Q: I own a plot and a half of land in Nassau County. The property taxes have become a problem for me and I want to sell the extra 1/2 plot but I'm told that the land would be too small for a house to be built. Are there any options for me to either sell or use this 1/2 plot to generate income to help pay my tax bill?
A: The law was changed some years ago in Nassau County to require that a property [or portion of property] must first be legally subdivided before it can be sold or transferred and new deed recorded with the County Clerk. If the half lot, standing alone, does not conform to zoning requirement for a legally ‘buildable lot’ the subdivision would generally not be granted. You first have to determine whether the half lot is zoned commercial or residential because the rules differ on permissible use. Speaking with a representative of the municipality [village, town] within which the property is located would be helpful. Additionally, you should look into the possibility of bringing a tax certiorari [tax reduction] proceeding to determine if the property taxes might be eligible for reduction and whether you’re taking full advantage of the available real estate tax abatement and reduction programs. Taxes are considerably lower for residential than commercial property. For more information, you should contact a real estate and/or tax certiorari attorney.
Abraham B. Krieger is Co-Chair of the Commercial Real Estate practice group and a member of the Corporate Finance Law practice of Meyer, Suozzi, English & Klein, P.C. located in Garden City, Long Island, N.Y. Mr. Krieger joined the firm in 2007 focusing his broadly-based practice on representing businesses and individuals in commercial and residential real estate lending, sale, and lease transactions and real estate, lease and commercial litigation. An integral portion of his practice includes representing commercial lenders and borrowers on real estate fiduciary transactions and title insurance companies on defending fee title and mortgage validity claims.
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