The City Department of Finance (DOF) requires property owners to submit income and expense information annually so that the value of your property is accurately calculated. Owners are able to do this by filling out the Real Property Income and Expense (RPIE) Statements. The deadline to file the RPIE-2016 statement is June 1, 2017 and this year’s RPIE statement will be used to determine property values for the 2017/18 tax year that will begin on July 1, 2017.
The RPIE-2016 statement must be filed online. In order to fill out a paper statement, owners must apply for a waiver from the electronic filing by submitting an application postmarked by May 2, 2017. If DOF approves the waiver, the owner will be sent a hard copy of the RPIE-2016 form to complete and submit. The application for a waiver from the electronic filing can be found at http://on.nyc.gov/2mpzcLU, or you may call 311.
As a residential property owner, you are required to file the RPIE-2016 or a Claim of Exclusion if your property has an Actual Assessed Value of more than $40,000 on the 2017-2018 Tentative Assessment Roll. Some properties are exempt and are not required to file either document, such as properties that have an assessed value under $40,000, contain 10 or less units, or are Class 1 or Class 2 properties with six or less units and one retail store.
If you are not required to file an RPIE, property owners may voluntarily file the RPIE-B form, which is a simpler form that the City uses to accurately value your property. Unlike the RPIE-2016 form, the RPIE-B can be filled out either electronically or manually and mailed directly to DOF at 66 John Street, 12th Floor, New York, NY 10038. To download samples of the RPIE-2016 forms, or for instructions on how to file your RPIE forms online, visit http://on.nyc.gov/1ECCv19.
If you would like to file a Claim of Exclusion, owners must complete Section D of the RPIE-2016 form. Owners who may file a Claim of Exclusion, for example, have property that is vacant or inhabitable and has no existing leases. If there are any existing leases, the owner must file the RPIE. Owners who wish to file a Claim of Exclusion, but have still not submitted the claim by the June 1st deadline, could be subject to a $100 fine. Please be advised that higher penalties will be applied for continued non-compliance.
DOF also offers a Short Form Option. If, on the 2017-2018 Tentative Assessment Roll, your property has an Actual Assessed Value of $250,000 or less and is not a hotel, owners are permitted complete a new, shorter version of the RPIE application instead of the standard RPIE. If your property is eligible for the new short form, you will be given the option when you begin the RPIE-2016 filing process online. On this website, you can also download the non-compliance lists of all of the properties in each borough that have not filed the RPIE-2016 to this point.
If you are required to file the RPIE-2016 and do not do so by the June 1st deadline, you might be subject to penalties based on the 2017-18 Assessed Value of your property. The accompanying chart lists the penalties for owners based on the assessed value of their properties.
|FY17 Final Assessed Value|