How to Complete and File NYC Form TC201: Income, Deadlines, Filing Proof

NYC Form TC201 is the income and expense schedule you attach to a Tax Commission appeal when you want to challenge the city’s assessed value of a rent-producing property. It is filed with Form TC101, the Application for Correction, and for the 2026/27 tax year the deadline for Class 2, 3, and 4 properties is 5:00 PM on March 2, 2026, with filing accepted only in person or by mail.¹ Skip the TC201 when it’s required and the Tax Commission can deny your hearing outright.²

Who Has to Attach a TC201

TC201 is not a standalone form. It rides along with TC101, which is the actual appeal document. If your property produced rental income in 2025, was owner-occupied and used by a business, or was vacant, you generally need to attach a completed TC201.¹

Two situations take you out of the TC201 requirement. Buildings that are exclusively residential with six or fewer apartments don’t file an income and expense schedule. And if you began operating the property after July 1, 2025, no schedule is required, unless the prior operator was a related person.¹

Cooperatives use a different form entirely. If you own cooperative property, file Form TC203 instead of TC201. Condominium units can be reported together on a single TC201 if they are all in the same condominium and covered by one application per block.³

Deadlines and the Filing Fee

Appeal deadlines turn on tax class, not value. For 2026, Class 2, 3, and 4 properties must file by March 2, 2026. Class 1 properties have until March 16, 2026. These dates are set by the City Charter and cannot be waived or extended for any reason, so late applications simply are not reviewed.⁴

Most TC201 filings involve Class 2 properties (larger residential buildings, cooperatives, and condominiums above three stories) or Class 4 properties (offices, retail, factories, and other commercial and industrial buildings).⁵

A $175 fee applies to every Application for Correction where the 2026/27 Notice of Property Value shows an assessed value of $2 million or more. Do not send payment with your application. The fee is added to your real property tax bill, and if it goes unpaid your review may be denied and any offer of correction revoked.¹

Income You Report on the Form

The TC201 asks for all income received or accrued in connection with the property during the reporting period. The standard period is the full calendar year ending December 31, 2025, or a full fiscal year ending after July 31, 2025. Report everything to the nearest whole dollar. Rounded or estimated figures can trigger a denial of merits review.³

Rental income is broken out by use type: apartments, offices, stores, loft, factory, warehouse, storage, and parking. Those categories should match the property description on your TC101. For residential properties, regulated and unregulated rent go on separate lines. Do not include space occupied by the owner, the applicant, or related parties in the standard rent lines.³

Related-party income gets its own dedicated line. Report the amount carried on the owner’s or applicant’s books for space occupied by the owner, related parties, or affiliates. If no rental amount appears on the entity’s books, you can state an estimated fair market rental.³

Beyond base rent, the form has seven ancillary income lines, each on its own line:

Operating escalation income: additional rent above the base for increases in operating expenses or CPI clauses.
Real estate tax escalation: additional rent above the base for increases in real estate taxes.
Sale of utility services: gross amount received from selling electricity, gas, or air conditioning, with no deduction for your costs.
Sale of other services: gross income from laundry, valet, vending machines, and similar services.
Government rent subsidies: direct subsidies like Section 8 payments, plus any tax abatement or SCRIE carry-over amounts.
Signage and billboards: gross amount received from unrelated persons for renting signage or billboard space.
Cell towers: gross amount received for placing telecommunications equipment on the property.

When You Can Use 2023 Data

If a current statement covering 2025 isn’t available, the Tax Commission will accept calendar year 2023 data, but only if all three conditions are met: the 2026/27 actual assessment is less than $750,000, the applicant operated the property for all of 2023, and the applicant does not use a fiscal year for federal income tax purposes. Properties assessed at $750,000 or above must provide current-year data.³

Expenses You Report

Report only actual operating expenses for the reporting period. The instructions are explicit: no projections and no reserves.³ Standard categories include utilities, insurance, repairs, payroll for building staff, and real estate taxes paid during the period, which has its own line.

