Schroder & Strom, LLP | Real Estate Tax Counsel

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Firm Announcements

 
New ASIE Deadline April 1, 2014, for Nassau County Commercial Property Owners

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 – – despite the County’s instructions to the contrary. Commercial owners’ financial disclosure must be filed on a 2013 Annual Survey of Income and Expense Form (“ASIE Form”). The County has made changes to its forms and the rules, the most significant of which are: (I) filing must be done on-line; (ii) completed by April 1, 2014; and (iii) penalties for non-filers increased from $500 to a percentage of the property’s full market value; and (iv) penalties can be imposed as a lien.

This Memorandum sent by Schroder & Strom, LLP to our clients will outline the revisions now implemented to assist in your compliance. Please note our law firm cannot file ASIE Forms for our clients. Copies of all ASIE filings should, however, be sent to our office.

The following revisions are implemented for the 2013 ASIE filing deadline of April 1, 2014:

  1. Mandatory Electronic Filing: On the County’s website, www.mynassauproperty.com: 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, no later than March 3, 2014 to: Nassau County Department of Assessment, 240 Old Country Road, 4th floor, Mineola, NY 11501, Attention: ASIE E-Filing Waiver or ASIE Extension Request.
  2. Rent Rolls are required for ASIE submissions and can be mailed to Nassau County, or sent as an attachment via e-mail to: ASIE@NassauCountyNY.gov. (Please note “Rent Roll” and Section/Block/Lot in the subject line of your e-mail).
  3. An ASIE Form must be filed for owner-occupied property, or property occupied by an owner- related entity or person. No financial information is required. You must notify the County that you are exempt from submitting income and expenses by checking the appropriate box on the Form (Section C).
  4. Owner need not file if net lessee makes complete 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.
  5. New owners of commercial property purchased between March 1, 2013 and March 1, 2014, must file the ASIE Form and include: date of purchase, sale price, name of the grantor and financial information reflecting their period of ownership (through December 31, 2013).

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

  • Failure to timely file (April 1, 2014 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 by April 1, 2014, or the granted extension deadline, the financial penalty will be .25% of the final 2014 County’s determination of market value for the property. For example, if a commercial property has a market value of $1,000,000 in 2014, the penalty for failure to file will be $2,500. If the ASIE Form for the same property is then still not filed by September 30, 2014, the financial penalty increases to .5% ( $5,000).

In order to avoid penalties, file the ASIE Form and Rent Roll for each Class 4 commercial property you own by April 1, 2014. Kindly forward a copy of your completed submission to us for our records. Should you have any questions, please do not hesitate to contact us.

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

(View Bulletin as a PDF)