June 3 Deadline: Real Property Income & Expense Form (RPIE) Online Filing

The New York City Department of Finance needs income and expense information each year to value property accurately and fairly.  Most owners of income producing properties in New York City with Actual Assessed Values of greater than $40,000 (2019/20 Assessment Roll) must file a Real Property Income & Expense (RPIE) form or claim an exemption by June 3, 2019.

The online filing is completed through the New York City Department of Finance’s website unless you request and are approved to file a paper version. Failure to file the RPIE form will result in a penalty on the next real estate tax bill.  The penalty varies based on the 2019-20 Final Assessed Value of the property.

Owners that need to complete the full form can use the figures submitted from the March 2019 Tax Commission Filings (TC 201, TC 208) if they contested the assessed valuation of the property.  Certain owners can claim an exemption or not be required to file at all.

For any questions concerning the RPIE filing, such as whether you qualify for an exemption or are exempt from filing, please contact Sax’s Real Estate Practice at (646) 616-1601 or www.saxllp.com.

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