Client Advisory: Real Property Tax Alert: Nassau & Suffolk Counties
August 18, 2011
Beware of Rising Tax Rates
Across Long Island, we anticipate property owners will see substantial increases in their tax rates this year. Nassau County commercial properties will be most affected by rising 2011/12 tax rates because the Assessor aggressively reduced assessments in an attempt to reflect declining market values. These assessment drops will result in significant tax rate increases across all types of commercial property. Last year, Nassau residential properties experienced a significant rate rise, and while less pronounced, this should continue for 2011/12.
Your property will likely face significantly higher property taxes if your 2011/12 assessment is the same as or higher than the 2010/11 assessment. Even where your 2011/12 assessment is lower than 2010/11, if the assessment decrease is less than the tax rate increase, your property will also be faced with higher property taxes.
ASIE 2010 for Nassau Commercial Properties?
You may recall that for the last few years, Nassau’s Assessor had sent formal requests requiring commercial property owner’s to file the ASIE (Annual Survey of Income and Expenses) or face a possible $500 fine. As of now, the requests for 2010 ASIE’s have not been issued. However, the Nassau County website continues to claim they will be out soon. As events unfold, we will keep you posted.
STAR Exemption for Primary Residence
If you are not currently receiving a STAR exemption on your primary residence in New York State, contact your Assessor’s office for details. In a recent change, if your household income is $500,000 or more, you will lose the STAR exemption.
Commercial Property Owners
To help us resolve your cases, for income producing property, please forward us copies of your 2011 operating statements, rent rolls and lease abstracts as soon as they are ready. Remember to also send us copies of any new appraisals. Please keep us apprised of any new construction, environmental issues or other physical changes. Be sure to let us know about vacancies, problem tenants and efforts to lease your property.
Please see the pdf for KEY DATES regarding Nassau and Suffolk Counties’ grievance filing deadlines.
View the PDF