Article Structure
The Real Property Income and Expense (RPIE) form is a crucial tool for property owners in New York City, particularly those managing income-producing properties. It serves to collect vital income and expense data to assist the Department of Finance (DOF) in accurately estimating market values for tax purposes. The obligation to file this form falls on owners whose properties have an Actual Assessed Value exceeding $40,000 as listed on the Tentative Assessment Roll. Notably, the filing is mandatory—owners must submit RPIE forms electronically, with a hard deadline of June 1, 2021. However, certain property types are exempted from these requirements, such as hotels, self-storage facilities, and gas stations, each of which follows its own separate guidelines. The RPIE documentation includes instructions for various scenarios like cross-property filings, claims of exclusions, and special conditions governing property types. If an owner is unsure about income reporting or has no knowledge of their property’s financial performance, they can file a Claim of Exclusion to avoid penalties. Thus, understanding the RPIE process, along with its specific requirements and deadlines, is essential for property owners to ensure compliance and foster accurate property valuation.
Rpie Example
RPIE - 2020
WORKSHEET
Real Property
Income and Expense
Worksheet and Instructions
This is NOT the RPIE form.
This document is designed to as- sist you in completing all RPIE forms on our website.
nyc.gov/rpie
Revised 2.10.2021
2020 REAL PROPERTY INCOME AND EXPENSE WORKSHEET AND INSTRUCTIONS
FILING DEADLINE: JUNE 1, 2021
This is NOT the RPIE form. You MUST file all RPIE forms electronically. This form
is to be used for worksheet purposes only.
GENERAL INFORMATION
Please note that this worksheet and instructions do not apply to the following specialty property types: hotels, adult care/nursing home facilities, gas stations, car washes, oil change facilities,
Owners of
Even if your
RPIE EXCLUSIONS
How do you file a Claim of Exclusion?
To file a Claim of Exclusion, you must complete Section D of the
Please note: If you own the property but have no knowledge of the income and expenses for the entire calendar or fiscal year, you must file a Claim of Exclusion.
Who does not have to file an RPIE or Claim of Exclusion? Owners with:
●Properties that have an Actual Assessed Value of $40,000 or less.
●Residential properties containing 10 or fewer dwelling units.
●Tax class 1 or tax class 2 properties with six or fewer dwelling units and no more than one commercial unit.
●Special franchise properties.
IMPORTANT FILING INFORMATION
●Online Filing Requirement
●Deadline
CUSTOMER ASSISTANCE
Please call 311 or email Finance at rpie@finance.nyc.gov
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PART I: OWNER AND PROPERTY INFORMATION
Please check your mailing address for accuracy. Owners are responsible for maintaining a current mail- ing address with Finance at all times. You can see the mailing address on file by looking at your latest Notice of Property Value or Property Tax bill. Changes to your address can be made online at http://nyc.gov/changemailingaddress or by calling 311.
SECTION A – OWNER/FILER INFORMATION
1a. Enter name(s) of up to two owners of the property.
b./c. Enter each listed owner’s Employer Identification Number (EIN) or Social Security Number (SSN).
The Federal Privacy Act of 1974, as amended, requires the Department of Finance to inform you about whether compliance with the request is voluntary or mandatory, the legal authority to request the in- formation, and how the information will be used. Owners must provide their Social Security Number on this form under the authority of section
2a. Enter the name of the person filing the RPIE. The filer may be an owner, owner representative, lessee or lessee representative who is authorized to provide this information and has knowledge of such information.
b./c. Enter the filer’s Employer Identification Number or Social Security Number.
d.Use the dropdown box to select the filer’s relationship to the property.
SECTION B - CONTACT INFORMATION
Provide contact information for the person who can respond to questions about this filing and receive the confirmation email once the RPIE is submitted. Additional email addresses for the confirmation email can be entered on the Certification page.
SECTION C – CONSOLIDATED LOTS
(To access, first check box in Section A for consolidated lots)
Consolidated lot filings apply to two or more properties that meet the following criteria:
●Operate as a single economic unit
●Be located in the same borough
●Share the same ownership
●Have the same Tax Class
●All must be hotels if one is a hotel
●Be located on contiguous lots*
* Contiguous lots are those that share either an edge or boundary, are neighboring, adjacent, or ad- joining. This definition can include nearby lots within the same tax block or those separated by roads or paths.
