Deadline for Filing RPIEs Pushed Up

Contact: Bruce Gorman; Berdon LLP (New York, New York, USA)

The deadline for filing RPIE (Real Property Income and Expense) forms for 2013 has been pushed up to June 2, 2014 from September 1. For future years, the deadline will be June 1. This form is required for all income producing properties within New York City with a value of over $40,000.

To accommodate property owners, the City adjusted the fiscal year filing option. Owners can complete their RPIE statements based on information from either the previous calendar year or the previous fiscal year. Those choosing the fiscal year option should be aware that it concludes on May 1 of the year in which the RPIE is filed, pushed up from August 1.

The City also clarified that owners who have not held a property for an entire fiscal or calendar year, depending on the owner's filing option, are not required to file an RPIE form for that property in that filing year. However, the owner must file an exemption claim with the Department of Finance. Failure to file the exemption claim will result in a monetary penalty.