NYC Department of Finance intends to impose financial penalties for RPIE non-compliance; RPIE filings now must include rent rolls.

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Starting with the 2009 RPIE due on September 1, 2010, owners of NYC properties subject to filing requirements but fail to file on time will face a penalty of up to 3% of the actual assessed value of their property. Furthermore, all filed RPIEs are subject to audits and erroneous filings will be penalized in accordance with the law.

Owners of properties with an actual assessed value of $750,000 or more must submit the current rent roll as part of their annual RPIE filing. Rent roll information must be submitted online using the RPIE form. If you request and are granted a waiver from filing online, you may submit your rent roll using the paper RPIE form.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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