We have been advised by the Nassau County Website that a grace period has been opened for filing the 2015 ASIE. As you know, we will be challenging the validity of the law, but until such time as the Courts determine its legality, we suggest that you comply with this Nassau County requirement for each of your properties.
The Department of Assessment has opened a grace period for non-filers of ASIE 2015 to avoid penalty. This applies to ASIE non-filers only! You may avoid penalties by submitting and filing a properly-completed electronic form. This grace period ends on January 28, 2017.
The website will provide the necessary form and instructions.
Separate statements must be filed for each parcel of income-producing property, except that a consolidated statement may be filed where one or more tax lots are operated together as an economic unit (or otherwise related for valuation purposes), they are under common ownership, and are contiguous, or within the same, or an adjacent tax block. Additionally, Nassau County requires that a rent roll be filed with the statement, where applicable.
Penalties will be assessed, and range from .25% – .75% of the final equalized assessed value of the property, varying based on the timing of the eventual filing. By way of example, a property assessed at $10,000 has an equalized value of $1,000,000 (using the County Assessor’s ratio of 1%), and could be penalized between $2,500 and $7,500 for late filing or non-filing.
The filing is imposed upon all owners of commercial property in Nassau County and is independent of the tax appeals you have commenced. We cannot file the forms for you, but ask that you provide us a copy so that we are aware of what information the county has been provided on your property.
Please remember this is now an annual requirement. Each year by April 1st, you must comply by filing the prior year’s income and expenses.
Please feel free to contact my office with any questions or concerns you may have regarding the ASIE statement requirement, or any related matter.