Politicians love to extend “headline deadlines” but rarely touch the lesser known important deadlines that burden Nassau County commercial property owners.
As reported by my partner Michael P. Guerriero in his Tax Tracker post two weeks ago, Nassau County leaders have once again made the headline grabbing decision to extend the annual filing deadline for property owners looking to challenge their taxes from March 1st until April 3rd. Unlike past years when these popular extensions were predicated on snowstorms, power outages, superstorms, pandemics and other convenient calamities, Nassau County leaders failed to identify any calamity at all this year causing them to extend the deadline. Perhaps procrastinators have a bigger impact on Nassau County elections than expected?
A lesser-known filing deadline that confounds Nassau County commercial property owners each year is the Annual Survey of Income and Expenses (ASIE) which is due no later than April 3rd and rarely receives an extension. First enacted by the County legislature in 2013, the ASIE requires owners to “close the books” on the economic performance of each income-producing commercial property within the first three months of the year. Owner-occupied commercial properties are exempt from reporting but must still file an ASIE to claim the exemption. Presumably these filings are used to create an economic database that the Assessor can use to help formulate accurate assessments for commercial properties in the following year but no one really knows for sure. Filings must be completed online on the Nassau County website – https://lnkd.in/e96uMwB8
Regardless of its ultimate usefulness, the filing of an ASIE is required by local law and failure to comply could expose a commercial property owner to an unwelcome penalty. What type of penalty and how much would it cost? Well, that is a long, convoluted legal story better saved for another day…or perhaps another Tax Tracker post!
Thank you to Farrell Fritz Partner Willets Meyer for this week’s Tax Tracker post!