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rental income as may be required by Financial

the Finance Department for use in preparing real

Accounting Standard No. 13.

property tax assessments.

Exclusively residential

properties with ten or fewer apartments and residential

Amortized costs of common area improvements having

properties with up to six apartments and one store are

a useful life of more than one year may be included as

excluded.

miscellaneous expenses on line l in Part 7, if you itemize

these amortized costs in Part 9 and the amount is

Failure to comply timely results in loss of eligibility for

amortized over the useful life of the item. Common area

review of the assessment by the Tax Commission the

improvements include replacements of existing building

following year and subjects the owner to liability for fines.

components, major repairs, and installation of safety and

If you complete TC201, the Finance Department will

health systems.

Examples of replacement costs are

accept it in satisfaction of the RPIE requirement,

replacements of boilers, roofs, elevators, and residential

provided the following conditions are met:

kitchen appliances and cabinets.

Examples of safety

and health systems are brick pointing, fire safety

The schedule must be complete and legible.

systems, and environmental remediation.

A photocopy of the entire application, including TC201,

Supplemental information.

It is often advisable to

must be filed with the original. (The Tax Commission

supplement the income and expense schedule. Copies

requires

that

photocopy

supplied

for

all

of leases or abstracts, a rent roll, and itemizations of

applications;

two

copies

for

assessments

over

expenses may be useful. Supplementation is especially

$4,000,000.)

useful when there was no prior filing, there is a single

The reporting period must be the full calendar year

major tenant, there is a substantial change in the income

ending December 31, 2003, or fiscal year ending after

or expenses from the prior year, or the building has

July 31, 2003.

unusual operating characteristics, for example, a larger

than usual building staff.

Use Form TC159, if not

If the actual assessment for 2004/05 is greater than

attached to the application.

$1,000,000

and

the

property

not

exclusively

residential, Finance requires an RPIE Addendum

Accountant certification. If the actual assessment is

describing the nonresidential tenancies. It must be

$1,000,000 or more, and income exceeds $50,000,

attached

filed

separately

with

the

Finance

TC201 (or any corrected TC201) must be accompanied

Department.

by Form TC309 Accountant’s Certification, which must

be signed by an independent certified public accountant

This schedule may be used to satisfy the RPIE filing

who has conducted an appropriate audit of the

requirement in relation to the 2005/06 assessment.

applicant’s records.

Otherwise, compliance is satisfied by filing Forms RPIE-

101 and RPIE-201 with the Finance Department by

Related parcels. The statement may cover a group of

September 1, 2004.

parcels operated by the same landlord if one of the

following tests are met: All of the parcels are contiguous.

RPIE

filings

with

the

Finance

Department

are

All of the parcels are situated on the same or adjacent

confidential.

blocks and are operated as an economic unit. All of the

parcels are units in a single condominium and are

Related persons. Related persons include individuals

covered by a single application (or if there are multiple

related by blood, marriage or adoption, individuals and

blocks, by one application per block).

the business entities they control, business entities

under

common control,

and

fiduciaries

and

the

When filing a schedule that covers multiple lots (other

beneficiaries for whom they act. A person includes a

than

condominium

units)

observe

the

following

corporation or other business entity.

requirements:

Floor area.

Where floor area is called for state the

Each lot requires a separate application.

Attach the

appropriate gross floor area. If applicant does not have

combined schedule to the application for the first lot in

knowledge of the floor area, these questions may be left

the group. On the other applications, refer to that block

unanswered.

and lot. If the combined schedule is submitted on Form

TC150, file only for the first lot in the group.

The

Tax

Commission

application

forms

and

all

File Form TC166 listing the related lots in a consolidated

attachments are subject to public disclosure.

unit. See TC166 and TC600A for instructions.

Where to get additional forms and information.

Rules based on assessed value relating to accountant

Copies of Tax Commission forms may be obtained at

certification, supplemental applications and reporting

and

Finance

prior calendar year income are governed by the highest

borough assessment offices.

Questions about RPIE

assessment in the group.

filings, how your assessment was determined, or general

questions about real property tax assessments should

Department of Finance RPIE requirements.

be addressed to Finance.

Contact Finance at

September 1 each year, rent-producing properties

assessed for more than $80,000 must report income to

Form Tc201 Instructions For 2004 - Income And Expense Schedule For Rent Producing Properties - The Tax Commission Of The City Of New York Page 2

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