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.
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 »
Herman Katz Cangemi & Clyne attorneys, Jay M. Herman and Jacquelyn L. Mascetti, recently completed a real property assessment trial in a town outside Buffalo, New York involving the valuation of a Nursing Home facility. The trial addressed issues of New York State reimbursement rates and recent changes to the State’s reimbursement calculations; the business aspects of nursing homes; going concern value; the Uniform Standards of Professional Appraisal Practices (USPAP), and NYs court rules for trial appraisals. A decision by a Justice of the New York State Supreme Court is due pending submission of post-trial… Read more »
Assessment revaluations have become a controversial issue throughout Westchester County recently. In recent years, Pelham, Scarsdale, Rye, and Mamaroneck have conducted revaluations. In 2016, Greenburgh and Ossining will debut new assessment rolls. Meanwhile, Yonkers, the largest city in Westchester, continues to seriously consider conducting their own revaluation. As a commercial property owner, how can a revaluation affect you and what can you do to protect your bottom line? Background In Westchester, there is no requirement that municipalities annually re-assess. In fact, many jurisdictions have left their assessment rolls unchanged for decades. Instead of changing the… 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 New York, and many states around the country, only real property is subject to property tax assessment and taxation. However, many properties’ values are intertwined with business operation. Accordingly, the going concern elements, tangible and intangible, of a piece of property must be identified, allocated and extracted so that only the real property is properly assessed. Many property types have significant going concern elements which should not be assessed under New York law, including, but not limited to hotels, motels, resorts, restaurants, golf clubs, department stores, golf clubs, and self-storage facilities. HKCC is committed… Read more »