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Please note that consolidated lot filings are not available for the following specialty property types: adult care/nursing home facilities, gas stations, car washes, oil change facilities,
If your properties meet all the above criteria and you want to submit a consolidated filing, allocate the properties’ income and expense using either square footage or number of units. Select allocations by a percentage of income to each lot only if square feet or number of units is inappropriate for al- locating your properties’ income and expense.
SECTION D - RPIE EXCLUSIONS
If you are identified as a required
Exclusions include:
a.Actual AV (Assessed Value) as shown on the Tentative Assessment Roll
b.The property is both exclusively residential and has 10 or fewer apartments, including both vacant and occupied units.
c.The property has both of the following: six or fewer residential units and no more than one com- mercial unit. Your property must be in Tax Class 1 or Tax Class 2 and the unit count must include all units whether vacant or occupied. For example, if your property has five residential and two commercial units, you must file an RPIE because you have two commercial units.
d.Residential cooperative apartment buildings with no more than 2,500 square feet of commercial space (not including garage space). To claim this exclusion you must still complete the
e.Individual residential units in a condominium building/development. For a residential condominium that has commercial space, professional space, and/or has 10% or more unsold
f.If the property is rented exclusively to a person or entity related to the owner:
●Business entities under common control
●Fiduciaries and the beneficiaries for whom they act
●Spouse, parents, children, siblings and parents
●
g.The entire property is
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h.The property is owned by a
i.The property is vacant or uninhabitable and has no existing leases. If there are any existing leases, the owner must file the RPIE.
j.“Vacant,
k.The owner has not operated the property and is does not know the income and expenses for the entire calendar or fiscal year of the reporting period.
If you claimed exclusion(s), but still want to file income and expense information with the Department of Finance, select “OK” at the
SECTION SF - Short Form
You have the option of completing a
PROPERTY USE, VACANCY AND INCOME INFORMATION
1.Commercial Income:
Units: Enter the number of commercial units.
Vacancy Percentage as of January 5, 2021 Indicate the percentage commercial space that was vacant (unoccupied and
PLEASE NOTE: If the sum of total owner and/or
Income ($ per year): Total the following categories of income and report under Commercial In- come:
a.Commercial Rental Tenants: Amount received for the following categories: office, store, re- tail tenants, restaurants, offices and any other leased commercial areas. Exclude residential rent and rent from tenants related to the property owner.
b.Sale of Utility Services: Gross amount received from the sale of utilities and services, such as electricity, gas, steam, water, air conditioning, and telecommunications. Do not deduct the landlord’s costs
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c.Sale of Other Services: Gross amount received for laundry, valet services, vending machines, etc.
d.Operating Escalation Income: Any additional rent received above the base rent, as provided in the lease, for
e.Real Estate Tax Escalation: Any additional rent received above the base rent, as provided in the lease, for
f.Storage.
g.Garage/parking.
h.Factory.
i.Warehouse.
j.Other income: Any income generated by the property that has not been previously specified; typical examples include common area maintenance income or common area rental charges.
Do not include interest on bank accounts or tenants’ deposits.
2.Residential Income:
Units: Enter the number of residential units.
Vacancy percentage as of January 5, 2021: Indicate the percentage residential space that was va- cant (unoccupied and
PLEASE NOTE: If the sum of total owner and/or
a.Residential Regulated Tenants: Amount received for regulated apartments. Regulated apart- ments are subject to rent control and/or rent stabilization. For more information, please con- tact the Rent Guidelines Board at www.nycrgb.org.
b.Residential Unregulated Tenants: Amount received for unregulated apartments.
c.Government Rent Subsidies: Portion of rent that comes from direct rent subsidies that are received, as well as any abatement of real estate taxes or
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3.Cell Site Income:
Units: Enter the number of cell towers or antennae anywhere on the property.
Income: $ Amount received for placing a cell tower or antenna anywhere on the property.
