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TAX COMMISSION OF THE CITY OF NEW YORK
1 Centre Street, Room 2400, New York, NY 10007
INCOME AND EXPENSE SCHEDULE
FOR RENT PRODUCING PROPERTIES
FORM TC201 INSTRUCTIONS FOR 2024/25
Attachment to application. Form TC201 is an
attachment to an application or supplemental application
(Form TC150). It is not valid if submitted separately.
Attachment to Form TC150 or Form TC159. For
properties assessed at $750,000 or more and for recently
acquired properties, if a required income and expense
schedule was not available by March 1 when t he o ri g inal
application was filed, t he Form TC201 may be attached to
Form TC150 and f iled between March 2 and March 24,
2024. Form TC201 must be complete when f iled.
Who should use Form TC201? Use Form TC201 to
report income and expenses from the operation of a rental
property. For example, an apartment building or a multi-
tenant commercial building. If the Applicant leases the
entire property to an unrelated person, the income and
expenses also should be reported on this form. For
example, a vacant lot leased to a parking operator or a
store building leased to a single tenant.
A net lessor leasing to a related lessee that occupies the
property may use Form TC200, Part 5, instead of Form
TC201. A net lessor with a related lessee that sublets to
unrelated tenants must use Fo rm TC201.
Cooperatives must use Form TC203. Hotels must use
Fo rm TC208. A property used by the Applicant to operate
a business such as a theater, public parking garage or
department store must use Fo rm TC214.
A Form TC201 is NOT required to be filed for residential
properties with six or fewer units and no commercial (e.g,
retail or of f ice) space.
Form TC201 Part 1. Related lots.
Fo rm TC201 may cover a group of lots operated by the
same landlord if one or more of the following tests are met:
i) all of the lots are contiguous, (i.e., sharing an edge or
boundary; neighboring, adjacent or adjoining; ii) all of the
lots are situated on the same or adjacent blocks and are
operated as an economic unit; or iii) all of the lots are units
in a single condominium and are covered by a single
application (or if there are multiple blocks, by one
application per block.).
Each lot requires a separate application (e.g., Form
TC101) even if the income and expense schedule c overs
multiple lots (other than condominium units.) Attach the
combined Form TC201 to the application for the first lot in
the group. On the other applications, refer to that first lot
or attach a copy of the Fo rm TC201. If filing on Form
TC150, file the combined schedule only for the f irst lot in
the group.
File Form TC166 listing the related lots in a c o mbined
group. See Form TC166 instructions. If there has been a
change in the lots in the combined group from the
combined f iling in the preceding year, or if no combined
f iling was made in the prior year, provide a written
explanation for any change in the combined filing. If the
combined f iling this year is dif ferent f rom prior years, a
written explanation must be provided by someone with
personal knowledge.
Rules based on assessed value relating to accountant
certif ications, supplemental applications and reporting
prior calendar year income are governed by the highest
assessment in the group.
Form TC201 Part 2. You must indicate whether the
accounting basis used f or the reporting year is the same
as was used in the prior year. The accounting basis must
be the same one used f or f ederal, state and local income
tax returns.
Form TC201 Part 3. Report monthly rent due on the
December 2023 or January 2024 rent roll. Your application
may be denied review if you divide residential income
reported in Part 6 by 12 to calculate monthly rent in Part 3
instead of stating an actual month’s rent roll or if you report
12 times the monthly rent roll instead of the actual annual
residential rental income.
Form TC201 Part 4. Nonresidential occupancy
inf ormation may be reported line by line separately for
specified f loors or f or the building as a whole. If reported
separately line by line, each line totals 100% for the space
on the floor(s). If reported as a whole, the area of each
f loor is a portion of the entire building area, and the sum of
the f loor-by-floor subtotals in the right hand column equals
100% of the entire building area. Percentages must be
provided; approximate gross area, in square feet, may also
be provided.
