Thursday, June 22, 2017
Wednesday, May 17, 2017
Friday, April 28, 2017
Tuesday, April 4, 2017
The new tax assessments for ten towns in Suffolk County: Huntington, Babylon, Smithtown, Islip, Brookhaven, Riverhead, Shelter Island, Southold, East Hampton, Southampton, will be published on May 1, 2017 and must be protested by May 16, 2017- a very short window.
Although the assessment might remain the same as last year, the ratio of assessment to market value changes each year. Therefore, the assessor’s estimate of market value might increase without any assessment increase. Of course, the taxes will almost certainly increase this year. Therefore, it is prudent to have each property tax assessment reviewed each year.
Friday, March 31, 2017
Friday, March 3, 2017
Many commercial properties in Nassau County have seen their January 2017 general tax bill increase. The claim is that the October 2016 school tax bill had a decrease for the DAF. However, there was a substantial tax rate increase on the school and general tax bills. We have protested the DAF for all of our commercial clients with our complaints to reduce the tax assessment. With only a few days left until the March 10th deadline, everyone should have their assessment checked.
Thursday, March 2, 2017
Justice Marano of the Nassau County Supreme Court, after hearing arguments from commercial taxpayers’ attorneys, and County lawyers continued the restraining order which prevents the County from collecting ASIE Penalties until further notice. The next court date is scheduled for March 30, 2017.
The Assessor is still entitled to send out new ASIE requests and, if not returned, there will be penalties. If you received a notice of penalties, gather documentation to produce at a hearing. I suspect the Court will either cancel the penalties or order the County to conduct evidentiary hearings before penalties can be collected.
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.