4.Signage/Billboard Income:
Units: Enter the number of rented signs or billboards anywhere on the property.
Income: Dollar amount received for renting any signs or billboards anywhere on the property
PROPERTY OPERATING EXPENSES
Use this section to report operating expenses for your property. Allowable expenses include those as- sociated with providing services to tenants, property management and property administration. Enter the total expenses for 2020.
1.Utilities: Include total expenses for:
a.Fuel: Total for fuel oil, gas or steam, including gas provided to tenants.
b.Light and Power: Amount paid for electricity, including electricity provided to tenants. Do not include electricity consumed by the owner or other filer(s) for personal or business use.
c.Water and Sewer: Amount paid or incurred for water and sewer frontage or usage.
2.Other: Include total expenses for:
a.Cleaning Contracts: Include contracts with
b.Wages and Payroll: Include all wages, related payroll taxes and employee benefits for building maintenance employees who work at the property. Do not include salaries of employees who work in any
c.Repairs and Maintenance: Amounts paid or incurred for contracts with maintenance compa- nies. Include any amounts that were paid for routine repair services and for material or parts used for repairs. Do not include reserves for replacements.
d.Management and Administration: Amount paid or incurred for contracts with a management com- pany. Include office expenses and legal/accounting services related to the operation of the property.
e.Insurance (annual): Annual charges for fire, liability, and other insurance premiums paid to pro- tect the real property.
f.Advertising: Amount paid or incurred for advertising space available for rent.
g.Interior Painting and Decorating: Cost of contract services and materials for interior painting and interior decoration.
h.Miscellaneous: The miscellaneous field should be reserved for petty cash, lease
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Do not include real estate taxes, bad debt, depreciation or mortgage interest in Other expenses.
While these may be listed in this section, they are not eligible for valuing real estate for NYC property tax purposes. Also do not include amortized leasing costs or amortized tenant improvement costs. If you want to itemize these two costs, please use the
Total Expenses: Total expenses (the sum of lines 1 through 3).
SECTION E – PROPERTY USE AND VACANCY INFORMATION
1.Description:
d.Number of Buildings: Where the property consists of more than one building (such as a con- dominium development, a parking garage complex, an apartment complex, or a shopping center), enter the total number of buildings that comprise the entire property for which this RPIE form is being filed.
g.Year of Purchase: Provide the year the property was bought or leased, or, if the building was built for the current owner, list the date of construction. Not required if the property is a cooperative.
SECTION F - TO BE COMPLETED ONLY IF THE PROPERTY IS A COOPERATIVE OR CONDOMINIUM
For this section, information is required for unsold
1.List the number of occupied units that are unsold and still owned by the sponsor, cooperative or condominium and provide the annual income received.
2.List the number of leased commercial units in the cooperative or condominium and the annual in- come received from these commercial units.
3.List the number of commercial cooperative and/or condominium units that are
NOTE: Do not include maintenance in SECTION F or SECTION J.
SECTION G – THIS SECTION IS NO LONGER USED
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SECTION H - LEASE AND OCCUPANCY INFORMATION
If you are filing as property owner and you have multiple tenants with different lease agreements and all tenants do not pay triple net expenses, please do not fill out SECTION H and continue onto
SECTION J.
1) |
Indicate if the tenant leases the entire property. |
❑ Yes |
❑ No |
2) |
Indicate if the tenant pays utility expenses. |
❑ Yes |
❑ No |
3) |
Indicate if the tenant pays maintenance and repair expenses. |
❑ Yes |
❑ No |
4) |
Indicate if the tenant pays property tax for the space occupied. |
❑ Yes |
❑ No |
5) |
Enter the amount of Annual Rent paid to the Property Owner. |
______________ |
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6)Indicate if the net lessee or owner related party subleasing is any of the property.
