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TAX COMMISSION OF THE CITY OF NEW YORK
1 Centre Street, Room 2400, New York, NY 10007 TC201INS

INCOME AND EXPENSE SCHEDULE 2024/25
FOR RENT PRODUCING PROPERTIES

FORM TC201 INSTRUCTIONS FOR 2024/25

Attachment to application. Form TC201 is an filing was made in the prior year, provide a written
attachment to an application or supplemental application explanation for any change in the combined filing. If the
(Form TC150). It is not valid if submitted separately. combined filing this year is different from prior years, a

written explanation must be provided by someone with
Attachment to Form TC150 or Form TC159. For personal knowledge.
properties assessed at $750,000 or more and for recently
acquired properties, if a required income and expense Rules based on assessed value relating to accountant
schedule was not available by March 1 when the original certifications, supplemental applications and reporting
application was filed, the Form TC201 may be attached to prior calendar year income are governed by the highest
Form TC150 and filed between March 2 and March 24, assessment in the group.

2024. Form TC201 must be complete when filed.
Form TC201 Part 2. You must indicate whether the
Who should use Form TC201? Use Form TC201 to accounting basis used for the reporting year is the same
report income and expenses from the operation of a rental as was used in the prior year. The accounting basis must
property. For example, an apartment building or a multi- be the same one used for federal, state and local income
tenant commercial building. If the Applicant leases the tax returns.

entire property to an unrelated person, the income and
expenses also should be reported on this form. For Form TC201 Part 3. Report monthly rent due on the
example, a vacant lot leased to a parking operator or a December 2023 or January 2024 rent roll. Your application
store building leased to a single tenant. may be denied review if you divide residential income
reported in Part 6 by 12 to calculate monthly rent in Part 3
A net lessor leasing to a related lessee that occupies the instead of stating an actual month’s rent roll or if you report
property may use Form TC200, Part 5, instead of Form 12 times the monthly rent roll instead of the actual annual
TC201. A net lessor with a related lessee that sublets to residential rental income.

unrelated tenants must use Form TC201.
Form TC201 Part 4. Nonresidential occupancy
Cooperatives must use Form TC203. Hotels must use information may be reported line by line separately for
Form TC208. A property used by the Applicant to operate specified floors or for the building as a whole. If reported
a business such as a theater, public parking garage or separately line by line, each line totals 100% for the space
department store must use Form TC214. on the floor(s). If reported as a whole, the area of each

floor is a portion of the entire building area, and the sum of
A Form TC201 is NOT required to be filed for residential the floor-by-floor subtotals in the right hand column equals
properties with six or fewer units and no commercial (e.g, 100% of the entire building area. Percentages must be
retail or office) space. provided; approximate gross area, in square feet, may also

Form TC201 Part 1. Related lots. be provided.

Form TC201 may cover a group of lots operated by the Form TC201 Part 4 information for certain Applicants
same landlord if one or more of the following tests are met:
not otherwise required to report rental income and
i) all of the lots are contiguous, (i.e., sharing an edge or An Applicant who owned an income-producing
expenses.
boundary; neighboring, adjacent or adjoining; ii) all of the property before January 1, 2024, but is not required to
lots are situated on the same or adjacent blocks and are report income and expenses for 2023, must complete
operated as an economic unit; or iii) all of the lots are units Form TC201 Part 4 if the property is rented or offered for
in a single condominium and are covered by a single rent on January 5, 2024. Attach Form TC201 to the
application (or if there are multiple blocks, by one application, or submit it at the hearing attached to Form
application per block.). TC159.

Each lot requires a separate application (e.g., Form Reporting year. A report covering the full calendar year
TC101) even if the income and expense schedule covers ending on December 31, 2023, or full fiscal year ending
multiple lots (other than condominium units.) Attach the after July 31, 2023, is considered a current statement. In
combined Form TC201 to the application for the first lot in most cases the Tax Commission requires a current
the group. On the other applications, refer to that first lot statement.
or attach a copy of the Form TC201. If filing on Form
TC150, file the combined schedule only for the first lot in If a current statement is unavailable, the Tax Commission
the group. will accept a statement for the calendar year ending

