United States: Expiry date of the Statement of Income and Expenses from Real Estate (RPIE) Elimination Period
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All income-generating properties within New York City must have a Statement of Real Estate Income and Expense (RPIE) filed electronically with the Department of Finance no later than June 1, 2021. The information provided is used by the appraiser to determine the appraisal of the property for the next tax year. For the tax year 2022/2023, the financial figures for the year 2020/2021 are used.
Even if your property meets one of the various financial disclaimers, you must still submit a response stating the reason for the property exclusion. The Treasury Department recently sent out a letter to property owners about a thirty-day remediation period from the date of dispatch, during which non-filing people can submit late claims and avoid costly fines. If you are unsure if your property is considered non-eligible, see the links below.
Fines for failure to provide documents are determined by the assessed value of the property in accordance with the table below.
Owners who do not file an exclusion claim but are required to do so will incur a $ 100 fine. Failure to submit RPIE for three consecutive years may result in a fine of 5% of the actual appraised value of the property. In addition, many exemption and reduction programs, including the Commercial Emission Reduction Program (ICAP), require an annual RPIE or risk suspension or withdrawal of benefits.
Contact an accounting professional for help completing the RPIE. Herrick, Feinstein LLP cannot but advise on RPIE materials.
More information about the RPIE app can be found here: Real Estate Income and Expense Statement (RPIE) (nyc.gov)…
The content of this article is intended to provide general guidance on the subject. You should seek professional advice regarding your specific circumstances.
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