Posts Tagged: Commercial Property

November 24, 2014

New Law Affecting Nassau County Commercial Property Owners

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%[1] of their property’s tax assessment[2]. 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 »