Form TC201 Part 4 information for certain Applicants
not otherwise required to report rental income and
expenses. An Applicant who owned an income-producing
property before January 1, 2024, but is not required to
report income and expenses for 2023, must complete
Fo rm TC201 Part 4 if the property is rented or offered for
rent on January 5, 2024. Attach Fo rm TC201 to the
application, or submit it at the hearing attached to Form
TC159.
Reporting year. A report covering the full calendar year
ending on December 31, 2023, or full fiscal year ending
af ter July 31, 2023, is considered a current statement. In
most cases the Tax Commission requires a current
statement.
If a current statement is unavailable, the Tax Commission
will accept a statement for the calendar year ending
December 31, 2022, but only if : i) the 2024/25 ac tual
assessment is less than $750,000; ii) the A p p licant
operated the property for all of 2022; and iii) the Appl icant
does not use a fiscal year for federal income tax purposes.
TC201INS
2024/25
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A detailed explanation as to why current year f igures are
unavailable should be attached to the Form TC201.
If the Applicant uses a fiscal year f or federal income tax
purposes ending before July 31, the schedule may report
income for the most recently ended fiscal year, as of a date
six months prior to the date the application is f iled.
The f orm has space f or f igures f or the year prior to the
current year. The Tax Commission requests that
Applicants provide this inf ormation, if available f or the full
year prior to the current year. Prior-year consideration will
not be granted if prior-year inf ormation is not provided
either on the prior year Form TC201 or on the current year
Fo rm TC201.
Income and expenses to be reported. Report all income
received or accrued in connection with the property.
Report only actual operating expenses. Do not report
projections or reserves. Do not report payments to related
persons as expenses, unless disclosure is made as
directed in the instructions for Part 7 below.
Income and expenses must be itemized as indicated in
Fo rm TC201 Parts 6 through 9 or review will be denied.
Income and expense figures should be reported to the
nearest whole dollar amount. Using estimated or
rounded figures may result in your application being denied
a merits review.
Accountant certification. If the actual assessment is
above $5,000,000, Fo rm TC201 (or a corrected Form
TC201, if any) must be accompanied by Form TC309,
which must be signed by an independent certified public
accountant who has conducted an appropriate audit of the
Applicant’s records. NOTE: THE THRESHOLD HAS
BEEN RAISED TO $5,000,000 FROM $1,000,000. The
accountant must sign his or her own name, not the firm
name.
Required substantiation in 2024. Submit substantiation
to explain the f ollowing 13 items:
1. Operating loss
2. More than 10% decrease in gross income
3. Continuing vacancy of 15% or more
4. Decrease or increase in operating expenses of
15% or more over the previous year’s expenses.
5. Average monthly rent per apartment $650 or less,
or $850 or less per apartment in Manhattan on or
south of 110th Street.
6. Repairs and maintenance higher than 15% of
gross rent
7. More than 15 percentage point increase in
vacancy
8. Residential rent roll times 12 less than total
residential income
9. Residential rent roll times 12 110% or more of
total residential income
10. Residential rent roll times 12 equals precisely
total residential income
11. Wages higher than normal for the type of
property or the level of income
12. Total commercial rent substantially below market
rental levels
13. Apparent inconsistency between RPIE and TCIE
inf ormation or in the property’s owner-o ccupied
status.
How to substantiate these items.
Item 1. State the specific circumstances causing the
operating loss, such as the number of tenants, time period
and extent of vacancies, unusual expenses, or physical
conditions.
Items 2, 3, 4, 7, 12, 13. State specifics that would explain
the situation.
Items 5, 8, 9 and 10. Submit a copy of the December 2023
or January 2024 rent roll or the 2024 DHCR f iling for the
building. Tenants, apartment numbers, apartment rents
and a total of the month’s residential rents must be stated.
Item 11. Submit a weekly payroll statement from January
2024 with job descriptions, employee names, total gross
salary and benef its. Social security numbers should be
crossed out on any documentation submitted.
Item 6. Submit an itemized breakdown of repair and
maintenance costs.