December 31, 2022, but only if: i) the 2024/25 actual
File Form TC166 listing the related lots in a combined assessment is less than $750,000; ii) the Applicant
group. See Form TC166 instructions. If there has been a operated the property for all of 2022; and iii) the Applicant
change in the lots in the combined group from the does not use a fiscal year for federal income tax purposes.
combined filing in the preceding year, or if no combined
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A detailed explanation as to why current year figures are 12. Total commercial rent substantially below market
unavailable should be attached to the Form TC201. rental levels

13. Apparent inconsistency between RPIE and TCIE
If the Applicant uses a fiscal year for federal income tax information or in the property’s owner-occupied
purposes ending before July 31, the schedule may report status.
income for the most recently ended fiscal year, as of a date
How to substantiate these items.
six months prior to the date the application is filed. State the specific circumstances causing the
Item 1.
The form has space for figures for the year prior to the operating loss, such as the number of tenants, time period
current year. The Tax Commission requests that and extent of vacancies, unusual expenses, or physical
Applicants provide this information, if available for the full conditions.
year prior to the current year. Prior-year consideration will Items 2, 3, 4, 7, 12, 13. State specifics that would explain
not be granted if prior-year information is not provided the situation.
either on the prior year Form TC201 or on the current year Items 5, 8, 9 and 10. Submit a copy of the December 2023
Form TC201. or January 2024 rent roll or the 2024 DHCR filing for the
building. Tenants, apartment numbers, apartment rents
Income and expenses to be reported. Report all income and a total of the month’s residential rents must be stated.
received or accrued in connection with the property. Item 11. Submit a weekly payroll statement from January
Report only actual operating expenses. Do not report 2024 with job descriptions, employee names, total gross
projections or reserves. Do not report payments to related salary and benefits. Social security numbers should be
persons as expenses, unless disclosure is made as crossed out on any documentation submitted.
directed in the instructions for Part 7 below. Item 6. Submit an itemized breakdown of repair and

Income and expenses must be itemized as indicated in maintenance costs.

Form TC201 Parts 6 through 9 or review will be denied. Substantiation must be either: (b) written on Form TC159,

Income and expense figures should be reported to the or (c) attached to Form TC159. See Form TC600A for
nearest whole dollar amount. Using estimated or details on when substantiation for the previous year is
rounded figures may result in your application being denied required. Failure to submit substantiation may result in a
a merits review. denial of review of the application. NOTE NEW SINCE
2022: substantiation of items 1 through 10 must be
Accountant certification. If the actual assessment is submitted with the application or at the hearing.
above $5,000,000, Form TC201 (or a corrected Form Cases will NOT be placed on hold to submit
TC201, if any) must be accompanied by Form TC309, substantiation after the hearing.

which must be signed by an independent certified public
accountant who has conducted an appropriate audit of the Supplemental information. You should strengthen your
Applicant’s records. NOTE: THE THRESHOLD HAS application by supplementing the income and expense
BEEN RAISED TO $5,000,000 FROM $1,000,000. The schedule even when substantiation is not required. Copies
accountant must sign his or her own name, not the firm of leases or abstracts, a rent roll, and itemizations of
name. expenses may be useful. Supplementation is especially
useful when there is no prior filing, there is a single major
Required substantiation in 2024. Submit substantiation tenant, there is a substantial increase in the income from
to explain the following 13 items: the prior year, or the building has unusual operating
1. Operating loss characteristics, for example, an unusually high expense
2. More than 10% decrease in gross income item. A DHCR report is helpful to support below market
3. Continuing vacancy of 15% or more rents. Use Form TC159 when the supplemental
4. Decrease or increase in operating expenses of information is not attached to the application.

15% or more over the previous year’s expenses.
5. Average monthly rent per apartment $650 or less, Department of Finance RPIE requirements. By June 1
or $850 or less per apartment in Manhattan on or each year, rent-producing properties assessed for $40,000
south of 110th Street. or more must file a Real Property Income and Expense
6. Repairs and maintenance higher than 15% of statement with the Finance Dept. for use in preparing real
gross rent property tax assessments. Exclusively residential
7. More than 15 percentage point increase in properties with ten or fewer apartments, residential
vacancy properties with up to six apartments and one store, and
8. Residential rent roll times 12 less than total other types of properties may claim an exclusion from
residential income filing.

