Processing period for the submission of the statement of income and expenses of real property (RPIE) – Real estate and construction


United States: Processing period for the submission of the statement of income and expenditure of real estate (RPIE)

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All income-producing properties in New York City were required to have a Statement of Real Estate Income and Expenses (RPIE) submitted electronically to the Department of Finance by June 1, 2021. The information submitted is used by the appraiser to determine the valuation of a subject property during the following taxation year. The 2022/2023 tax year uses the 2020/2021 financial statements.

Even if your property meets one of the various exclusions for not submitting financial information, you must still submit a response stating the reason for the property’s exclusion. The Department of Finance recently sent correspondence to landowners regarding a thirty-day processing period from the date of printed mailing in which non-filers can file late and avoid costly penalties. If you are unsure if your property qualifies as a non-filer, see the links below.

Non-declaration penalties are determined by the amount of the assessed value of the property according to the table below.

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Owners who do not file an exclusion request but are required to do so incur a $100 penalty. Failure to file an RPIE for three consecutive years may result in a penalty equal to 5% of the actual land value of the property. In addition, many exemption and reduction programs, including the Industrial and Commercial Reduction Program (ICAP), require annual filing of the RPIE or risk suspension or revocation of benefits.

Please consult an accounting professional for assistance in completing the RPIE. Herrick, Feinstein LLP cannot provide advice on RPIE submissions.

Additional information regarding the RPIE application can be found here: Statement of Real Estate Income and Expenses (RPIE) (nyc.gov).

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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