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a) If yes, list the number Square Footage. |
______________ |
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b) If yes, list the Use of Space. |
______________ |
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c) If yes, enter the Annual Rent. |
______________ |
7) |
Indicate if you are filing as ground lessor. |
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a) If yes, enter the Ground Lease Amount that you are receiving. |
______________ |
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A ground lease is a lease in which the right of use and |
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occupancy of land is granted. |
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8)Owner Occupancy:
a)Indicate if any of this property
b)If yes, for residential properties, list the number of units occupied by the owner, related party and/or superintendent: ________ units.
c)If yes, select the type(s) of
❑Residential. _______%
❑Office _______%
❑Retail _______%
❑Loft _______%
❑Factory _______%
❑Warehouse _______%
❑Storage _______%
❑Garage/Parking _______%
❑Other _______%
Owners who have not operated the property and are without knowledge of the income and expenses of the property for the entire calendar or fiscal year of the reporting period, are not required to complete PART II. You are required to complete a Claim of Exclusion for partial year information (Section D.k.) if this applies to your property.
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PART II: INCOME AND EXPENSE STATEMENT
NOTE: In Sections J through L (II), report the property's actual income and expenses. Do not list negative figures on the statement to reflect unrealized or potential income such as free rent, uncollected income or credits due. Finance will disregard any negative figures included on the in- come and expense statement.
SECTION I - REPORTING PERIOD
SECTION J – INCOME FROM REAL ESTATE
For each applicable category of property and income, enter the number of units and annual income in the columns provided. Regulated apartments are subject to rent control and/or rent stabilization. For more information, please contact the Rent Guidelines Board at www.nycrgb.org.
PLEASE NOTE: Do not include maintenance in SECTION F or SECTION J.
Number of Units: Number of rental units for each property type.
Income: Total rent received for tenant occupied space.
9.
10.Ancillary Income:
a.Operating Escalation Income: Any additional rent received above the base rent, as provided in the lease, for
b.Real Estate Tax Escalation: Any additional rent received above the base rent, as provided in the lease, for
c.Sale of Utility Services: Gross amount received from the sale of utilities and services, such as electricity, gas, steam, water, air conditioning, and telecommunications. Do not deduct the landlord’s costs.
d.Sale of Other Services: Gross amount received for laundry, valet services, vending machines, etc.
e.Government Rent Subsidies: Portion of rent that comes from direct rent subsidies that are re- ceived, as well as any abatement of real estate taxes or
f.Signage/Billboard: Amount received from renting any signage or billboard space anywhere on the property.
g.Cell Towers: Amount received for placing a cell tower or antenna anywhere on the property.
Form Characteristics
| Fact Name | Details |
|---|---|
| Filing Requirement | All RPIE forms must be filed electronically. Failure to comply can lead to penalties. |
| Filing Deadline | The deadline for submission for the 2020 RPIE is June 1, 2021. |
| Exclusion Eligibility | Properties with an Actual Assessed Value of $40,000 or less do not need to file an RPIE. |
| Electronic Waiver | If you need an exception to the electronic filing mandate, you must apply for a waiver by May 3, 2021. |
| Specialty Properties | Hotels, gas stations, and other specific property types have separate filing instructions. |
| Claim of Exclusion | You must file a Claim of Exclusion if you lack knowledge of your property's income and expenses. |
| Who Must File | Owners of income-producing properties with an Actual Assessed Value over $40,000 are required to file. |
| Contact Information | It's important to provide accurate contact details for questions regarding your filing. |
Guidelines on Utilizing Rpie
Filling out the RPIE form is a straightforward process, but it does require attention to detail. By completing this form properly, you ensure that accurate information about your property’s income and expenses reaches the Department of Finance. This information helps in estimating the market value of your property for tax purposes. Follow the steps below to successfully fill out the RPIE worksheet.
- Check the Mailing Address: Ensure your mailing address is current. This is crucial for receiving important documents and notifications.
- Enter Owner Information: Input the names of up to two property owners and their Employer Identification Number (EIN) or Social Security Number (SSN).
- Filer Information: Identify the person completing the form. Provide their name, EIN or SSN, and relationship to the property.
- Contact Information: Fill in the contact details for someone who can answer questions regarding the filing.
- Consolidated Lots: If applicable, check the box for consolidated lots and allocate the properties’ income and expenses accordingly.
- Claim of Exclusion: If your property qualifies for any exclusions, complete Section D and specify the applicable exclusion.
