ArticleOn Monday, February 3rd, 2025, the filing period will commence for Nassau County commercial property owners to submit their 2024 Annual Statement of Income & Expense (“ASIE”). The “ASIE” forms must be filed by owners of income producing property on or before April 1, 2025, using the online portal which can be found here with additional materials and instructions: Nassau County, NY (nassaucountyny.gov).
NCAC 6-30.0 requires owners of income-producing property (i.e, tax Class 4) to annually file ASIE detailing income derived from and expenses attributable to the operation of their commercial property. Owner-occupied commercial properties are exempt from reporting but must still file an ASIE to claim the exemption. The intended use of the ASIE filings by Nassau County is purportedly to create an economic database that the Assessor can use to help formulate accurate assessments for commercial properties in the following year. However, the extent to which ASIE actually informs the annual assessment process is questionable given that the County has once again frozen assessments on the newest assessment roll for the 2026/27 tax year, published earlier this month.
For more on the assessment rolls, see my colleague Ryan Hild’s Tax Tracker here: January 2025 Property Tax Alert: Several High Tax Municipalities in New York Publish Assessment Rolls, including Nassau County and the City of New York – Farrell Fritz
Farrell Fritz recently published an alert further illustrating the rules and requirements associated with the ASIE that can be found here:
Nassau County Commercial Real Property Tax Alert – Farrell Fritz
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