June 1st Real Property Income and Expense (RPIE) Electronic Filing Requirement
This is to remind you that, by law, all cooperative real property owners are required to submit an RPIE-2015 filing to the Department of Finance by the June 1, 2016 filing deadline. Even cooperatives that can file an exclusion from the RPIE filing requirement are required under the regulations to make an RPIE filing and mark the appropriate exclusion box. These filings are separate and apart from the Tax Commission filings we make on your behalf but are a jurisdictional requirement to obtain a tax protest hearing.
All filings must be completed electronically on the Department of Finance’s internet website. The forms and instructions are accessible at: http://www1.nyc.gov/site/finance/taxes/property-rpie.page
Cooperative properties with greater than 2,500 square feet of commercial space are not excluded and must file an RPIE-2015 form with income and expenses. Condominiums with commercial/professional tax lots must do so as well.
We remind you that owners of properties subject to filing requirements who fail to file on time will face a monetary penalty based upon the actual assessed value of their property. Although the penalty provisions have been in effect since the inception of the RPIE law, the Department of Finance is now enforcing them.
We also caution you that regulations have been adopted requiring the filing of income and expense statements for unsold condominium and cooperative building units where the sponsor retains ownership of at least ten percent of the total number of units. The burden to file is on the cooperative and not the sponsor. The form has a check box where you may indicate that such information was not made available to the cooperative.
The instructions and the data entry section can be accessed by going to the website at www.nyc.gov/finance, then “Property”, then “Property Assessment” and “RPIE”.
A link to the DOF website can also be found on the Resources page of our firm’s website. We urge you to submit the RPIE-2015 electronic filing prior to the June 1, 2016 deadline. Please send us a copy of the filed form along with proof of filing.
Tuchman, Korngold, Weiss, Liebman & Gelles, LLP