The Reality of RPIE Penalties
The NYC Department of Finance (Finance) requires the Annual Real Property Income and Expense (RPIE) filing for most income-producing properties with an Assessed Value over $40,000.
Received an RPIE penalty notice? MGNY reviews the reporting year, property record and filing history through our RPIE penalty review service. Request a notice review with the property address and reporting year; removal depends on the facts and applicable process.
Updated September 14, 2026. The NYC Department of Finance (Finance) requires the annual Real Property Income and Expense (RPIE) statement for most income-producing properties with an actual assessed value above $40,000 on the tentative assessment roll. Some owners must file a claim of exclusion; other properties need neither filing. Check the reporting obligation for the property and year before deciding not to file.
What happens after a missed RPIE deadline?
The RPIE-2025 filing deadline was June 1, 2026 and has passed. A non-compliance notice can require a filing or amendment by the date stated on it. NYC311 says the public filing system accepts only the current RPIE reporting year, not earlier years. Responding by a notice-to-cure deadline may prevent a proposed penalty; a late submission does not automatically remove an already assessed penalty.
A Non-Compliance Penalty Notice has a separate hearing process. NYC311 directs owners who disagree with it to mail the enclosed Petition for Hearing no later than 30 calendar days after the notice date, explaining the dispute. Follow the notice and current instructions: amending a filing or arranging a consultation does not replace a timely hearing request.
Non-filing penalties generally use fixed amounts for ranges of final assessed value. A required income and expense statement missed for three consecutive years may lead to a penalty of five percent of the property’s final actual assessed value.
RPIE non-filing penalty amounts
The RPIE non-filing penalty schedule by final assessed value is reproduced below:
| 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 | |
Penalty schedule checked September 14, 2026 against the Department of Finance’s published RPIE schedule. The applicable reporting year and notice still need to be reviewed. For the underlying filing, see our RPIE filing service.
Owners required to file a claim of exclusion who do not submit it face a $100 penalty for the first year, $500 after two consecutive years, and $1,000 after three or more consecutive years.
Reviewing an RPIE penalty before a sale or refinancing
A fixed penalty represents a smaller percentage of assessed value near the upper end of each tier, but an unpaid penalty can still create a lien against the property. Charges and interest can complicate a sale or refinancing. NYC311 states that outstanding RPIE penalties and interest are the current owner’s responsibility, regardless of who owned the property when the penalties were first assessed.
Gather the penalty notice, tax bill, filing confirmations, reporting year and ownership dates before a review. MGNY’s RPIE penalty review and removal service checks the charge against the records and contests incorrectly assessed penalties. A purchase or late filing does not by itself establish grounds for removal.
Notice and hearing reference: NYC311 RPIE non-compliance guidance.
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