- Choose the Form Type: Decide whether you will complete the short form or the standard form based on your property’s assessed value.
- Provide Property Use and Income Information: Enter details about commercial income including the number of units, occupancy percentages, vacancy rates, and total income from rental tenants and utilities.
After you complete the form, review it carefully to ensure all information is accurate. Once you have confirmed that everything is correct, submit the form electronically by the deadline. If you need help at any point, don’t hesitate to reach out to customer assistance.
What You Should Know About This Form
What is the RPIE form and why do I need it?
The RPIE form, or Real Property Income and Expense statement, is a filing requirement for owners of income-producing properties in New York City. If your property has an Actual Assessed Value of more than $40,000, submitting this form is mandatory. It helps the Department of Finance to estimate the market value of properties for tax purposes. Even properties with an Assessed Value below this threshold may benefit from filing, as providing additional information can lead to more accurate tax assessments.
Who is required to file an RPIE?
Generally, owners of income-producing properties, with an Actual Assessed Value greater than $40,000, are required to file annually. Moreover, if you own residential properties with ten or fewer units, or if your property falls under certain tax classes with limited commercial units, you may not need to file. Always ensure you understand your specific obligations based on your property type and value.
How do I file an RPIE?
All RPIE filings must be done electronically through the Department of Finance's website. To comply with legal requirements, you cannot submit this form on paper unless you receive a special waiver. If you need assistance, you can contact the Finance Department or visit nyc.gov/rpie for step-by-step guidance on the electronic filing process.
What should I include in my RPIE filing?
Your RPIE submission should provide comprehensive details of your property’s income and expenses. This includes rental income from commercial units, details about occupancy rates, and essential information regarding any vacancies. Ensuring accuracy is vital, as it contributes to proper assessments by the Department of Finance.
When is the deadline for filing an RPIE?
The deadline for submitting your RPIE form is June 1st each year. It's crucial to adhere to this deadline to avoid penalties. If you seek a waiver for electronic filing, that request must be made by May 3rd of the same year.
What if I am not required to file an RPIE?
If you fall under certain exclusions, such as properties with an Actual Assessed Value of $40,000 or less, or specific residential properties with limited units, you still must submit a Claim of Exclusion. This claim identifies why you are exempt from filing a full RPIE. Even without the full filing, it is essential to comply with this process so your property status is accurately recorded.
What assistance is available for RPIE filers?
Please don’t hesitate to reach out for help. You can call 311 for guidance or send an email to rpie@finance.nyc.gov. The Department of Finance is committed to supporting property owners in understanding their obligations and ensuring a smooth filing process.
Can I use a short form for my RPIE filing?
Yes, if your property has an Actual Assessed Value of $250,000 or less and does not fall under specific specialty categories like hotels or gas stations, you can opt for a one-page short form. This option simplifies the reporting process for qualifying property owners, making it easier to fulfill your filing requirements.
What happens if I fail to file an RPIE?
Failure to submit your RPIE by the deadline may result in penalties imposed by the Department of Finance. Moreover, not filing can potentially negatively impact your property’s valuation, leading to lesser accuracy in tax assessments. To prevent these issues, ensure that you understand your filing responsibilities and seek assistance if needed.
Common mistakes
Filling out the RPIE form can be a detailed process, and many individuals make common mistakes that can lead to complications or compliance issues. One prevalent mistake is overlooking the filing requirements based on property type. Owners of properties with less than an Actual Assessed Value of $40,000 may believe they need to file when, in fact, they might be exempt. This confusion can result in unnecessary filings, which may cause delays in processing and further administrative hassle.
Another frequent error occurs when individuals fail to provide accurate contact information in Section B. This section is crucial, as it ensures that the Department of Finance can reach the responsible party for any inquiries or confirmations regarding the filing. If this information is incorrect, it may lead to missed communications or notifications, potentially impacting compliance or deadlines. Always double-check that email addresses and phone numbers are current and accurate to avoid such pitfalls.
