Real Property Income & Expense
Owners of income-producing properties with an actual assessed value of more than $40,000 on the tentative assessment roll must file a Real Property Income and Expense Statement or a claim of exclusion.
This filing must be submitted to the NYC Department of Finance (Finance) no later than June of every year.
Many property owners may underestimate the importance of filing the RPIE (as well as filing it properly and in a timely manner). Owners of income-producing property who fail to file an income and expense statement for three consecutive years may be subject to a penalty of five percent of the final actual assessed value of the property.
The RPIE is the first step toward a fair tax assessment and board members should file the RPIE yearly to get the most benefits of tax savings.
Penalty for Failure to File
Required filers who do not submit the RPIE statement electronically by the June 1st due date (or required filers who have been given a waiver from the electronic filing requirement who do not submit a paper RPIE form by the June 1st due date) and do not electronically file within 30 days of being reminded to file in a NonCompliance Notice (explained in more detail in the section about how to file a cure below) are subject to the following penalties which ranges from $300 to $100,000 based on the Final Assessed Value.
The RPIE and the tax certiorari proceedings are intertwined and we understand the process and how to maximize the Owens potential savings. Our process includes the preparations / property information and financials. This process is fully automated in our system.
Reach out to us today to get an assessment of your potential tax savings.