For commercial properties in Suffolk County, there is only a brief window of time to challenge your real estate tax. For 2023, the filing deadline is May 16. If you are not paying attention, you will miss this rapidly approaching deadline.

This year, there is an unprecedented opportunity obtain lower taxes for Suffolk commercial properties. Why is that? Believe it or not, the red-hot housing market of 2020-2023 resulted in uneven tax distribution throughout the entire region. For commercial taxpayers, this is an uncommon opportunity to fix the inequity, resulting in a tax refund and lower tax burden for the future.

Further, the state of the nation’s economy should prompt everyone to scrutinize their real estate expenses. Inflation is still high and the cost of borrowing is up dramatically. These economic headwinds are squeezing margins of small and big businesses alike. After mortgage debt, property tax is typically the most significant real estate expense. You must be proactive to keep it under control.

Now is the time to act. The window to challenge ends on May 16. Don’t wait or you’ll miss it.

If you have any questions about your existing real estate tax challenge(s), or wish to inquire about commencing a real estate tax challenge on a new property, please call 516-248-1700 or e-mail any of the attorneys in our Tax Certiorari Practice Group.

We look forward to sharing the latest industry news with you in our next issue.