In addition to inaccuracies in contact information, many filers neglect to clarify their relationship to the property in Section A. This information is significant because it helps the Department understand who can legitimately provide the income and expense data. Not specifying this relationship can result in the form being deemed incomplete, causing unnecessary back-and-forth with the Department and delaying any necessary processing.
Lastly, failing to complete Section D correctly can prove detrimental. This section is where filers claim exclusions from the RPIE requirements. If individuals do not thoroughly read the criteria for exclusions or neglect to include relevant income and expenses, they may inadvertently disqualify themselves from exclusions they are entitled to claim. This oversight could lead to an obligation to file when one might not be necessary, causing frustration and potentially financial implications. Attention to detail in this important section can save both time and resources.
Documents used along the form
The RPIE form is important for property owners to accurately report income and expenses related to their real estate. Along with the RPIE, several other forms and documents may be required or beneficial for the proper filing and understanding of property assessments. Below is a list of these additional forms and documents, each serving a specific purpose within the filing process.
- Claim of Exclusion: This form is for property owners who may not be required to file an RPIE due to specific circumstances. It allows them to document their exemption eligibility, such as owning properties valued below the filing threshold.
- Income and Expense Statement: This document details the income generated and expenses incurred by a property over a set period. It helps to support the figures reported on the RPIE form.
- Tentative Assessment Roll: This public document provides property owners with information about the assessed value of their property. It is essential for understanding whether an RPIE is necessary based on property value.
- Short Form RPIE: This is a simplified version of the standard RPIE form. Eligible property owners with lower assessed values can use it to report their income and expenses with less complexity.
- Electronic Filing Waiver Application: If a property owner cannot file electronically, they must request a waiver. This application explains why an exemption from electronic submission is necessary.
- Commercial Lease Agreements: Copies of lease agreements are vital for documenting rental income. They clarify terms and conditions that may affect reported income on the RPIE.
- Property Tax Bill: The latest property tax bill provides verification of the assessed value and tax class. It assists in confirming eligibility for various exemptions or filing requirements.
- Owner Information Update: This form ensures that the Department of Finance has the most current contact details for property owners. Keeping this information updated avoids issues with correspondence.
- Market Data Comparison: Collecting and submitting this information can help justify income and expense figures for properties in similar market conditions, aiding in a fair assessment.
Using these documents in conjunction with the RPIE form allows property owners to optimize the assessment process, ensure compliance, and potentially foster a more favorable financial outcome regarding their real estate. Each document enhances the clarity and accuracy of reported financial details, which is crucial for property tax evaluation.
Similar forms
The Real Property Income and Expense (RPIE) form is a vital tool for property owners in New York City to report financial information related to income-producing properties. Several other documents share similar purposes and functions. Here is a list of such forms, explaining how each parallels the RPIE form:
- Schedule A (IRS Form 1065): This schedule is used by partnerships to report their income, deductions, and credits. Like the RPIE, it helps gather financial data to estimate the property’s value for tax purposes.
- Annual Income and Expense Report: This report is often required in various jurisdictions for commercial property owners to document their income and expenses. Similar to the RPIE, it assists in determining the property’s market value and tax assessments.
- Commercial Property Owners Tax Return (CPT): Often utilized by owners of commercial real estate, this return provides detailed financial data about property income and expenses. It fulfills a similar role as the RPIE in supporting accurate property valuations.
- Form 8970 (IRS): This is specifically for tax-exempt entities reporting income from unrelated business activities. Approval requirements parallel those of RPIEs, as both forms aim to capture relevant income data.
- State Property Tax Return: Many states demand property owners to submit tax returns detailing property income and expenses. Similarly, the RPIE form serves to assist the Department of Finance in assessing taxes accurately.
- Commercial Lease Agreement: This contract outlines the terms of occupancy for commercial tenants, often yielding income data needed for tax assessments. Like the RPIE, it is crucial for evaluating property profitability.
- Federal Tax Return (Form 1040 with Schedule E): For property owners who report rental income, this form contains details about property income and expenses. Similar to the RPIE, it is crucial for tax calculation purposes.
- Income Statement (Profit & Loss Statement): Businesses often prepare income statements to summarize revenues and expenses over a period. This document bears similarities to the RPIE as both contribute to understanding the financial health of income-producing properties.
