Annual Compliance Services

Unfortunately, many property owners vastly underestimate the importance of filing the NYC RPIE – or the Claim of Exclusion – properly and in a timely manner. The City has made it abundantly clear that penalties for non-filing or late filing can be severe. The monetary penalties assessed against the property, if unpaid, become a lien. Currently, penalties are assessed as a flat fee based on the most recent assessed value of the property  and, in some cases, as a percentage of the assessed value. The table of penalties and respective assessment ranges is reproduced below:

 

FY21 Final Assessed Value
From To Penalty Amount
$40,001 $99,999 $300
$100,000 $249,999 $750
$250,000 $499,999 $1,500
$500,000 $999,999 $3,000
$1,000,000 $4,999,999 $5,000
$5,000,000 $9,999,999 $20,000
$10,000,000 $14,999,999 $40,000
$15,000,000 $24,999,999 $60,000
$25,000,000+ $100,000

Owners required to file a Claim of Exclusion, and who did not submit a claim, will be fined $100

If a required RPIE report is not filed for three (3) consecutive years, Finance is most likely to issue a penalty of five percent (5%) of the final actual assessed value of the property. 

Outstanding RPIE penalties have proven to be a nuisance for both current owners and prospective purchasers. MGNY has helped identify relevant defenses in many scenarios and has contested improperly assessed RPIE penalties. Even in cases in which the penalty is already paid, MGNY has successfully obtained refunds for overpayment.