Substantiation must be either: (b) written on Form TC159,
or (c) attached to Fo rm TC159. See Fo rm TC600A for
details on when substantiation f or the previous year is
required. Failure to submit substantiation may result in a
denial of review of the application. NOTE NEW SINCE
2022: substantiation of items 1 through 10 must be
submitted with the application or at the hearing.
Cases will NOT be placed on hold to submit
substantiation after the hearing.
Supplemental information. You should strengthen your
application by supplementing the income and expense
schedule even when substantiation is not required. Copies
of leases or abstracts, a rent roll, and itemizations of
expenses may be useful. Supplementation is especially
useful when there is no prior filing, there is a single major
tenant, there is a substantial increase in the income from
the prior year, or the building has unusual operating
characteristics, f or example, an unusually high expense
item. A DHCR report is helpf ul to support below market
rents. Use Form TC159 when the supplemental
inf ormation is not attached to the application.
Department of Finance RPIE requirements. By J une 1
each year, rent-producing properties assessed for $40,000
or more must f ile a Real Property Income and Expense
statement with the Finance Dept. for use in preparing real
property tax assessments. Exclusively residential
properties with ten or f ewer apartments, residential
properties with up to six apartments and one store, and
other types of properties may claim an exclusion from
filing.
Failure to timely comply with RPIE f iling requirements
results in the loss of eligibility for Tax Commission review
of the assessment the following year and subjects the
owner to liability for fines.
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Filing Fo rm TC201 does not satisfy the RPIE f iling
requirement in 2024. Finance RPIE rules require electronic
filing of RPIEs. Inf ormation on 2024 RPIE f iling
requirements is posted at
www1.nyc.gov/site/f inance/taxes/property.page
.
Filing of the RPIE with the Department of Finance also
does not satisfy the requirement to file an income and
expense statement with the Tax Commission.
FORM TC201 PART 6. INCOME INFORMATION
Report all operating income received or accrued in
connection with the property.
Definitions for purposes of Form TC201.
Related persons. Related persons include individuals
related by blood, marriage or adoption, individuals and the
business entities they control, business entities under
common control, and fiduciaries and the benef iciaries for
whom they act. A person includes a corporation o r o ther
business entity.
Floor area. Where floor area is called f or, state the
approximate gross f loor area to the best of your knowledge
and ability. The measurement should be from exterior wall
to exterior wall f or each f loor.
Lines a - h. Rent received or accrued for space occupied
by tenants. Do not include space occupied by the owner,
applicant, related parties or affiliates. Rent must be
correctly identified by use (apartments, offices, stores, loft,
f actory, warehouse, storage, parking) and should be
consistent with the property description in Parts 7 and 8 of
Fo rm TC101 or Fo rm TC109 (where Fo rm TC201 is f iled
f or condo units.) Regulated and unregulated residential
rent must be reported separately on the two lines indicated
in Part 6. When reporting rental income on the accrual
basis and the reporting entity’s leases call f or scheduled
increases in rent, do not straight-line rental income as may
be required by Financial Accounting Standard No. 13.
Payments by tenants to the reporting entity to terminate a
lease prior to the lease’s expiration date (lease termination
income) should be included and specified in line k.
Additional explanation or disclosures about any line item
may be attached to Form TC201 or noted on Form TC309.
Line i. Income f rom related persons must be segregated
f rom other income and listed only on line i. State the
amount carried on the owner or Applicant’s books for
space occupied by the owner, Applicant, related parties or
af filiates. If such rental income is not ref lected on the
reporting entity’s books, an estimated fair market rental
may be stated instead. Whether or not rent is stated,
report the number of residential units on line i and non-
residential floor area in Part 4 on page 1 of Fo rm TC201.
Line j. ANCILLARY INCOME
1. OPERATING ESCALATION INCOME - Additional rent
received or accrued above the base rent, as provided for
in the lease, f or increases in operating expenses, CPI
clauses, etc.
2. REAL ESTATE TAX ESCALATION - Additional rent
received or accrued above the base rent, as provided for
in the lease, f or increases in real estate taxes.
3. SALE OF UTILITY SERVICES - The gross amount
received or accrued from the sale of utility services such
as electricity, gas and air conditioning. Do not deduct the
landlord’s costs.