Payments to related persons should not be reported as regular expenses unless you make the required disclosure in Part 7 as directed. Burying a management fee paid to a related entity in your general expenses, without that disclosure, can undermine your filing. Amortized leasing and tenant-improvement costs have their own dedicated line. A miscellaneous expenses section lets you itemize things like amortized common-area improvements and lease buy-out costs.³

Depreciation, mortgage interest, and debt service are not reported as operating expenses. The Tax Commission values property using net operating income before those items.

Multi-Lot, CPA, and Mixed-Use Situations

A single TC201 can cover a group of lots managed by the same landlord in three circumstances: the lots are contiguous (sharing an edge or boundary), they sit on the same or adjacent blocks and are operated as an economic unit, or they are condominium units in a single condominium covered by one application per block.³

If any individual parcel has an actual tentative assessment of $5,400,000 or more, your TC201 must be accompanied by Form TC309, signed by an independent certified public accountant who has audited the applicant’s records. For consolidated filings covering multiple lots, this threshold applies to each separate tax lot, not to the combined assessed value.³

Mixed-use properties take two schedules. If you both operate a business in part of the property and rent out the rest, attach TC201 for the rental portion and Form TC214 for the owner-occupied business portion. A net lessor leasing to a related lessee that occupies the property can use Form TC200, Part 5 instead of TC201. If that related lessee sublets any portion to unrelated sublessees, you are back to TC201.¹

How to File and Prove You Filed on Time

For 2026, the Tax Commission accepts applications only in person or by mail. Email filing is not available.⁴ An original signature is required, so fax filing is out as well.¹

The only acceptable proof of timely filing is a date-stamped Form TC10. A post office return receipt or express delivery confirmation does not count as proof of timely filing with the Tax Commission. Because the deadline cannot be extended, filing in person and getting your TC10 stamped is the safest approach. Fill the application in completely before you file: unanswered questions can lead to denial of review.¹ All forms, instructions, and the glossary are available on the Tax Commission’s forms page.⁶

The RPIE Trap

The TC201 is separate from the Real Property Income and Expense statement (RPIE) that the Department of Finance requires annually for income-producing properties with actual assessed value above $40,000.⁷ They are different filings with different agencies, but they are linked: if you fail to file your RPIE, you lose the right to a Tax Commission hearing for the following year. Missing RPIE-2024, for example, means no Tax Commission hearing for 2026.

An owner in that position can still recover by filing the next year’s RPIE, submitting a 2026 Tax Commission application, and filing a Supreme Court petition, which allows a two-year Tax Commission review covering both the missed year and the following year.⁸ The workaround adds a year of delay and legal cost. Filing the RPIE on time avoids all of it.

What Happens After You File

On the TC101 you choose whether to request a hearing. You can ask the hearing officer to decide based solely on your application and supporting documents, or you can present your case. Hearings are available in person at the Municipal Building in Manhattan, by phone, or virtually through Microsoft Teams.⁹

The Tax Commission will notify you of your scheduled hearing date by email if you provided one, or by phone or regular mail otherwise. You do not need a lawyer. You can appear yourself or send a representative. If nobody shows up, the appeal may be denied.⁹

If the Tax Commission agrees your assessment should be reduced, you may receive a Notice of Offer and Acceptance Agreement. You typically have 45 days to sign and return it. Once the change is entered, a Revised Notice of Property Value from the Department of Finance follows in roughly two weeks.⁹ Keep in mind that offers on valuation claims are not final determinations and can be revoked by the Tax Commission, so hold off on budgeting around a proposed reduction until the revised notice is in hand.¹⁰

1
Tax Commission of the City of New York. TC101 Application for Correction Instructions 2026
2
Justia Law. New York Code ADC011-208.1 – Income and Expense Statements
3
Tax Commission of the City of New York. TC201 Income and Expense Schedule Instructions 2026/27
4
NYC Tax Commission. NYC Tax Commission
5
New York City Department of Finance. Definitions of Property Assessment Terms
6
Tax Commission. Forms – Tax Commission
7
New York City Department of Finance. Real Property Income and Expense Filing Information
8
Rosenberg & Estis, P.C. How to Avoid RPIE-2024 Non-Filing Penalties
9
NYC311. Property Value Appeal
10
New York City Office of Administrative Tax Appeals. Final Determinations Issued as Offers