William Craine, CPA
5.20.20 | Industry Insights – COVID-19 Update
Due to the COVID-19 pandemic, the New York City Department of Finance has extended the due date for 2019 Real Property Income and Expense (RPIE) Statements and storefront registry filings from June 1, 2020 to July 1, 2020. The RPIE statements must be filed online unless the applicant was previously approved to submit the statement by mail.
There are also several material changes that are new for the 2019 RPIE statements unrelated to COVID-19.
The first requires owners of ground-floor or second-floor commercial premises that are visible from the street and accessible to the public, directly from the street or from the interior of a building, to file an annual storefront registration statement. This must be done by completing Section S of the RPIE form. The filing is applicable to all tax class two and four property owners with ground-floor or second-floor storefronts, even if they are otherwise exempt from filing an annual income and expense statement.
Owners of class one properties in commercial zoned areas must register if their storefront space was vacant or owner-occupied for any days during the previous year. A step-by-step storefront registry user guide, which provides detailed instructions about how to correctly file information about storefronts, can be found on the New York City Department of Finance website.1 The website also provides answers to frequently asked questions regarding the storefront registry.
Additionally, all RPIE filers with properties that have an actual assessed value of $750,000 or more are now required to file an addendum that contains rent roll information. This information is not due at the same time as the RPIE statement. The deadline to file the rent roll addendum is September 1, 2020.
For more information on this topic or any other matter related to the COVID-19 pandemic, please contact your Berdon advisor and visit Berdon’s COVID-19 Information Center.
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