In what may prove to be a watershed moment for real property tax exemption jurisprudence in New Jersey, the Appellate Division has held that property located on the campus of Kean University (a State owned institution of higher education), but being utilized and occupied, in part, by a for-profit restaurant, is nonetheless still entitled to
Tax Exemptions
Residential Properties that are Not Religious Parsonages May Still Qualify For Tax Exemption
By Carl A. Rizzo on
In today’s tax dollar hungry environment, municipalities are consistently searching for ways to increase their ratable base and in this regard are viewing tax exemption claims even more critically. Real property tax exemptions are a creature of statute and run against the Constitutional mandate that all property is to be taxed uniformly, with all property…
New Jersey Opportunity Zones Provide Incentives to Investors
By Jonathan Goodelman on
The Opportunity Zone program enacted as part of the 2017 federal Tax Cuts and Jobs Act is designed to spark long-term capital investment into low-income and urban communities. The 169 Opportunity Zones (or tracts) designated in New Jersey by Governor Murphy are a complete game changer and contain attractive investment incentives for developers and investors.…
“Reverse” Like-Kind Exchanges Not Subject to NYS Real Estate Transfer Tax
By Christopher J. Caslin on
In an Advisory Opinion issued near the end of 2016, the New York State Department of Taxation and Finance has determined that the transfer of real property in New York State from an “exchange accommodation titleholder” to a taxpayer in connection with a so-called “reverse” like-kind exchange under Section 1031 of the Internal Revenue Code…
Tax Court Puts Brakes on Recent Trend Limiting Religious/Non-Profit Exemptions
In a recent tax court case, Holy Trinity Baptist Church v. City of Trenton (Docket No. 015909-2014, February 2, 2017), the court overturned the findings of the County Board of Taxation and upheld the tax exemption for religious/charitable use of properties pursuant to N.J.S.A. 54:4-6.3. This statute exempts properties from taxation where “buildings [are] actually…