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The Biden tax reform proposals target many tax benefits associated with real estate investing.   If adopted, the ability to do tax free like kind exchanges may be eliminated and the maximum long term capital gains rates on sale may rise from 20% to 43.4% (marginal rate of 39.6% plus NIIT of 3.8%).   Also, the ability…

In the midst of the global COVID-19 (Coronavirus) pandemic, the New York City Department of Finance (“DOF”) recently publicized several programs aimed at assisting property owners experiencing hardships with making their property tax payments.  The programs are not new but may provide relief for homeowners and other property owners experiencing hardship during these difficult times.  …

In a market where economic indicators continue to show encouraging signs (e.g., sustained favorable employment numbers and rental rates, and continuing low levels of inflation), the prospect that property values will appreciate remains real.  Because of questionable municipal assessment practices, often blindly motivated by the objective of maximizing tax ratables, careful scrutiny of assessments, especially…

In Farmland Dairies, Inc. v. Borough of Wallington, N.J. Super. App. Div. (per curiam) (unpublished decision) (35-2-7909), the Appellate Division upheld the decision of the Tax Court in denying an unrelated neighboring property owner’s efforts at intervening in a pending local property tax appeal between the property owner and the Borough.  The court concluded that…

In a market where economic indicators continue to show encouraging signs (e.g., decreasing vacancy conditions across market segments, improved employment numbers and rental rates, and continuing low levels of inflation), the prospect for property value appreciation exists.  Because of questionable municipal assessment practices, often blindly motivated by the objective of maximizing tax ratables, careful scrutiny…