For homeowners in Nassau County, the recently commenced 2024/25 property tax year marks the demise of a little-known old friend – the 5-year Taxpayer Protection Program (aka “TPP”). Created by Nassau County leaders in 2020/21 to help smooth over tax increases created by the county-wide revaluation that same year, the program phased-in property tax increases evenly over a five-year period. At the time critics noted that the program circumvented the whole point of a revaluation (i.e. bringing values up to date to make sure that each property paid its fair share of property taxes) by preserving inequities in residential taxation for an additional five years. Some also speculated that the TPP program had more to do with protecting incumbent politicians from the wrath of angry taxpayers than good assessment policy. See more here: https://lnkd.in/ei3ZNTJz This same political self-preservation technique may also have been at work with Nassau County’s later decision to “freeze” the 2020/21 valuations for the two subsequent tax years after the 2020/21 revaluation—even as sale prices began to skyrocket upward. Despite its murky origins, the TPP succeeded in what it was intended to do – lessen the pain of higher property taxes by phasing them in slowly. Thus, as we bid goodbye to the TPP in the 2024/25 tax year, Nassau County homeowners will finally be, hypothetically speaking, paying their full fair share of taxes according to 2020 values. The only problem – median housing prices in Nassau County have soared nearly 40% from 2020 to 2024 leaving the 2020 values obsolete before they were ever fully implemented. See more here: https://lnkd.in/eHJ_eGYZ The moral to the story – if you truly want to achieve a fair assessment system, you might want to resist the urge to kick the can down the road. Thank you Willets Meyer for this week's Tax Tracker! #taxtracker #nassaucounty
About us
Headquartered in Uniondale, NY, Farrell Fritz provides legal services to corporations and individuals throughout, and beyond, the New York metropolitan region. Our more than 80 attorneys in five offices have built a reputation of excellence in client responsiveness and communication in a diverse range of practice areas. Since our founding in 1976, our mission has remained steadfast -- to bring success to our clients, service to our community, and honor to our profession. Our practice areas include: Bankruptcy & Restructuring Commercial Litigation Construction Corporate & Finance Distressed Assets Emerging Companies & Venture Capital Environmental Estate Litigation Health Law Labor & Employment Land Use & Municipal Real Estate Tax Tax Certiorari & Condemnation Trusts & Estates
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http://www.farrellfritz.com
External link for Farrell Fritz, P.C.
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- Law Practice
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- 51-200 employees
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- Uniondale, NY
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- 1976
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Updates
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In the latest New York Land Use and Zoning blog post, John Charles Stellakis and Mary Tonna discuss the Friend of the Shawangunks v. Town of Gardiner Planning Board case, where the Third Department addressed issues of organizational standing, special permit criteria, and the consideration of expert bias under SEQRA. Read the full blog post here: https://lnkd.in/diK7UdBT
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Matthew Donovan delves into the critical role of ComDiv Rule 13(c) in recent Manhattan court decisions and its implications on expert disclosure in litigation in this week's New York Commercial Division Practice blog. Read the blog post here: https://lnkd.in/evN5v82h #commercialdivision #commerciallitigation
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As we approach the upcoming national elections, employers must be proactive in managing potential political discussions within the workplace. Domenique Moran highlights the importance of recognizing that political conversations in the workplace are part of a broader set of issues in recent GlobeSt article "How Firms Can Handle Heated Political Conversations in an Election Year." Read the article here: https://lnkd.in/dnEGcDvD
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September 25 – 27, 2024 Matthew Donovan will be presenting at the Attorneys for Family-Held Enterprises (afhe) 2024 Fall Conference in Litchfield Park, AZ. For more information and to register, please visit the AFHE website here: https://lnkd.in/eBhBdd72
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Peter A. Mahler discusses changes in LLC dissolution, focusing on a decision by the Delaware Chancery Court in this week's New York Business Divorce Blog. He explores an interesting case that addresses fairness and equity in a partnership conflict. Read the full blog post here: https://lnkd.in/dfVxjTSh #businessdivorce #dissolution
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On July 18th, the Internal Revenue Service released final regulations regarding required minimum distributions (RMDs) from retirement accounts. The final regulations reflect changes to the Internal Revenue Code made by the SECURE Act (in 2019) and SECURE 2.0 (in 2022). They largely adopt the regulations as proposed in 2022, with some modifications. The final regulations are generally effective on or after January 1, 2025. At the same time, the IRS issued proposed regulations under SECURE 2.0 on topics that were initially reserved in the aforementioned final regulations. Many clients have accumulated significant wealth in their retirement accounts during their lives. These accounts are incredibly beneficial to clients during their lifetime and present a straightforward way to benefit from tax deferral or even tax-free growth on these assets. Clients are sometimes surprised, however, that traditional retirement vehicles are potentially subject to both estate and income tax after the account holder’s death and don’t properly plan for a tax-efficient disposition of these assets. It is important that clients and their advisors familiarize themselves with the final regulations so they can plan accordingly. A link to the final regulations can be found here: https://lnkd.in/eYW-iVjr A link to the proposed regulations can be found here: https://lnkd.in/eWVnxacG Thank you David Goldstein for this week’s Tax Tracker! #tax #estateplanning
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Yesterday at the Bisnow Long Island State of the Market event, Farrell Fritz Partner Christopher Kent, moderated a panel on "Building & Developing Industrial Across Long Island" alongside industry colleagues, Mitch Rechler of Rechler Equity Partners, Heath Abramsohn of Rockefeller Group, and Frank Frizalone of Cushman & Wakefield.
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Farrell Fritz was a proud sponsor at the Island Harvest Food Bank 2024 Golf Classic & Pickleball Tournament earlier this week. Island Harvest Food Bank is a leading hunger-relief organization with a mission to end hunger and reduce food waste on Long Island. Thank you to Michelle E. Espey, Michael L. Webb and Lee Peretz for all your contributions with this great organization!
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Hear from top developers, investors and brokers on multifamily, industrial and mixed-use projects on Thursday, July 18 at the Bisnow Long Island State of the Market event. Christopher Kent will be moderating an informative panel on Building & Developing Industrial Across Long Island. For more information and to register, please visit the Bisnow website here: https://lnkd.in/eSwkYqvv #longisland #industrial #landdevelopment
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