Richard Fromewick Authors, "ASIE Penalties Held in Abeyance"

The Nassau Supreme Court has stopped Nassau County from collecting the penalties for failure of commercial properties to provide income and expense information. There will be a further hearing on February 8, 2017.

It is clear to me, that many of our firm’s clients have documentation that the Annual Survey of Income and Expense (ASIE) forms were sent to the County. Other property owners never received the requests. Still other were not the owner of the property during the years the ASIE forms were to be filed. The ASIE penalty is based on a percentage of the property’s market value. That value has, in many cases, been reduced by settlement.

New York City also requests commercial properties to file a Real Property Income and Expense form (RPIE).

However, that procedure is much simpler and fairer to the property owners.

Bottom line – if you receive a request from the Assessor to report your property (not business) income, the failure to comply can be costly.