Friday, April 28, 2017

ASIE Penalty Hearings

The court has made an interim decision staying the collection of ASIE penalties for those taxpayers that started a lawsuit against Nassau County.

Hundreds of other taxpayers who have not started a lawsuit might be entitled to hearings if they start a lawsuit. We are now preparing a lawsuit for taxpayers who want to present evidence at a hearing to modify or nullify the ASIE penalty.

The ASIE penalties are separate and apart from any tax certiorari proceeding to reduce the real estate tax.

ASIE financial statements must be answered each year that they are requested by the Nassau Assessor or penalties are imposed.

The court is still waiting for a decision from the Appellate Division before making a final decision.

Tuesday, April 4, 2017

Suffolk County Real Estate Taxes

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.