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.
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