4. SALE OF OTHER SERVICES. - The gross amount
received or accrued for services such as laundry, valet,
vending machines, etc.
5. GOVERNMENT RENT SUBSIDIES - Direct rent
subsidies received or accrued (for example, Section 8) and
any abatement of real estate taxes or carry-over amount
received or accrued in respect to senior citizen rent
increase exemption (SCRIE) orders.
6. SIGNAGE/BILLBOARD – The gross amount received
f rom unrelated persons from renting any signage or
billboard space on your property.
7. CELL TOWERS – The gross amount received for
placing a cell tower or other telecommunications
equipment on your property.
Line k. OTHER OPERATING INCOME - A ny o t her
operating income derived from the property not previously
specified (do not include interest on bank accounts and
tenants’ deposits). Identify the source or sources of
income on line k. Lease termination payments should be
reported and specif ied on line k.
Line l. TOTAL GROSS INCOME - Add all items on lines
a through k.
FORM TC201 PART 7. EXPENSE INFORMATION
Report only actual operating expenses to the nearest
whole dollar amount in the appropriate category. Do not
report projections or reserves. Do not include any personal
or business expenses for space occupied by the Applicant
or a related party. All related party expenses must be
disclosed in an attachment to Fo rm TC201 or noted on
Fo rm TC309, stating: the nature, amount of the
expense(s) and on what line of Part 7 the expense is
reported. An example of a related party disclosure is a
management fee, reported on line f of Part 7, representing
5% of rent collected during the year. Services or goods
provided by related parties for which no charge was made
may be disclosed on an attachment to Fo rm TC201 or
noted on Fo rm TC309 and a f air market expense
estimated. For example, an owner of the property may
provide management services at no charge.
Line a. FUEL - Amount paid or incurred for heating and
f or supply of hot water. Include the cost of gas provided to
tenants.
Line b. LIGHT and POWER - Amount paid or incurred for
electricity. Include electricity supplied or sold to tenants;
do not include electricity consumed for the owner’s
personal or business use.
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Line c. CLEANING CONTRACTS - Amount paid or
incurred f or cleaning contracts
Line d. WAGES and PAYROLL - Wages and related
payroll taxes and employee benefits paid or incurred to
employees responsible f or the operation or maintenance
of the property. Do not include salaries or commissions
paid to directors, officers or management employees or
agents.
Line e. REPAIRS and MAINTENANCE - Amount paid or
incurred f or contracted labor and materials for the general
maintenance and repair of the property. D o no t include
reserves f or replacements, amounts attributable to capital
improvements and common area improvements (see
instructions for line l below). See instructions above for
required substantiation of expenses f or repairs and
maintenance in excess of 15% of gross income.
Line f. MANAGEMENT and ADMINISTRATION - A mount
paid or incurred f or management, legal and accounting
services attributable to operation of the property.
Line g. INSURANCE - Annual charges paid or incurred
f or f ire and other insurance premiums relating to the real
property. Prorate multi-year premiums on a yearly basis.
Line h. WATER and SEWER - Amount paid or incurred
f or water and sewer usage.
Line i. ADVERTISING - Amount paid or incurred for
advertising space f or rent.
Line j. INTERIOR PAINTING and DECORATING - The
cost of all contracted labor and decorating materials for
interior painting and decorating, including paint, wallpaper
and brushes). This item may be combined with REPAIRS
and MAINTENANCE if the Applicant’s books are
maintained on that basis, and line e should be so marked.
Line k. AMORTIZED LEASING and TENANT
IMPROVEMENT COSTS - The amortization of all costs
incurred to lease space to tenants over the term of their
respective leases. Examples of such costs are legal fees,
brokers’ commissions, tenant improvements, etc.
Line l. MISCELLANEOUS EXPENSES - Other expenses
paid or accrued not previously specified which are related
to the operation and maintenance of the property, including
amortization of common area improvements and
amortization of certain lease buyout costs defined b elow.