9. Residential rent roll times 12 110% or more of Failure to timely comply with RPIE filing requirements
total residential income results in the loss of eligibility for Tax Commission review
10. Residential rent roll times 12 equals precisely of the assessment the following year and subjects the
total residential income owner to liability for fines.
11. Wages higher than normal for the type of
property or the level of income
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Filing Form TC201 does not satisfy the RPIE filing 2. REAL ESTATE TAX ESCALATION - Additional rent
requirement in 2024. Finance RPIE rules require electronic received or accrued above the base rent, as provided for
filing of RPIEs. Information on 2024 RPIE filing in the lease, for increases in real estate taxes.

requirements is posted at
www1.nyc.gov/site/finance/taxes/property.page. 3. SALE OF UTILITY SERVICES - The gross amount
Filing of the RPIE with the Department of Finance also received or accrued from the sale of utility services such
does not satisfy the requirement to file an income and as electricity, gas and air conditioning. Do not deduct the
expense statement with the Tax Commission. landlord’s costs.

4. SALE OF OTHER SERVICES. - The gross amount
FORM TC201 PART 6. INCOME INFORMATION
received or accrued for services such as laundry, valet,
Report all operating income received or accrued in vending machines, etc.

connection with the property.
5. GOVERNMENT RENT SUBSIDIES - Direct rent
Definitions for purposes of Form TC201. subsidies received or accrued (for example, Section 8) and
Related persons. Related persons include individuals any abatement of real estate taxes or carry-over amount
related by blood, marriage or adoption, individuals and the received or accrued in respect to senior citizen rent
business entities they control, business entities under increase exemption (SCRIE) orders.

common control, and fiduciaries and the beneficiaries for
whom they act. A person includes a corporation or other 6. SIGNAGE/BILLBOARD – The gross amount received
business entity. from unrelated persons from renting any signage or
billboard space on your property.

Floor area. Where floor area is called for, state the
approximate gross floor area to the best of your knowledge 7. CELL TOWERS – The gross amount received for
and ability. The measurement should be from exterior wall placing a cell tower or other telecommunications
to exterior wall for each floor. equipment on your property.

Lines a - h. Rent received or accrued for space occupied Line k. OTHER OPERATING INCOME - Any other
by tenants. Do not include space occupied by the owner, operating income derived from the property not previously
applicant, related parties or affiliates. Rent must be specified (do not include interest on bank accounts and
correctly identified by use (apartments, offices, stores, loft, tenants’ deposits). Identify the source or sources of
factory, warehouse, storage, parking) and should be income on line k. Lease termination payments should be
consistent with the property description in Parts 7 and 8 of reported and specified on line k.

Form TC101 or Form TC109 (where Form TC201 is filed Line l. TOTAL GROSS INCOME - Add all items on lines
for condo units.) Regulated and unregulated residential a through k.
rent must be reported separately on the two lines indicated
in Part 6. When reporting rental income on the accrual FORM TC201 PART 7. EXPENSE INFORMATION
basis and the reporting entity’s leases call for scheduled Report only actual operating expenses to the nearest
increases in rent, do not straight-line rental income as may whole dollar amount in the appropriate category. Do not
be required by Financial Accounting Standard No. 13. report projections or reserves. Do not include any personal
Payments by tenants to the reporting entity to terminate a or business expenses for space occupied by the Applicant
lease prior to the lease’s expiration date (lease termination or a related party. All related party expenses must be
income) should be included and specified in line k. disclosed in an attachment to Form TC201 or noted on
Additional explanation or disclosures about any line item Form TC309, stating: the nature, amount of the
may be attached to Form TC201 or noted on Form TC309. expense(s) and on what line of Part 7 the expense is
reported. An example of a related party disclosure is a
Line i. Income from related persons must be segregated management fee, reported on line f of Part 7, representing
from other income and listed only on line i. State the 5% of rent collected during the year. Services or goods
amount carried on the owner or Applicant’s books for provided by related parties for which no charge was made
space occupied by the owner, Applicant, related parties or may be disclosed on an attachment to Form TC201 or
affiliates. If such rental income is not reflected on the noted on Form TC309 and a fair market expense
reporting entity’s books, an estimated fair market rental estimated. For example, an owner of the property may
may be stated instead. Whether or not rent is stated, provide management services at no charge.
report the number of residential units on line i and non-
residential floor area in Part 4 on page 1 of Form TC201. Line a. FUEL - Amount paid or incurred for heating and
for supply of hot water. Include the cost of gas provided to
Line j. ANCILLARY INCOME tenants.

