Residential Real Estate, Tax Law, Commercial Real Estate

Congress Reinstates Income Tax Advantages for Conservation Easements

by Womble Carlyle Sandridge & Rice, PLLC on 5/17/2013

Executive Summary: Congress has temporarily reinstated certain income tax advantages for donations of conservation easements. These advantageous provisions are scheduled to expire at the end of 2013....more

Illinois County Clerk’s Official Property Tax Manual Provides Comprehensive Resource For The Levy And Extension Process

by Ares Dalianis, Scott R. Metcalf | Franczek Radelet P.C. on 5/10/2013

The Illinois Association of County Clerks and Recorders recently released a comprehensive manual for the levying and extension of property taxes in Illinois. The 240-page manual addresses the entire range of property tax...more

Tennessee Property Tax Assessment Appeals: Davidson County in Reappraisal Year

by Brett R. Carter, Joseph Gibbs, Patricia Head Moskal, Brian Shelton | Bradley Arant Boult Cummings LLP on 5/9/2013

With Davidson County and several other Tennessee counties in reappraisal years, we remind Tennessee property owners that now is the time to request an appointment to appeal real or personal property assessments if you...more

Maryland Again Changes Recordation Tax Payable on Indemnity Deeds of Trust - Effective as of July 1, 2013

by Walter Kirkman, Kevin LaTulip, Jr. | Ober|Kaler on 5/6/2013

Recordation Tax Now Charged Upon Recordation of Indemnity Deeds of Trust Securing a Guarantee of a Loan or Related Loans of $3,000,000 or More - Governor Martin O’Malley signed legislation this week that will again...more

U.S. Department of the Treasury Announces $3.5 Billion in Federal New Markets Tax Credit Allocation Authority

by Amelia Frankel, Jarrod Sharp, Jennifer Simmons | Thompson Coburn LLP on 4/26/2013

Yesterday the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (the “CDFI Fund”) announced the award of $3.5 billion in Federal New Markets Tax Credit (NMTC) allocation authority through its...more

Overriding Interest - Spring 2013

by Steven D. Cox, Bonny Hedderly, Rupeena Purewal | K&L Gates LLP on 4/24/2013

In this issue: - The Green Deal - Impact on Commercial Real Estate - High Value Residential Property Tax - Announcements and Events - Transaction Profile - Focus on Henderson Global Investors...more

Alabama Taxpayers' Bill of Rights II Passes Easily In House; Other Important Tax Bills of Interest

by Bruce Ely, James Long, Dave Stewart, William Thistle | Bradley Arant Boult Cummings LLP on 4/12/2013

On April 4, Birmingham attorney and State Representative Paul DeMarco led the effort to pass the 2013 version of the Alabama Taxpayers’ Bill of Rights II, HB 264. The House of Representatives voted 96-2 in favor of the bill....more

Understanding the Basics of Philadelphia's New Actual Value Initiative

by George Kroculick, Michael J. McCalley | Duane Morris LLP on 3/28/2013

Originally published in The Legal Intelligencer on March 27, 2013. The city of Philadelphia's new property tax program is coming and your assessment is likely going up, but it is not all bad news. Still, commercial...more

SDLT Schemes: The Good, The Bad and The Ugly

by Sanjay Mehta | Katten Muchin Rosenman LLP on 3/27/2013

The Chancellor had previously warned that he would “not hesitate to move swiftly, without notice and retrospectively” to counter aggressive and widely marketed Stamp Duty Land Tax (SDLT) schemes. Last week, when announcing...more

Update: After Rehearing, Court Of Appeal Upholds Its Previous Parcel Tax Ruling

by Constantine Baranoff, P. Addison Covert, Brett L. Price, Meghan Covert Russell | Kronick, Moskovitz, Tiedemann & Girard on 3/19/2013

The court of appeal recently upheld its previous ruling that a parcel tax approved by Alameda Unified School District (“District”) voters violates the Government Code’s restriction that special taxes apply “uniformly to all...more

Court of Appeal Upholds Invalidation of Parcel Tax That Differentially Taxes Commercial and Residential Property; Legislature...

by Meghan Covert Russell | Kronick, Moskovitz, Tiedemann & Girard on 3/19/2013

The court of appeal recently upheld its previous ruling that a parcel tax approved by Alameda Unified School District (“District”) voters violates the Government Code’s restriction that special taxes apply “uniformly to all...more

IRS Releases Audit Memorandum on Another HTC Transaction

by David Cohen, Mark Limardo | Katten Muchin Rosenman LLP on 3/14/2013

The Internal Revenue Service recently released Field Attorney Advice 20124002F, revealing another attempt on audit to invalidate an allocation of historic tax credits (HTCs) to an HTC equity investor. Although only just made...more

