What You Need to Know About the RPIE Statement

The NYC Department of Finance requires certain owners of residential properties to file the Real Property Income & Expense Statement (RPIE) every year.  The RPIE is due by September 1, 2010.

Most HDFC co-ops are EXEMPT from filing the RPIE form, but the RPIE Exemption Form must be filed on-line.  Your HDFC is exempt if: (1) your property is exclusively residential with 10 or fewer apartments or (2) your cooperative building has less than 2,500 square of commercial space.

UHAB will be holding a Special Workshop, What You Need to Know About the RPIE Statement, on August 17, 2010 at 6:00 pm.  The workshop will be held at UHAB's Harlem Office, 2023 Lexington Ave (bet. 123rd & 124th St).

Please call Brian Gruters at 212-479-3323 to confirm your attendance or email gruters[at]uhab.org

This workshop is particularly important to HDFCs who do NOT have the DAMP Tax Cap.  HDFCs who are charged real estate taxes based on the full assessment of the property may be able to reduce their assessments by filing the Request for Review of Property Tax Assessment form.  You need to tell the City what your actual Income and Expenses are so DOF will lower you assessment.  So you must file the RPIE for 2009 before you can file the Request for Review of Property Tax Assessment.

This is a hands-on workshop to introduce the forms you will need to file.  Please bring:

• Your HDFC's corporate taxes and income and expense statements for 2009
• Your HDFC's Employer Identification Number (EIN or TIN)
• The square footage of commercial unit(s) if you have commercial space.
• The number of apartments and floors in the building
• Your Rent Roll
• The number of shareholders and the number of renters
• Your SCRIE or DRIE statements (if anyone is receiving them)

 
The RPIE can ONLY be filed on-line (no paper filing). You can file your RPIE statement for 2009 online here.  Instructions for filing can be found online here.  The deadline for filing the 2009 RPIE is September 1, 2010.

Board members and managers who work with your finances are encouraged to attend.

(Even if you still have a J-51, it is important to file the forms with the DOF to dispute the assessed value of your building because the J-51 will run out more quickly and you will be paying the higher amount of the taxes.)

You must also file the Request for Review of Property Tax Assessment. DOF is not accepting these forms now; you should wait until after you receive a Notice of Value in January 2011 and file the form before the deadline April 2011.