RPIE Filing

Who must file an RPIE in NYC?

Owners of most income-producing properties with an actual assessed value over $40,000 are required to file an annual Real Property Income and Expense (RPIE) statement with the NYC Department of Finance (Finance). Many property owners vastly underestimate the importance of filing the RPIE (as well as filing it properly and in a timely manner).

When is the RPIE deadline?

The RPIE reports the property’s income and expenses for the prior year and is due by June 1 each year. The RPIE-2025 filing deadline was June 1, 2026, so the current cycle has closed and the next statement, RPIE-2026, follows on the same annual schedule. A missed deadline is not the end of the process: the Department of Finance allows late filing on a discretionary basis, and MGNY prepares and submits late RPIE statements.

Penalties for not filing, and how MGNY contests them

A prudent owner should approach the RPIE process with the level of diligence it deserves because the RPIE is the first step toward a fair tax assessment. With its ever-increasing grip on RPIE compliance, the City has made it abundantly clear that penalties for non-filing or late filing can be severe. Not only are there monetary fines (billed in the form of a flat amount starting at $300 and going all the way up to $100,000, as well as a percentage of the assessed value if RPIE is not filed for three (3) consecutive years), there are a number of other negative consequences for non-filing or late filing.

For example, taxpayers who miss the annual RPIE filing are denied the opportunity to contest the assessment at the Tax Commission in the following tax year. In addition, when Finance does not receive the relevant data for a taxpayer’s property, the assessors will draw from a pool of comparable properties and impute the value based on hypothetical income and expense projections. This process leaves non-filers at a disadvantage because Finance often miscalculates the value when relying only on data from comparable properties.

The Department of Finance publishes the schedule it bills from. Fines are based on the final assessed value and range from $300, for properties assessed between $40,001 and $99,999, to $100,000 for properties assessed at $25,000,000 or more. Owners who fail to file for three consecutive years may also face a penalty of five percent of the final actual assessed value. Owners required to file a claim of exclusion who do not submit one are fined $100 the first year, $500 after two consecutive years, and $1,000 after three or more. How these fines are structured and billed is walked through in our review of RPIE penalties. If a penalty has already been billed, MGNY contests RPIE penalties that were assessed incorrectly.

What does the RPIE filing cover?

The statement covers the property’s income and expenses for the reporting year, which Finance uses to value the property for the following tax year. Filers whose properties carry an actual assessed value of $750,000 or more must also file an addendum with rent roll information. Separate from the RPIE itself, owners of buildings with ground-floor or second-floor commercial space must file the storefront registry, and owners of utility-related property and equipment file the REUC-RPIE. Filing runs through the Department of Finance’s SmartFile system with an NYC.ID account.

How does MGNY handle the RPIE from start to finish?

MGNY has been retained by large management companies and individual owners alike to provide the necessary support in the NYC RPIE filing process. Take advantage of our RPIE expertise and immediately reduce the risk of over-assessment. The same team also handles the non-primary residence surcharge response for owners whose properties received a notice.

Frequently asked questions about the RPIE

Who needs to file an RPIE in NYC?

Owners of income-producing properties with an actual assessed value of more than $40,000 on the tentative assessment roll must file an RPIE statement or a claim of exclusion each year. An exclusion is not automatic: it must be claimed, and failing to claim it carries its own fines.

What is the RPIE filing?

The Real Property Income and Expense statement is the Department of Finance’s annual collection of income and expense data for income-producing properties. Finance uses the filing to value the property for the following tax year, which makes it the first step toward a fair assessment.

What is the penalty for not filing an RPIE?

Fines are based on the property’s final assessed value and range from $300 to $100,000. An owner who fails to file for three consecutive years may also face a penalty of five percent of the final actual assessed value, and non-filers lose the opportunity to contest their assessment at the Tax Commission in the following tax year.

When is the RPIE deadline?

June 1 each year. The RPIE-2025 filing deadline was June 1, 2026.

Can a late RPIE be filed, and can penalties be removed?

Yes to both, within limits. The Department of Finance accepts late filings on a discretionary basis, and penalties that were assessed incorrectly can be contested. MGNY files late RPIE statements and pursues penalty removal; call +1 (212) 343-1111 to review a notice.

Go Back