Do not include income tax, commercial rent tax, rent,
ground lease rent, capital costs, depreciation,
mortgage payments and acquisition costs, interest,
and uncollectible accounts receivable originating in a
previous year.
Amortization of common area improvements having a
useful life of more than one year may be included in line l
if you itemize the amortized costs and the amount is
amortized over the useful life of the item. For those costs
that are amortized, provide a schedule showing a brief
description, cost, date placed in service, period of
amortization, and amount of amortization included in line l
this year and accumulated amortization.
Common area improvements include replacements of
existing building components, major repairs, and
installation of saf ety and health systems. Examples of
replacement costs are replacement of boilers, roofs,
elevators, and residential kitchen appliances and cabinets.
Examples of safety and health systems are brick pointing,
f ire saf ety systems, and environmental remediation.
Amortization of lease buyout costs includes all costs to
acquire the unexpired lease of a vacating tenant to secure
an identified prospective tenant and may be included only
on line l if you itemize the amortized costs and the amount
is amortized over the term of the new lease. Lease buyout
costs incurred without an identified replacement tenant
should be deferred until a new tenant is secured; itemize
and amortize such costs over the term of the new lease.
Line m. EXPENSES BEFORE TAXES - Add lines a
through l.
Line n. REAL ESTATE TAXES - Total annual real
property taxes paid or incurred. Where there are SCRIE
abatements, state the total tax levied.
Line o. TOTAL EXPENSES - Add Lines m and n.
Public records. Tax Commission application f orms and
attachments are subject to public disclosure under the
Freedom of Information Law. Details of rent rolls and lease
schedules whose disclosure would cause substantial injury
to the filer’s competitive position may be withheld if
confidentiality is claimed.
Where to get additional forms and information. Copies
of Tax Commission f orms may be obtained at
www1.nyc.gov/site/taxcommission/index.page
, at the Tax
Commission’s main office and at Finance Business
Centers in each borough. Questions about RPIE f ilings,
how your assessment was determined, or general
questions about real property tax assessments should be
addressed to Finance. Contact Finance at
www1.nyc.gov/site/f inance/taxes/property.page
or call 3-1-1.
TAX COMMISSION OF THE CITY OF NEW YORK
1 Centre Street, Room 2400, New York, NY 10007
High Value
Copy
INCOME AND EXPENSE SCHEDULE FOR RENT-PRODUCING PROPERTY
ATTAC H TO AN APPLICATION. TC201 IS NOT VALID IF FILED SEPARATELY. READ TC201 INSTRUCTIONS BEFORE YOU BEGIN.
COMPLETE ALL PARTS OF TC201. ANSWER ALL QUESTIONS MARKED .
ALL INCOME FROM THE PROPERTY, WHATEVER ITS SOURCE, MUST BE REPORTED IN PARTS 6-9 ON PAGE 2.
1. PROPERTY IDENTIFICATION
BOROUGH (Bronx, Brooklyn, Manhattan, Queens or Staten Island)
BLOCK
LOT
TAX COMM. GROUP N0.
ASSESSMENT YEAR
2024/25
a. If property is a condominium, does this schedule cover all lots listed on Form TC109? (Y/N). If yes, skip section b.
b. Does this schedule cover more than one tax lot? (Y/N). If yes, state total number of lots , and list block and lot numbers:
Block Lots Block Lots
Block Lots Block Lots
Check if applicable: Additional lots are listed on page All lots are contiguous All lots are operated as a unit
c.
Does this schedule report occupancy and income for the entire tax lot (or lots)? (Y/N). If no, describe portions not covered and reason for
omission:
2. CURRENT YEAR REPORTING PERIOD AND ACCOUNTING BASIS
ACCOUNTANT’S CERTIFICATION FORM TC309 MAY BE REQUIRED SEE INSTRUCTIONS
Current year reporting period: From / / to / / Accounting basis: Cash Accrual
Has the
accounting basis changed from the prior reporting period?
