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).
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.
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.