RPIE Notice for property owners

psn

After owning my 4-family house for almost 10 years, I received an RPIE (real property income and expense statement) notice for the first time. After checking on the nyc.gov website, I learned that I don't have to file (exemptions include residential properties with 10 units or less). Interesting that the notice never mentions the exemptions or the possibility that you may not need to file a statement. The tone of the letter is such that you assume you have to file and if you do not, you will be subject to the highest possible tax. I already pay $14K tax which is a lot in comparison with other similar sized properties in the neighborhood. Any thoughts from other small property owners?

nkotsonis

You will still have to file the exemption paper, otherwise the city will penalize you.
For buildings less than 10 families you can file the exempt form.
Go online, and fill out the form as best as you can, and x out the less than 10 unit box. Then send it out.
The r.e. tax you are paying sounds very high. Have you ever challenged the cities assessment?
You should challenge it every year. By blindly paying the tax, you could be paying far more than you should.
My advice would be to talk to a good certiary attorney that handles these matters.

psn

nkotsonis: Thanks for the info and advice. Would you happen to have an attorney to recommend for the tax challenge? I think it might be worth trying.

nkotsonis

Here's an attorny that is very knowledgeable.
Jeffrey Golkin, Esq.
212-393-1200

armchair_warrior

woot thanks to this post. cause i just got the letter too. and i have no idea what the hell to do. and so gonna file a exemption thing soon as i can.

bricktop

Subject: You MAY have to fill it out after all

I got the same notice this week and went to file on-line. The link was down, so I called cust. service, and got an agent to clarify whether I do need to file or not...we own a 4 family too (though don't live there). Their guidelines are VERY POORLY WORDED and unclear -- you have to meet each of the bullet pointed requirements to be exempt, not just any of them. Because we collect rent we DO have to file the RPIE, as you may too, since presumably you collect rent from the units you don't occupy. You would think, with Mr. Capitalist Bloomberg for mayor, that city agents would better design their forms and communications so that they may be understood by the people who recieve them. Not so. Sigh.

psn

Bricktop: I'm not sure I understand how it would be possible to meet each requirement to be exempt. For example, the second bullet point is "exclusively residential proerty .. with 10 or fewer apartments" and the third bulletin point is "primarily residential property with 6 or fewer apartments and no more than one commercial unit ..." Perhaps the customer service agent was misinformed? And I agree, there is no reason why this should be as confusing as it is!

nkotsonis

It only has to meet one of the criteria to be exempt, not all of them.
I know the form is confusing.