Bulletin: NY000070

Dear Associates:

Pursuant to the enactment of Chapter 738 of the laws of 1994, the Nassau County Charter was amended to reflect several changes that will impact on the payment of real estate taxes in Nassau County.

Among other things, the County fiscal year has been changed from January 1 - December 31 to October 1 - September 30. Secondly, in the past, school taxes had been collected in arrears, many months after the commencement of the schools' fiscal year. Now, school taxes will be collected at the start of each fiscal year, thereby reducing the need to borrow to finance operations.

In addition, the amendment provides that County and Town taxes will no longer be collected in one consolidated general tax bill. Effective 1/1/95, County, Town and School taxes in Nassau County will be due and payable as follows:

Due Date

School Tax1st half - July 1
2nd half - January 1

County Tax1st half - October 1
2nd half - April 1

Town Tax1st half - January 1
2nd half - July 1

This office placed a telephone call to the Nassau County Tax Office to determine exactly how it plans to implement these amendments, but was advised that no decision has been made on this subject. As soon as we know what the County plans to do, we will notify you.

In the interim, please advise those individuals (e.g., closers, escrow clerks, etc.) in your office to prepare for changes regarding the handling of taxes on Nassau County property, since they will impact on the tax periods for which escrows will be collected as well as the amount of escrow collected.

Should you have any questions, please contact Company Counsel.