Nassau County Commercial Real Estate Tax Alert | Farrell Fritz, PC

Annual Income and Expenditure Survey – ASIA-2021
In accordance with Nassau County Administrative Code Section 6-30, the Nassau County Department of Assessment (“the Assessor”) requires the submission of 2021 financial data on a form called “ASIA-2021”. Below, we’ve highlighted the main issues and tried to anticipate common questions.

New deadline – April 1, 2022
Section 6-30 of the Nassau Code provides that your ASIA 2021 must be completed online no later than April 1, 2022. However, according to the assessor’s website, “based on the current deadlines for filing declarations of federal and state revenue, the Assessment Department will accept ASIA 2021 filings until June 1, 2022”.

Electronic filing required
The county requires electronic (online) filing of ASIA-2021.

How can I file electronically?
Go to https://www.nassaucountyny.gov/ASIE2021.
ASIA questions or filing issues can be directed to 516-571-0996 or [email protected]

Can I file on paper?
According to the assessor, requests for permission to file a hard copy of your ASIA, rather than an electronic copy, must be submitted in writing to the Assessment Department no later than March 1, 2022. Your written request may be sent by post to:

Nassau County Assessment Department
Attn: ASIA Waiver
240 Old Country Road, 4and Ground
Mineola, NY 11510

As with any county mailing, please keep a copy and obtain proof of mailing.

Can I have more time to file?
According to the assessor, applications for filing permission after the April 1, 2022 deadline must be submitted to the Assessment Department and based on “good cause.” Follow the county’s online instructions for an extension.

100% owner-occupied property must be registered electronically
If you or a related entity are the sole occupier of a property you own, you do not need to submit income and expense data, but you must still file online. Simply check the owner occupied box, electronically sign at the bottom, submit and you’re done.

What about houses, apartment buildings, co-ops and class 2 condominiums?
The law specifically excludes residential properties (classes 1 and 2) from filing requirements.

What information is required?
2021 financial data must be provided.

Who completes this file?
Owner must complete ASIA-2021. We are not authorized to certify forms on your behalf.

Is there a penalty for not filing? Yes . . . But see the legal challenge below
The law provides that failure to file on time exposes the owner to a penalty of 0.25% of the “fair market value” of your property. If not filed by September 30, 2022, the penalty increases to 0.5%. The penalty may further increase to 0.75%. The law provides that the penalty will be perceived as a tax lien on this property.

Legal challenge. . . Still waiting
Challenges to the imposition of sanctions are still pending before the courts. Recently, the New York State Appellate Division returned one of the cases to the lower court for further deliberation. For added security, we recommend that you file and retain records to show that you have complied with the requirements of Section 6-30.

Keep a copy of everything electronically filed and print screens that show and confirm what was filed
It is important to have a record that your submission was completed before April 1, 2022.

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