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3.2. Financial

Overview

The Real Property Income and Expense (RPIE) statement is used by the Department of Finance to determine the value and property tax for certain income-producing properties.  

 

3.2.1. RPIE

The Real Property Income and Expense (RPIE) statement is used by the Department of Finance to determine the value and property tax for certain income-producing properties.  

3.2.1.1. Filing

The deadline to file your RPIE statement annually with the Department of Finance (DOF) is July 1. If you fail to file your RPIE, your Tax Certiorari (Tax Attorney) won’t be able to protest your Real Estate Taxes. 

Owners of income-producing properties with an actual assessed value of more than $40,000 on the fiscal tax year must file a Real Property Income and Expense StatementProperty owners who have ground-floor or second-floor storefronts must register these spaces with the City using the RPIE statement. 

RPIE filers whose properties have an actual assessed value of $750,000 or greater will be required to file an addendum containing rent roll information. The deadline to file this addendum is September 1, 2020.  

3.2.2. Abatement

Owners of cooperative units and condominiums who meet the requirements for the Cooperative and Condominium Property Tax Abatement can have their property taxes reduced. The amount of the abatement is based on the average assessed value of the residential units in the development. 

3.2.2.1. Filing

Managing Agents must certify Owners Primary Residence with the Department of Finance for the fiscal tax period no later than February 15th Owners who qualify for the abatement must meet these requirements: 

  • You must have purchased the unit on or before January 5 to qualify for the abatement for the upcoming tax year.  If the unit was purchased after January 5, you can apply for the next tax year. 
  • Co-op or condo owners cannot own more than three residential units in any one development and one of the units must be the owner’s primary residence. 
  • Property must be classified as a Class 2 property. 
  • Properties that are part of the Urban Development Action Area Program (UDAAP) cannot receive the abatement. 
  • Co-op or condo owners cannot be receiving any of the following exemptions or abatements: 
     
  • J-51 exemption 
  • 420c, 421a, 421b, or 421g 
  • Cooperative properties are not eligible for the Clergy exemption 
  • The co-op or condo property cannot be: 
  • a Housing Development Fund Corporation (HDFC); 
  • a Limited Divided Housing Companies, Redevelopment Company; 
  • a Mitchell-Lama Building or 
  • in the Division of Alternative Management Programs (DAMP) Program. 
  • Units owned by a business (LLC) are not eligible. 
  • Units held by sponsors or their successors in interest are not eligible. 
  • Units owned by a trust are eligible only if the unit is the primary residence of the beneficiary of the trust, trustee, or life estate holder. 

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