, oil change facility, self-storage facility, theatre, or concert hall.

RPIE filers with a tentative actual assessed value of $750,000 or greater will be required to file rent roll information for the tax year during which filing of the income and expense statement is required.

For any questions concerning the RPIE filing, please contact Sax’s Real Estate Practice at (646) 616-1601 or www.saxllp.com.