HKCC Partners Kevin Clyne and Jennifer Hower litigated the proper methodology to be utilized in valuing big box retail stores for property tax purposes in New York State. The methodologies have received mix treatment by courts throughout the state. HKCC is forwarding the theory that, due to the law requiring real property be valued free and clear of any leasehold interest, or any other encumbrance on the fee simple value, the courts should look to the rents paid by second generation users of big box space. The Town, as if often the case, relied entirely… Read more »
You will recall that Nassau County, effective with a Local Law passed in December 2013, requires the filing of “all income derived from and all expenses attributable” to the operation of all commercial property. Non-compliance with this law results in monetary “penalties” (using the County’s term) calculated as a percentage of the property’s assessment, ranging from .25% to .75% of the property’s fair market value as determined by the County, increasing with a continuing failure to file. As we previously advised: (1) this filing requirement has nothing to do with the property tax appeals filed… Read more »
From November 13th to 16th, 2016, IPT (Institute for Professionals in Taxation) will hold its 40th Annual Property Tax Symposium at the Westin La Paloma in Tucson, Arizona. Kevin Clyne is the chair of the Symposium, and Jay Herman will be a featured speaker on the issue of golf course valuation.
Herman Katz Cangemi & Clyne, LLP is proud to sponsor Liz Janangelo Caron, Golf Professional, as she plays in the 2016 KPMG Women’s PGA Championship at Sahalee Country Club, Sammamish, Washington, June 9th to 12th, 2016. Go Liz!
As a Class 4 commercial taxpayer, you may have recently received notice from the Nassau County Department of Assessment regarding the Disputed Assessment Fund (DAF). See the DAF Frequently Asked Questions, here. The new law will apply to Class 4 Commercial property owners in Nassau County who have challenged their property’s tax assessment for 2016/17. The law essentially requires that a certain percentage of those Class 4 taxpayers’ payments be held in separate accounts pending the resolution of their tax appeal. If the appeal is successful, the refund will be made from the County’s DAF… Read more »
You may have received a notice from the Nassau County Department of Assessment, dated either November 19, 2015 or December 7, 2015 stating that you are in non-compliance with its requirement that a certified statement of income be filed electronically on or before April 1, 2014 and/or April 1, 2015. Further, you may or may not have actually filed the statements. Clients who have both complied and not complied have received the notice. It is our opinion that these notices are improper, in violation of an agreement with the County, illegal and unconstitutional. The notices… Read more »
On May 27, Nassau County announced that for the first time since County Executive Edward Mangano froze property values more than four years ago, every piece of property – commercial and residential – in the county will be reassessed. Is this good news? Bad news? Or inconsequential to the bottom line of Nassau County taxpayers? Nassau County is truly a unique place when it comes to assessment and tax issues. Consider the fact that assessments generally have been reduced in the County over the last five years. Not taxes. Not necessarily values. Assessments. However, it… Read more »
In an attempt to circumvent Nassau County’s unsuccessful litigation challenging its obligation to “guaranty” School and other municipal taxes despite successful assessment challenges, the County has sponsored legislation, signed today by the Governor, that will have commercial (Class IV) property owners paying their own property tax refunds. In essence, any commercial property owner that files an assessment challenge will pay taxes on 90% of their property’s tax assessment. The legislation authorizes the taxing authorities to use 90% of the challenged assessment to calculate the applicable tax rate, and creates a disputed assessment escrow fund utilizing… Read more »