Form Rpie-2016 - Real Property Income And Expense Worksheet And Instructions (Page 4 of 24) in pdf

Form Rpie-2016 - Real Property Income And Expense Worksheet And Instructions Page 4

Instructions for Worksheet RPIE-2016

Page 3

Please note that consolidated lot filings are not available for the following specialty property types:

adult care/nursing home facilities, gas stations, car washes, oil change facilities, self-storage, theatres

or concert halls.

If your properties meet all the above criteria and you want to submit a consolidated filing, allocate the

properties’ income and expense using either square footage or number of units. select allocations by

a percentage of income to each lot only if square feet or number of units is inappropriate for al-

locating your properties’ income and expense.

sECtIoN D - RPIE EXCLUsIoNs

If you are identified as a required RPIE-2016 filer, you will need to complete an income and expense form

or complete a claim of exclusion in Section D. If your property is income-producing and eligible to claim

an RPIE exclusion, please identify one of the exclusions listed in the section below.

Exclusions include:

Actual AV (Assessed Value) as shown on the Tentative Assessment Roll 2017-2018 is $40,000 or less.

The property is both exclusively residential and has 10 or fewer apartments, including both vacant

and occupied units.

The property has both of the following: six or fewer residential units and no more than one com-

mercial unit. Your property must be in Tax Class 1 or Tax Class 2 and the unit count must include

all units whether vacant or occupied. For example, if your property has five residential and two

commercial units, you must file an RPIE because you have two commercial units.

Residential cooperative apartment buildings with no more than 2,500 square feet of commercial

space (not including garage space). To claim this exclusion you must still complete the RPIE-2016

(Parts I and IV). An RPIE is required for unsold sponsor-owned units if 10% or more of the units

remain unsold.

Individual residential units in a condominium building/development. For a residential condominium

that has commercial space, professional space, and/or has 10% or more unsold sponsor-owned

units, an RPIE must be filed for the commercial space, professional space or the unsold spon-

sor-owned units. An RPIE must also be filed for residential units that are rentals and not intended

to be individually owned.

If the property is rented exclusively to a person or entity related to the owner:

Business entities under common control

●

Fiduciaries and the beneficiaries for whom they act

●

Spouse, parents, children, siblings and parents in-law

●

Owner-controlled business entities

●

The entire property is owner-occupied. This exclusion does not apply to owners of department

stores of 10,000 square feet or more, hotels or motels (whether occupied in part or in their entirety),

parking garages or lots, power plants and other utility-property, adult care/nursing home facilities,

gas stations, car washes, oil change facilities, self-storage, theatres or concert halls.

Form Rpie-2016 - Real Property Income And Expense Worksheet And Instructions Page 4