Effects on Property Tax

By Erin A. O’Brien

There has been no immediate property tax relief available to New Yorkers since COVID-19 took the nation by storm in early 2020. While COVID-19 wreaked havoc on our communities, our economy and our real estate market, assessors statewide advised that they would not consider the market effects of COVID-19 until the next taxable status date for the subsequent assessment roll.

The “taxable status date” is a snapshot in time where the assessor looks at the condition and ownership of each property as of that date. In the ten Suffolk towns, the 2021/22 tentative assessments are determined as of the March 1, 2021 taxable status date.

For New York City properties, January 5, 2021 is the taxable status date for the 2021/22 tentative assessment roll. Nassau County, however, differs from its neighbors in that its January 4, 2021, taxable status date is for the 2022/23 tentative assessment roll, so any COVID-19 relief in Nassau property taxes will not be reflected until the 2022/23 tax bills.

Nassau County did freeze its 2022/23 assessment roll so that assessed values remained unchanged from 2021/22. Covid-19 Market Related Factors That May Affect Your Assessment

Timely filing a property tax grievance is the first step to obtaining relief with your property taxes. Grievances must be filed annually to preserve the right to reduce each year’s assessment.

As each annual filing period is only open for a matter of weeks, it is important to be aware of the statutory filing deadlines.

In New York, commercial properties are generally valued on an income capitalization approach. Nassau County and New York City are considered “special assessing units” and they require that most owners of income producing property file an annual statement (Continued on page 31) ErinA.O’Brien

Partner, Certilman Balin Adler & Hyman, LLP

Erin practices in the area of real estate tax certiorari and condemnation. For additional information concerning this article, contact her at eobrien@certilmanbalin.com.