516-227-0700

Real Property Tax Alert

October 01, 2019

Nassau County Class 4 Commercial Property – Disputed Assessment Fund (“DAF”) Program Continues with 2018/19 bills

All Class 4 commercial properties now fund potential property tax refunds by contributing to the DAF.  The program was redefined with the charge shown as a levy (an additional general tax line item) that can be used for tax refunds on any Nassau County commercial property.  2018/19 commercial general tax bills included a DAF charge of $26.302 for every $100 of assessed value.

The Nassau County Reassessment will affect the 2020/21 Tax Bills

In last year’s September update, we asked the following and now have some answers:

  •  Will commercial assessment increases be transitioned in over time?

A – Yes, they are scheduled to be phased in over 5 years.

  •  Will the Assessor abide by the current statutory residential property assessment increase cap (no more than 6% a year and 20% over five years) or try to skirt the restriction by reducing the official ratio below the current .25% level?

A – The County will skirt the cap by lowering the residential level of assessment to .10%.

  •  Will this signal the start of annual reassessments going forward?

A – Stay tuned.

 

The dollar impact of the reassessment will not be known until Fall 2020 when school tax rates are released and January 2021 with the issuance of the general tax bills.  To gauge the effect of the reassessment on your taxes, review the “hypothetical” tax estimates included with your Tax Impact Notice.  A copy of this notice can be found by accessing your property at mynassauproperty.com.

 

UGH!  More STAR Changes

If your income is greater than $250,000 and less than or equal to $500,000 and you currently receive the Basic STAR exemption, you will now automatically receive a check for the STAR credit instead of the reduction on your school tax bill.

 

If your income is $250,000 or less and you currently receive the STAR exemption, you can choose to register for the STAR credit to receive a check instead.  Under the STAR credit, you may receive a greater benefit and your savings will never be less than the STAR exemption benefit.

 

Beginning in 2019, the value of the STAR credit savings may increase by as much as 2% each year, but the value of the STAR exemption savings cannot increase.

 

To switch from the exemption to the credit, go to https://www.tax.ny.gov/pit/property/star/default.htm

 

Southampton Assessment / Re-Assessment Updates Continue

Southampton property owners need to remain vigilant.  Many assessments change year-to-year.  If you wait for your tax bill to see the new assessment, it is too late to protest.  Watch for notices from the Town in late April or early May.  Even if you do not receive a notice, check your assessment on the Town’s website in the first week of May.

Nassau County Assessment Calendar

March 1, 2020:  2021/22 Grievance Filing Deadline

Taxes Affected
   2020/21 School

 2021/22 School

 2021 General

 2022 General

Exemption Filing Deadline January 2, 2020 January 2, 2021
Grievance Filing Deadline DEADLINE PASSED March 1, 2020
Final Assessment Date April 1, 2020 April 1, 2021
Deadline for Judicial Review April 30, 2020 April 30, 2021
Taxes Due NO LATER THAN:

School   – 1st half

– 2nd half

General – 1st half

– 2nd half

 

November 10, 2020

May 10, 2021

February 10, 2021

August 12, 2021

 

November 10, 2021

May 11, 2022

February 10, 2022

August 10, 2022

Suffolk County Assessment Calendar

May 19, 2020:  2020/21 Suffolk Towns’ Grievance Filing Deadline

Taxes Affected 2020/21

 

Exemption Filing Deadline March 1, 2020
Grievance Filing Deadline May 19, 2020
Final Assessment Date July 1, 2020 or later
Deadline for Judicial Review 30 days after Final Assessment
Taxes Due NO LATER THAN: 1st half  – January 11, 2021

2nd half –May 31, 2021

New York City Assessment Calendar Taxes Affected 2020/21
Exemption Filing is Year Round
Grievance Filing Deadline March 1, 2020 (March 15 for Class 1)
Deadline for Judicial Review No later than October 24, 2020
Taxes Due NO LATER THAN:

Assessments $250,000 or less – Quarterly Bills

Greater than $250,000 – Semi-Annual Bills

 

1st half/quarter  – July 15, 2020

2nd quarter – October 15, 2020

2nd half/3rd quarter – January 15, 2021

4th quarter – April 15, 2021

 

Long Island Village filing and tax deadlines

There is no single date that summarizes the Long Island village filing and tax deadlines.  Check with your village clerk or feel free to email us.

If you have any questions regarding real property taxes, we would be happy to assist you.

Arthur K.  Feldman

(516) 227-0707

afeldman@farrellfritz.com

Willets S. Meyer

(516) 227-0678

wmeyer@farrellfritz.com

 

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  • Related Practice Areas: Tax Certiorari & Condemnation
  • Featured Attorneys: Willets S. Meyer, Arthur K. Feldman