In summary, these documents and forms serve complementary purposes to the RPIE. They all aim to compile financial details that assist in property valuation, ensuring appropriate tax assessments for various income-generating properties.
Dos and Don'ts
- Do: File all RPIE forms electronically, as required by law.
- Do: Check the mailing address for accuracy before submission.
- Do: Provide accurate Social Security Numbers or Employer Identification Numbers for all owners listed.
- Do: Ensure that the property meets the criteria for filing a consolidated lot if applicable.
- Don't: Forget to complete Section D if you're filing a Claim of Exclusion.
- Don't: Submit if your property has an Actual Assessed Value of $40,000 or less unless you choose to provide information voluntarily.
- Don't: Ignore the submission deadline of June 1, 2021.
- Don't: Use outdated forms or information from prior years, as the RPIE forms change annually.
Misconceptions
Here are ten common misconceptions about the RPIE form, along with clarifications to help you better understand the requirements.
- The RPIE form is the same as the RPIE worksheet. Many people confuse the RPIE form with the RPIE worksheet. The worksheet is a tool to help you fill out the RPIE form, but it is not the official filing.
- All property owners must file the RPIE form. Not every property owner needs to file. If your property’s actual assessed value is $40,000 or less, or if it falls into certain categories, you may not need to file at all.
- Residential properties are completely exempt from filing obligations. Some residential properties with ten or fewer units are exempt, but owners of properties with more units must file.
- Filing can be done on paper. All RPIE forms must be filed electronically unless a waiver is granted by the Department of Finance.
- You can submit incomplete information. It is crucial to provide complete and accurate information if required to file. Failure to do so could result in penalties.
- If I file a Claim of Exclusion, I do not need to file anything else. While you can file a Claim of Exclusion if not required to submit income and expenses, you still need to formally submit the exclusion through Section D of the RPIE form.
- The filing deadline can be extended. The deadline for filing is firm. The only exceptions apply if you obtain a waiver for electronic filing before the stated deadline.
- Only commercial properties need to file. While primarily aimed at income-producing properties, residential properties can also be required to file based on their assessed values and unit counts.
- Once filed, you don’t need to update your contact information. Owners are responsible for keeping their contact information current with the Department of Finance at all times.
- All types of properties can file using the same instruction set. Specialty properties like hotels and gas stations have specific instructions and must follow different guidelines from general income-producing properties.
Understanding these misconceptions can help ensure compliance when dealing with the RPIE filing process. If you still have questions, consider reaching out to the Department of Finance for assistance.
Key takeaways
Understand Your Filing Requirement: Property owners with an Actual Assessed Value over $40,000 must file Real Property Income and Expense (RPIE) statements annually by June 1. Even if your property is worth less, submitting information can aid in accurate market value assessments.
Eligibility for Exclusions: Certain properties, such as those with an Assessed Value below $40,000 or residential buildings with 10 or fewer units, may be exempt from filing. Familiarize yourself with the exclusion criteria to determine if you’re eligible.
Assemble Accurate Information: Gather income and expense data for your property prior to completing the form. Accurate information will help avoid issues and expedite the filing process.
Online Filing Is Mandatory: You must file RPIE forms electronically. If this poses a challenge, you can request a waiver, but be mindful that the deadline for waiver requests is May 3.
Utilize the Worksheet: The RPIE worksheet assists you in preparing your RPIE submission. Use it to ensure that all required information is collected before filing electronically.
Contact the Right People: It's essential to provide accurate contact information for someone who can address questions about your filing and receive confirmations. This facilitates communication with the Department of Finance, if needed.
Property Use and Vacancy Tracking: Keep an eye on commercial occupancy percentages and vacancy rates as of January 5. If vacancies exceed certain thresholds, consider using a more detailed standard form for a clearer picture.
Browse Other Templates
Nc State Tax Forms - This form must be completed by both full-year residents and part-year or non-residents of North Carolina.
Aoc 280 - Accuracy in personal history strengthens the credibility of the applicant.
Resumed Work Date - Providing the correct postal address ensures officials can send necessary correspondence.