Banks Not Required to Capitalize OREO Costs

by Thomas Blank, Thomas Cotter, Mark Hildreth, W. Kent Ihrig | Shumaker, Loop & Kendrick, LLP on 3/11/2013

The Office of the Chief Counsel of the Internal Revenue Service has issued a Legal Memorandum (Number AM2013-001, dated March 1, 2013) (the “Memorandum”), which has important implications and represents a victory for lenders...more

IRS Uncertain Over Tax Treatment Of OREO Costs

by Deirdre Mitacek | Cullen and Dykman LLP on 3/7/2013

The Internal Revenue Service released two internal advice memoranda this week regarding the proper treatment of expenses incurred by banks and other financial institutions in connection with “Other Real Estate Owned” (“OREO”)...more

Tennessee Appeals Court Holds that Tenant Is Required to Pay Landlord’s Tennessee Excise Tax

by Brett R. Carter, Joseph Gibbs, Patricia Head Moskal | Bradley Arant Boult Cummings LLP on 2/25/2013

The Tennessee Court of Appeals ruled on January 2, 2013 that a tenant was required to pay its landlord’s Tennessee excise tax liability, based on the terms of the applicable lease agreement. J-Star Holdings, LLC v. The...more

Does The January 1, 2013, Assessment Represent Your Property’s Fair Value?

by Marie-Pierre Gauthier, Pierre Huard | Heenan Blaikie LLP on 2/25/2013

Dans certaines municipalités, un nouveau rôle triennal pour les années 2013, 2014 et 2015 est entré en vigueur le 1er janvier 2013. Vous avez reçu un avis d’évaluation établissant la nouvelle valeur de votre immeuble. Si vous...more

Commonwealth Court Opinion Contains Important Lessons for Property Owners

by Randy Varner | McNees Wallace & Nurick LLC on 2/22/2013

On January 23, a panel of the Commonwealth Court in Krohn v. Snyder County Board of Assessment Appeals, Nos. 116 and 117 C.D. 2012 (January 23, 2013), overturned an attempt by Snyder County to reassess a two acre tract of...more

Revised Common Level Ratio for Philadelphia May Entitle Certain Taxpayers to a Refund

by David Augustin, George Kroculick, Louise Melchor, Brett Messinger | Duane Morris LLP on 2/20/2013

A recent change may affect the parties to certain real estate transactions with respect to property located in Philadelphia County, Pennsylvania, that took place on or after July 1, 2012....more

Buying Real Estate in Spain - FAQs

by Antonio Viñal on 2/18/2013

Prices in the Spanish real estate market have been cut down by around 30% in the last 5 years, which means a wealth of opportunities for real estate funds, savvy individual investors and anything in between. But there are...more

Ready or Not, Here It Comes: Philadelphia's Actual Value Initiative Assessments Are in the Mail

by George Kroculick, Michael J. McCalley | Duane Morris LLP on 2/15/2013

Today, the Philadelphia Office of Property Assessment (OPA) begins mailing out the new "Actual Value Initiative" (AVI) reassessment figures to every property owner within the city. The new assessments are intended to reflect...more

PA Tax Law News - February 2013

by James Fritz, Timothy J. Horstmann, Megan F. Luck, Sharon R. Paxton, Randy Varner | McNees Wallace & Nurick LLC on 2/15/2013

In This Issue: PA Governor Proposes Corporate Tax Cuts; Add-Back Legislation Reintroduced; PA Supreme Court Issues Business/Nonbusiness Income Decision; Philadelphia Property Reassessments; Commonwealth Court Addresses...more

New Jersey Property Tax Appeal Time

by Susan Feeney, Frank Ferruggia, Daniel Zazzali | McCarter & English, LLP on 2/15/2013

It is property tax appeal season in New Jersey. If you own or lease commercial, residential and/or investment property in New Jersey, now is the time to review whether you should file a 2013 appeal. ...more

How Secure is Your Pennsylvania Real Property Tax Exemption?

by Gwendolyn Kern, H. W. Turner, Kathleen Williams | K&L Gates LLP on 2/14/2013

In late January, County Executive Richard Fitzgerald announced that thousands of tax-exempt properties in the county will have their exemptions reviewed in 2013. According to Fitzgerald, each owner of tax-exempt property...more

Real Estate Transfer Tax Rates - February 2013

by Valentina Farle, Rainer Schmitt | K&L Gates LLP on 2/6/2013

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

Philadelphia County to Mail Reassessment Figures to Property Owners in February 2013

by Dusty Kirk, Peter Schnore, Jeffrey Wilhelm | Reed Smith on 1/31/2013

Philadelphia County will be issuing the new “Actual Value Initiative” reassessment figures to every Philadelphia property owner in February. These new assessments are to reflect the actual market value of the property. More...more

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Residential Real Estate › Tax Law › Commercial Real Estate