1. OPERATING ESCALATION INCOME - Additional rent Line b. LIGHT and POWER - Amount paid or incurred for
received or accrued above the base rent, as provided for electricity. Include electricity supplied or sold to tenants;
in the lease, for increases in operating expenses, CPI do not include electricity consumed for the owner’s
clauses, etc. personal or business use.

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Line c. CLEANING CONTRACTS - Amount paid or amortization, and amount of amortization included in line l
incurred for cleaning contracts this year and accumulated amortization.

Line d. WAGES and PAYROLL - Wages and related Common area improvements include replacements of
payroll taxes and employee benefits paid or incurred to existing building components, major repairs, and
employees responsible for the operation or maintenance installation of safety and health systems. Examples of
of the property. Do not include salaries or commissions replacement costs are replacement of boilers, roofs,
paid to directors, officers or management employees or elevators, and residential kitchen appliances and cabinets.
agents. Examples of safety and health systems are brick pointing,

fire safety systems, and environmental remediation.
Line e. REPAIRS and MAINTENANCE - Amount paid or
incurred for contracted labor and materials for the general Amortization of lease buyout costs includes all costs to
maintenance and repair of the property. Do not include acquire the unexpired lease of a vacating tenant to secure
reserves for replacements, amounts attributable to capital an identified prospective tenant and may be included only
improvements and common area improvements (see on line l if you itemize the amortized costs and the amount
instructions for line l below). See instructions above for is amortized over the term of the new lease. Lease buyout
required substantiation of expenses for repairs and costs incurred without an identified replacement tenant
maintenance in excess of 15% of gross income. should be deferred until a new tenant is secured; itemize

and amortize such costs over the term of the new lease.
Line f. MANAGEMENT and ADMINISTRATION - Amount
paid or incurred for management, legal and accounting Line m. EXPENSES BEFORE TAXES - Add lines a
services attributable to operation of the property. through l.

Line g. INSURANCE - Annual charges paid or incurred Line n. REAL ESTATE TAXES - Total annual real
for fire and other insurance premiums relating to the real property taxes paid or incurred. Where there are SCRIE
property. Prorate multi-year premiums on a yearly basis. abatements, state the total tax levied.

Line h. WATER and SEWER - Amount paid or incurred Line o. TOTAL EXPENSES - Add Lines m and n.

for water and sewer usage.
Public records. Tax Commission application forms and
Line i. ADVERTISING - Amount paid or incurred for attachments are subject to public disclosure under the
advertising space for rent. Freedom of Information Law. Details of rent rolls and lease
schedules whose disclosure would cause substantial injury
Line j. INTERIOR PAINTING and DECORATING - The to the filer’s competitive position may be withheld if
cost of all contracted labor and decorating materials for confidentiality is claimed.
interior painting and decorating, including paint, wallpaper
and brushes). This item may be combined with REPAIRS Where to get additional forms and information. Copies
and MAINTENANCE if the Applicant’s books are of Tax Commission forms may be obtained at
maintained on that basis, and line e should be so marked. www1.nyc.gov/site/taxcommission/index.page, at the Tax
Commission’s main office and at Finance Business
Line k. AMORTIZED LEASING and TENANT Centers in each borough. Questions about RPIE filings,
IMPROVEMENT COSTS - The amortization of all costs how your assessment was determined, or general
incurred to lease space to tenants over the term of their questions about real property tax assessments should be
respective leases. Examples of such costs are legal fees, addressed to Finance. Contact Finance at
brokers’ commissions, tenant improvements, etc. www1.nyc.gov/site/finance/taxes/property.page

Line l. MISCELLANEOUS EXPENSES - Other expenses or call 3-1-1.
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 below.
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

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 High Value
TAX COMMISSION OF THE CITY OF NEW YORK  Copy TC201
1 Centre Street, Room 2400, New York, NY 10007 2024/25

INCOME AND EXPENSE SCHEDULE FOR RENT-PRODUCING PROPERTY
ATTACH 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- % % % %
ND
2 FLOOR % % % %
ST
1 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 Parts 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).

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BOROUGH/BLOCK/LOT
6. INCOME INFORMATION 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 Attached. 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. Amortized 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)
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