Thursday, October 5, 2017
The Nassau County school tax rates, as of October 1, 2017, increased an average of 5% for residences. A typical $10,000 school tax bill from last year will be $10,500 this year. The Nassau school tax rates for commercial properties had a big increase last year, averaging 11%. This year, another 5% increase on average is expected. Therefore, a typical $25,000 commercial tax bill from last year will be $26,250 this year.
The tax rate increases are due, in part, because school budgets increased and many residential and commercial properties received assessment reductions. Having less total assessments in the school district causes the tax rate to increase to meet the budget.
The reason for the substantial commercial tax rate increase is in great measure due to the now 2 year old Disputed Assessment Fund (DAF). Every commercial property received the increase and those properties that protested have part of their taxes set aside for possible refunds.
The expectation is that the general taxes will increase at least the same in January.
Monday, September 18, 2017
Be on the lookout: October 1, 2017 is the date for the first half 2017/18 school tax bill in Nassau County. If a protest, grievance, or complaint to the real estate tax assessment was filed in January 2016 (that’s right, 22 months ago), you might see a lower assessment on the tax bill. Of course, you might also see a higher tax rate.
If you do not receive the tax bill directly, go to: http://www.mynassauproperty.com, and check it out.
In Suffolk County, you will need to visit or call the individual town for your current assessment. Those higher taxes will come in the December bill.
Friday, August 25, 2017
It’s coming… Actually, it’s already here. Artificial intelligence (AI) is being used to value properties for tax assessment of real property taxes. If sales in your neighborhood are going up, chances are that when re-assessment comes, your taxes will go up. Computer software is precise when analyzing real property data, taking hundreds of sales prices and making comparisons that include number of bedrooms and bathrooms and land sizes.
What AI cannot do however, is identify old kitchen or bathroom appliances or 1960’s room colors or landscaping. It takes a human being, and really a land valuation appraiser or attorney, to determine traffic and parking problems or access to schools, shopping and public transportation. There is a reason why so many commercial and residential properties receive real estate tax assessment reductions – AI alone does not do a good job of valuing real property.
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.