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MoFo New York Tax Insights - Volume 5, Issue 7 - July 2014

In This Issue: - Department of Finance Announces Updated Commercial Rent Tax Audit Policy on Billboards - ALJ Finds No Hearing Right To Challenge Notice and Demand, and Corporate “President” Is Personally...more

Mortgagee Lacks Standing to Appeal

A panel of a Commonwealth Court held that a mortgagee is not an aggrieved party for purposes of standing to take an appeal of the assessment of real property. Mountain Manor Development Company LP v. Monroe County Board of...more

Pennsylvania Real Property Tax Appeal Update: Pennsylvania’s 2015 Real Property Assessment Appeal Deadlines Are on the Horizon

For 66 of Pennsylvania’s 67 counties, the 2015 real property tax appeal deadlines fall between August 1 and the first Monday of October 2014. The current annual deadlines are as follows...more

Value of Intangible Assets That Make a Direct Contribution to the Going Concern Value of a Business Must be Deducted from Property...

After the sale of an upscale city hotel, a county assessor reassessed the property. The new owner challenged the assessment, claiming it improperly included the value of nontaxable intangible assets. The county assessment...more

Legislative Changes to Maine’s TIF Statute Take Effect Oct. 9, 2013

What is Tax Increment Financing? - Maine’s municipal TIF statute is an economic development tool for municipalities. When a municipality designates a TIF district, the assessed value of property within the district...more

Can Heads of Agreement That Are "Subject to Contract" Still Bind You?

Background - It is common practice for parties to property and business transactions (such as sales, purchases and leases) to sign a heads of agreement once an agreement has been reached in relation to the key...more

Court of Appeal Grants Petition for Rehearing in School District Parcel Tax Case

The court of appeal in Borikas v. Alameda Unified School District (--- Cal.Rptr.3d ----, Cal.App. 1 Dist., December 6, 2012; re-hearing granted January 7, 2013) held that the school district did not have the authority to...more

Eighteen Counties Will Send Out Revaluation Notices in 2013

Counties in North Carolina are required to revalue real property every eight years; however, some counties chose to do so in shorter intervals. According to the North Carolina Department of Revenue, eighteen counties are set...more

Cook County property owners can cut property tax bills by filing a protest in 2013

Each year, the Cook County Assessor reassesses one-third of the nearly 1.8 million parcels in Cook County. For 2013, the 13 townships located in the north and northwest sections of Cook County will be reassessed starting in...more

Assessment Revaluations Demand Owner Attention

Originally published in the Hartford Business Journal on December 17, 2012. While it is December, many Connecticut assessors are not dreaming of sugar plums or dancing elves. Those assessors conducting townwide...more

New Jersey Property Owners Who Suffered Significant Damages as a Result of Hurricane Sandy May Be Entitled to Property Tax Relief

Any property owners in New Jersey who have suffered substantial damages to their real property as a result of Hurricane Sandy should be entitled to tax relief pursuant to New Jersey law. Specifically, N.J.S.A. 54:4-35.1...more

Property Taxes Impacting Ballot Access and FOIA Requests

Issues related to property taxes extend beyond levies, collections, assessment appeals and refunds. Two recent decisions, one from the Illinois Supreme Court and the other from the Illinois Appellate Court, examine the...more

Illinois Property Tax Appeals and Practice in Collar Counties

On November 1, 2012, I was on panel discussion for the Illinois Institute of Continuing Legal Education seminar on Real Estate Taxation covering the topic "Tax Assessment Appeals & Practice in Cook County and Collar...more

What you need to know today about Municipal Improvement Districts (Presentation)

In This Presentation: Municipal Improvements Act; The Governing Body and MID; Authorized Improvements; Common Questions; Criteria for the MID; Common Questions; and Boundary Issues. Excerpt from Municipal...more

Incentives for Real Estate Developers - Textile Revitalization Credits (Presentation)

In This Issue: Textile Revitalization Credits; Note; General; Notice of Intent to Rehabilitate; Income Tax Credit; Assignability of the Credit; Property Tax Credit; Transitional Rules; and Certification...more

Incentives for Real Estate Developers - InfrastructureTax Credit (Presentation)

In This Presentation: Infrastructure Tax Credit; General; Credit Amount; Qualifying Infrastructure Project; Credit Amount; When the Credit is Earned; Corporations Which File on a Consolidated Basis; Clawbacks; and...more

Incentives for Real Estate Developers (Presentation)

In This Presenation: - Brownfields Voluntary Cleanup Incentives - GENERAL The General Assembly has provided two tax incentives to promote cleanup of brownfield sites: an income tax credit as well as a property...more

Fee-in-Lieu of Tax (“FILOT”) and Multi-County Park (“MCP”) / Special Source Revenue Credit (“SSRC”) Arrangements - Developer...

In This Presentation: FILOTs and MCPs/SSRCs – Developer Issues ..Basic Property Taxes Calculation ..FILOTs – The Basics ..Developer FILOT Project Scenario ..Developer FILOT Arrangements ..Key Issues in...more

PA School Districts Seek to Increase Property Taxes of Selected Businesses

A new and growing trend in the field of property tax assessment continued this summer, as school districts in the eastern part of the state filed what could be a record number of appeals of selected property owners’ tax...more

New Jersey Property Tax Refunds May Be Held To Cover Environmental Remediation

In July of this year, the New Jersey Legislature modified the law addressing tax refunds by requiring a New Jersey property tax refund for certain industrial sites to be deposited with the New Jersey Department of...more

97th General Assembly State and Local Taxation Legislation Wrap

This article, published in the September 2012 Tax Trends, sets forth all of the 97th General Assembly state and local tax legislation that is now signed into law. I tracked the tax related legislation. This is a synopsis of...more

The Changing Nature of IDOT Recordation Tax Collection in Maryland

The Indemnity Deed of Trust (IDOT) structure has long been used in Maryland to defer Maryland recordation taxes, which would otherwise be due had a Borrower entered into a financing arrangement secured by a conventional deed...more

Auto Notes -- August 2012

In This Issue: Government Audits, No 100% Mark Up Restriction; Manufacturer Audit Checkbacks; Is That Covered? Costs of Government Investigations; and Property Tax Reassessment Season Heats Up Excerpt from...more

2012 Property Tax Assessment Notices Mailed This Month

The Florida County Property Appraiser Offices have started to mail the 2012 Property Tax Assessment Notices, commonly known as TRIM Notices. These Notices present the 2012 property assessments and are mailed for both real and...more

Real Estate Transfer Tax Rates

This alert is intended to give an overview of the current real estate transfer tax rates and planned increases thereof in the various federal states of Germany. The information has been assembled with great care. However, no...more

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