Y N
3. RESIDENTIAL OCCUPANCY AS OF JANUARY 5, 2024 - Number of dwelling units, rent by type of occupancy.
TYPE OF OCCUPANCY
NUMBER OF UNITS
MONTHLY RENT
RENTED, REGULATED
$
RENTED, UNREGULATED
$
OWNER OCCUPIED
$
VACANT
$
TOTAL
$
Does rent reported include all recurring charges, such as parking, subsidies and SCRIE abatements? .
4. NONRESIDENTIAL OCCUPANCY AS OF JANUARY 5, 2024 – Approximate gross percent.
FLOOR
APPLICANT OR RELATED
RENTED (UNRELATED)
VACANT
TOTAL
FLOOR 3- % % % %
2
ND
FLOOR
%
%
%
%
1
ST
FLOOR
%
%
%
%
BASEMENT
%
%
%
%
ENTIRE BUILDING
%
%
%
100%
5. LEASE INFORMATION AS OF JANUARY 5, 2024
Is the entire tax lot (or lots) or the entire land portion of the tax lot (or lots) subject to an arms-length (i.e., between unrelated parties) lease? (Y/N). If
YES, complete this Part 5. Gross Lease Net Lease Ground Lease
If the Applicant is the lessee(tenant), does Applicant receive any rental income from the property? (Y/N). If YES, Applicant must complete P arts 6
through 10 on page 2. If NO, complete this Part or report lease information on Form TC200.
LESSOR (LANDLORD)
IF NOT OWNER OF RECORD, DESCRIBE RELATION TO PROPERTY
LESSEE (TENANT)
IF NOT APPLICANT, DESCRIBE RELATION TO APPLICANT
Term of lease: from / to / Annual rent $
Start date of annual rent stated: / . End date of annual rent stated / . End date of lease option: / .
Does lessor receive any sums in addition to annual rent stated? (Y/N). If yes, state additional sums here: $
Does lessor pay any of the operating expenses or real estate taxes? (Y/N). If yes, specify:
Is the lease a lease of the land portion of the property only? (Y/N).
TC201
2024/25
6. INCOME INFORMATION
BOROUGH/BLOCK/LOT
Prior year
Current year
a. Residential: Regulated
a.
Unregulated
b. Office
b.
c. Retail (including storefront professional offices, banks, restaurants)
c.
d. Loft
d.
e. Factory
e.
f.
Warehouse
f.
g. Storage
g.
h. Garage/parking
h.
SUBTOTAL
i.
Owner-occupied or owner-related space
i.
j.
Ancillary Income: 1. Operating escalation
j.
2. Real estate tax escalation
3. Sale of utility services
4. Sale of other services
5. Government rent subsidies
6. Signage/billboard
7. Cell towers/ telecommunications equipment
k. Other (specify) Details A ttached.
k.
l. TOTAL GROSS INCOME
l.
7. EXPENSE INFORMATION
a. Fuel
a.
b. Light and power
b.
c. Cleaning contracts
c.
d. Wages and payroll
d.
e. Repairs and maintenance
e.
f.
Management and administration
f.
g. Insurance (annual)
g.
h. Water and sewer
h.
i.
Advertising
i.
j.
Interior painting and decorating
j.
k. Amo rtized leasing and tenant improvement costs
k.
l.
Miscellaneous expenses (from Part 9)
l.
m. EXPENSES BEFORE REAL ESTATE TAXES (add lines a through l)
m.
n.
Real estate taxes (before any abatements)
n.
o. TOTAL EXPENSES (add lines m and n)
o.
8. NET PROFIT (OR LOSS)
a. Net before real estate taxes (subtract Part 7 line m from Part 6 line l)
a.
b. Net after real estate taxes (subtract Part 7 line o from Part 6 line l)
b.
9. ITEMIZATION OF MISCELLANEOUS EXPENSES (do not include mortgage payments or depreciation)
ITEM
AMOUNT
ITEM
AMOUNT
10. TENANTS’ ELECTRICITY
Do tenants obtain electricity from the applicant or a related person? (Y/N)
Is there a separate charge for electricity in addition to the rent? (Y/N)
Page TC201
