Real Estate Alert: NYC RPIE Filing

The New York City (NYC) Department of Finance (NYCDOF) requires owners of income-producing properties to file Real Property Income & Expense (RPIE) Statements every year. The information provided is used to determine the property’s value for the 2021-22 tax year. In response to the COVID-19 Epidemic, the deadline for the RPIE statement has been extended from June 1, 2020 to July 1, 2020. 

New for the 2020 filing: New York City Property owners who have ground-floor or second-floor storefronts must register these spaces with the NYCDOF using the RPIE statement. Property owners should start their filing process now to anticipate a significant time increase for the additional required information. Failure to file sufficiently on time is subject to penalty and the loss of the right to a tax appeal hearing at the NYC Tax Commission. Please refer to the storefront registry user guide and frequently asked questions provided by the NYCDOF.

There is also another additional requirement to file an addendum containing rent roll information for RPIE filers whose properties have an assessed value of $750,000 or greater. The deadline to file this addendum is September 1, 2020.