Nassau County Commercial Real Property Tax Alert

July 22, 2010

Annual Survey of Income and Expenses (ASIE-2009)
Recently, you may have received a letter from the Nassau County Department of Assessment (the “Assessor”) requesting financial data, known as ASIE-2009 on your property located in Nassau County, pursuant to Nassau County Administrative Code Civil Division Act, Section 6-30.0. Below, we have highlighted key issues and have attempted to anticipate common questions.

August 16, 2010 Deadline
Your submission must be completed electronically or via paper/hard copy post-marked no later than August 16, 2010. A waiver or extension may be requested by contacting the Department of Assessment directly.

Should I file electronically?
For owner – occupied property, this is the easiest method. For actual income producing property, the new electronic filing method can be cumbersome and it may be easier to use paper.

Paper Filing
The Nassau County Administrative Code provides that “an owner of income producing property shall file with the [Assessor] an income and expense statement for the most recent taxable year” (or fiscal year).

This year’s letter from the assessor does not include forms. The ASIE-2009 forms are available at www.nassaucountyny.gov/agencies/Assessor/Online Forms/Online.html. The form ASIE-2009 General Sections D through H ask for information that is beyond the scope of the law and may be skipped. It is easiest to comply with the law by filling out the ASIE-2009 General Form Sections A, B, C and J and attaching a printout of your property’s 2009 operating statement. Section I deals with environmental contamination and should be included when applicable.

Owner-Occupied Property
If you or a related entity are the sole occupant of a property that you own, you do not need to submit income and expense data. In this case, it is easiest to use the electronic filing method. If you prefer paper, check off box 11 of ASIE-2009 General and sign on the reverse page in Section J.

Keep a Copy of Everything and if Paper Filing, Mail Original via Certified Mail Return Receipt
It is important to have a record that your submission was completed or mailed by August 16, 2010.

The Potential Fine
The law provides that a violation can result in a maximum civil penalty of $500 per property. The fine is being challenged in court but it is best to avoid the hassle by maintaining records to show that you have complied with the requirements of Section 6-30.0.

We’re Here to Help
If you have questions or concerns, please do not hesitate to contact Will Meyer at wmeyer@farrellfritz.com (516) 227-0678 or Art Feldman at afeldman@farrellfritz.com (516) 227-0707.

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