Monday, January 30, 2017

ASIE Penalties Held in Abeyance

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

The Disputed Assessment Fund (DAF)

Nassau County commercial real estate taxpayers received a very expensive tax bill this year.  New York State allowed Nassau County to create a special additional DAF tax to create millions of dollars to be available for refunds when the Nassau assessor over assesses commercial real estate.  Property owners are being over-taxed to correct the over assessment of their property.

The only way to have this extra tax removed is to file a complaint by March 1, 2017, or that onerous and possibly illegal tax will remain.  Adding insult to injury, the tax rate was dramatically increased for most properties.  This extra tax is a devastating blow to many commercial taxpayers – more taxes means less profits.  The DAF lowers the market value of your property and adds to the burden of conducting business in Nassau County.

The time is now to have your assessment reviewed.