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
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NYC Provides Guidance for Programs Available to Property Owners for Relief from Property Taxes
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. …
2020 Real Property Tax Review: Proactivity Pays Off Especially When the Market is Trending Up
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…
The Local Property Tax Appeal Filing Deadline Remains Inviolate and Cannot be Circumvented by Use of the Intervention Tool
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 (per curiam) (unpublished decision) (35-2-7909), the Appellate Division upheld the decision of the Tax Court in denying an unrelated neighboring property owner’s efforts at intervening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…
2019 Real Property Tax Review: Being Proactive with Your Assessment is Especially Critical in an Upward Trending Market
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…