Owners and managers of New York City property should take notice that the City has become more serious about issuing statutory penalties for non-filing or incomplete filings of the annual RPIE (Real Property Income and Expense) statement with the NYC Department of Finance.

What is the RPIE? Owners of income-producing properties in New York City must file an annual RPIE statement online with the Department of Finance (a property manager can file it on the owner’s behalf). This income and expense information allows the City Assessor to estimate the value of every property in New York City. The Department of Finance also uses this valuation (based on information provided by owners) to assess income-producing properties such as office and apartment buildings. Since these valuations are annual, assessed property values can, and historically do, change yearly.

An RPIE statement is required for all income-producing properties with an actual assessed value of more than $40,000. This includes commercial properties such as office buildings and retail stores, industrial sites, as well as certain residential properties, including rental apartment buildings, co-ops and condominiums.