Friday, February 10, 2017
Nassau County commercial property taxpayers won a reprieve from the penalties for failing to file the Annual Survey of Income and Expense (ASIE) forms with the Assessor.
The Court extended a restraining order barring Nassau County from enforcing hundreds of thousands of dollars of penalties against County businesses that were fined for allegedly not filing required financial reports with the County Assessor.
Nassau had warned commercial property owners in December that it would turn the fines into liens, accruing 12 percent interest annually.
Friday, February 3, 2017
The Newsday article featured on February 2, 2017, “Mangano’s Overhaul Created $1.7B Property Tax Shift in Nassau,” is right on the money. The article, which discusses residential and commercial real estate tax assessments in Nassau County, accurately explains that your taxes go up when anyone else receives an assessment decrease. The County website, mynassauproperty.com, understates the market value the assessor uses to compute your taxes by 40%.
Monday, January 30, 2017
The Nassau Supreme Court has stopped Nassau County from collecting the penalties for failure of commercial properties to provide income and expense information. There will be a further hearing on February 8, 2017.It is clear to me, that many of our firm’s clients have documentation that the Annual Survey of Income and Expense (ASIE) forms were sent to the County. Other property owners never received the requests. Still other were not the owner of the property during the years the ASIE forms were to be filed. The ASIE penalty is based on a percentage of the property’s market value. That value has, in many cases, been reduced by settlement.
New York City also requests commercial properties to file a Real Property Income and Expense form (RPIE).
However, that procedure is much simpler and fairer to the property owners.
Bottom line – if you receive a request from the Assessor to report your property (not business) income, the failure to comply can be costly.
Wednesday, January 18, 2017
Thursday, November 17, 2016
Why were the Nassau School Tax bills higher than ever?
There are three reasons:
- School budgets continue to increase, higher than the 2% NYS cap;
- There are precious few properties being built, therefore, virtually no new assessments are being added to the tax roll; and
- If there are assessment reductions in the district and no new assessments added, then it’s simple math that tax rates have to increase.
For example: If the total assessments in a district decreased from $1,000,000 to $900,000 because some properties received assessment reductions, the tax rate has to increase by 11% just to get the same money. And, on top of that the budget has to increase.
In fact, in the town of Hempstead School District 27 the commercial taxes increased over 13%. The residential tax rate increases averaged 5%. The (DAF) Disputed Assessment Fund which affects only commercial properties was on this October’s school tax bill and unexpectedly decreased the taxes payable. Be prepared, there will be an increase for the DAF on the general tax bill.
The next protest period in Nassau and New York City is in January and the Suffolk protests are in May.
Wednesday, November 2, 2016
If you own commercial property, your new October school tax bill probably has a lower tax then last year because the Disputed Assessment Fund (DAF) reduced the taxes payable. Everybody thought the DAF was to be an additional tax to build up a refund bucket. However, the Disputed Assessment Fund charge was a reduction on the tax bills. The Assessment Department has not explained why a charge resulted in reducing the tax payable. What will happen on the January 2017 general tax bill is anybody’s guess. As a Tax Certiorari lawyer who files for commercial clients, I am mindful of real estate taxes. This unexpected decrease in school taxes might be welcome in the short run but I am concerned that there will be a large increase in commercial property taxes in the coming year. I will continue to reach out for information on the DAF taxes. Of course, the school taxes increased for Nassau residential properties.