• SMM Law

Changes to NYC Department of Finance RPIE Policy and Penalties

Updated: Oct 31, 2019

Based on a newly implemented rule, pursuant to the Rules of the City of New York, Title 19, Chapter 33, § 33-03 [Penalties for Failure to File], (a)(2), Owners who fail to file an income and expense statement for three (3) consecutive years shall be subject to a penalty of five (5) percent of the final assessed value for the property promulgated in the calendar year in which such a statement was to be filed. For instance, if your property is assessed a valuation of $25,000,000.00 in 2016, and you failed to file your statements for 2016-2018, you would be assessed a penalty of $1,250,000.00.

The deadline to file the yearly RPIE (income and expense statement) is June 3 of each year.

This publication is issued by Simon Meyrowitz & Meyrowitz, P.C. for informational purposes only and does not constitute legal advice or establish an attorney-client relationship. To ensure compliance with requirements imposed by the IRS, we inform you that unless specifically indicated otherwise, any tax advice contained in this publication was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any tax-related matter addressed herein. In some jurisdictions, this publication may be considered attorney advertising.

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