We are sending you this reminder that Nassau County requires owners of “income producing property” and property that is owner occupied, under construction, and/or sold or purchased during calendar year 2017 to file an Annual Survey of Income and Expense (ASIE Statement) on each applicable property. The filing deadline is April 2, 2018.
Separate statements must be filed for each parcel, 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.
Please note that the law as it is currently written imposes penalties for failing to file, or filing improperly, among other defaults. These potential penalties range from .25% – .75% of the final equalized assessed value of the property, varying based on the timing of the actual 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 constitutionality of the “penalties” is currently being challenged.
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 with a copy so that we are aware of what information the county has been provided on your property.
The ASIE Statement MUST be filed electronically via the Nassau County website.
The electronic filing form and instructions are available on the Nassau County website and may also be accessed at this time by clicking on the link below:
Online ASIE Form