This is to remind you that, by law, all cooperative real property owners are required to submit an RPIE-2013 filing to the Department of Finance by the new June 2, 2014 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 box as excluded. 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.
Cooperative properties with greater than 2,500 square feet of commercial space are not excluded and must file an RPIE-2013 form with income and expenses.
All filings must be completed electronically on the Department of Finance=s internet website.
We remind you that owners of properties subject to filing requirements who fail to file on time will face a monetary penalty of up to 3% of 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 were previously 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 instructions and the data entry section can be accessed at www.nyc.gov/finance.
We urge you to submit the required RPIE-2013 electronic filing prior to the June 2, 2014 deadline.