Schroder & Strom, LLP | Real Estate Tax Counsel

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2016 ASIE Update: Deadline Extended to June 2017

ASIE 2016 : INSTRUCTIONS

The Nassau County Department of Assessment requires annual financial disclosure from ALL commercial property owners. Owners of multi-family residential buildings (with no commercial units), apartments, condominiums, and co-ops are not required to file any forms.  Commercial owners’ financial disclosure must be filed on a 2016 Annual Survey of Income and Expense Form (“ASIE Form”). Filing must be done on-line and completed by June 5, 2017. Please visit www.nassaucountyny.gov/ASIE for complete instructions.

Mandatory Electronic Filing: On the County’s website, click on the ASIE information link. Create an “account,” log-in, and enter the section, block and lot for your property. If you are unable to file ASIE Form electronically or require a 30-day extension, you must request waiver or extension, by certified mail, immediately to : Nassau County Department of Assessment, 240 Old Country Road, 4th floor, Mineola, NY 11501, Attention: ASIE E-Filing Waiver or ASIE Extension Request.

There are three scenarios in which a property is exempt from the ASIE financial disclosure requirement. Properties that are 100% owner-occupied, properties that were under construction and not leased in 2016, and properties that were sold/purchased during the 2016 calendar year are exempt. However you must still log in to the portal and indicate that your property is exempt by checking off the appropriate box under “Special Filing Exemptions.”  If your property is exempt due to a purchase/sale, you must disclose the sale date and price. Failure to comply with this requirement will result in steep financial penalties discussed below.

Owners need not file if a net lessee makes a complete ASIE 2016 submission. If neither landlord nor tenant files the form, only the property owner will be subject to the financial penalty issued. We recommend that the landlord file the ASIE Form to avoid potential penalties.

After certifying your form, you are directed to a screen with two buttons that will allow you to provide the County with your rent roll. Each button has a different function:

“Upload Rent Roll”: this button allows you to directly upload a rent roll which you already scanned as a PDF file. You do not need to send a separate email.

“Rent Roll Application”: this button opens an electronic rent roll to complete on-line which automatically uploads to the ASIE unit.

Financial penalties accrue to commercial property owners who fail to file the ASIE Form and necessary addenda, based on the following:

• Failure to timely file (June 5, 2017 submission deadline, or if granted 30-day extension, by such date);

• Failure to electronically file ASIE Form (or if electronic filing waived, failure to use the County’s designated form);

• Failure to submit a separate ASIE Form for each tax lot (unless the lots operate as a single economic unit, are related for valuation purposes, have common ownership and are contiguous or adjacent within the same tax block);

• Failure to provide legible forms;

• Failure to provide an income and expense statement that is complete and accurate; or failure to submit an original signed income and expense statement by the property owner (if electronic filing is waived);

• Failure to submit Power of Attorney and an Agent signature if filed by mail and completed by an Agent of the owner.

If the Assessor determines that a property owner failed to file the ASIE Form in a timely manner, the owner will be notified and given the opportunity to file a proper ASIE Form. The owner must make the proper filing or request a hearing within thirty days of receiving such notification.

If the owner does not cure the failure to file, the financial penalty is .25% of the final 2016 County’s determination of market value for the property. For example, if a commercial property has a market value of $1,000,000 in 2016, the penalty for failure to file will be $2,500. If the ASIE Form for the same property is still not filed after the receipt of a notice to cure, the financial penalty increases to .75% ( $ 7,500).

In order to avoid penalties, file the ASIE Form and Rent Roll for each Class 4 commercial property you own by June 5, 2017. Kindly forward a copy of your completed submission to us for our records. A reply envelope has been provided for transmittal. Should you have any questions, please do not hesitate to contact us.

****Remember we cannot file the ASIE Form for you. ****

Prepared by Schroder & Strom, LLP

(516) 742-7430

Email: lawfirm@nytaxreview.com