Tax Commercial Real Estate

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Philadelphia Reduces Requirements for Certifications for Continued Real Estate Tax Exemptions

The Philadelphia Office of Property Assessment (OPA) recently mailed notices to each owner of property listed as tax exempt on the OPA’s records indicating that the owner must file a form to certify that the property...more

OPA Makes It Easier for Tax-Exempt Owners of Real Property To Recertify Tax Exemptions

The Office of Property Assessment (OPA) has simplified the process for owners of tax-exempt real estate in Philadelphia to recertify that their properties are, in fact, tax-exempt. The OPA's original notices to property...more

UK Budget – Residential Property – Changes To ATED/ CGT

The Chancellor confirmed in his budget yesterday the extension of the Annual Tax on Enveloped Properties (ATED) to lower value properties, effective 1 April 2015....more

Can an Indiana Chamber of Commerce’s Building Qualify for a Property Tax Exemption? Not Without Evidence of Predominate Use for an...

In Greater Portage Chamber of Commerce v. Porter County Assessor, Pet. No. 64-016-10-2-8-00001 (January 2, 2015), the Indiana Board of Tax Review confirmed the denial of a property tax exemption where the taxpayer failed to...more

M&A Update: Market Pressures, Favorable Law Spur REIT Conversions and Spinoffs

Urged on by activists and institutional shareholders, a large number of companies with real estate holdings pursued real estate investment trust (REIT) conversions or spinoffs in 2014. At least half a dozen companies...more

Trading or Investment?

The case of Terrace Hill (Berkeley) Ltd provides a further insight into the distinction between trading and investment. Originally published in Tax Journal, Page 6 , on March 13, 2015....more

Scottish Property Transactions Tax - March 2015

Scottish Parliament approves LBTT rates and bands - The rates and bands for the new Scottish property transactions tax known as the Land and Buildings Transaction Tax ("LBTT") have been formally approved by the Scottish...more

1031 exchange: a business strategy to defer capital gains tax, P.2

In our last post, we began speaking about the potential for businesses to take advantage of tax law to defer capital gains tax on business property they want to relinquish. One important thing to point out, though, is that...more

Real Estate Gazette - Issue 19 (Global)

In This Issue: - INTERNATIONAL: Key Issues For Real Estate In The Implementation Of The AIFMD Across Europe - ASIA: Understanding Four Key Changes To The Hong Kong REIT Code -...more

The Economic Development Toolbox: “The General Manager” – Property Tax Value Management

Managing costs is of key importance for any successful business. Property tax is a necessary cost of doing business, and it can be significant. The good news is that Ohio and other states provide options for challenging...more

Best in Law: Tug-of-War Over Changing Prop. 13 Remains Intense

A “split roll” might sound like something you would find in a bakery. But in fact, it is a real property tax concept that has been the subject of a tug-of-war since Proposition 13 was overwhelmingly passed by California...more

Real Estate Acquisitions in Japan

Interest in acquiring Japanese real estate, such as hotels, office buildings and retail complexes, is increasing due to Abenomics and the depreciation of the yen against major currencies. Japan expects to have a robust estate...more

Philadelphia Nonprofit Property Owners Must Submit Forms by March 31 to Maintain Tax Exemption

Nonprofit organization owners of tax-exempt real estate located in Philadelphia have been receiving letters from the Philadelphia Office of Property Assessment (OPA) concerning forms they must file to enable their properties...more

A Précis On The American Property Tax System

The hundreds of billions of dollars of commercial real estate owned by foreign companies and individuals in the United States requires active management and oversight. This is so whether the property is triple net leased to...more

Philadelphia Tax Exempt Property Owners Must Reapply for Exemption by March 31, 2015

The Philadelphia Office of Property Assessment (OPA) has begun mailing notices to each owner of property listed as tax exempt on the OPA’s records indicating that the owner must file a form to certify that the property...more

Repair Reg Relief for Small Businesses? Not So Fast.

January 1, 2014, marked the date that the final Repair, Maintenance and Disposition Regulations (Regulations) went into effect and apply to any business with material and supplies, repairs or depreciable fixed assets. Since...more

US Senate Finance Committee Unanimously Approves FIRPTA Reforms

On February 11, 2015, the Senate Finance Committee approved a bill that would make significant changes to the Foreign Investment Real Property Tax Act (FIRPTA), encouraging investment in US real estate in several ways, but...more

Can Public Parking Garages Be Tax Exempt In New York? The Second Department Says “Yes”

In the recent decision in Matter of Greater Jamaica Dev. Corp. v. New York City Tax Commn., 111A.D.3d 937, 975 N.Y.S.2d 749 (2d Dep’t 2013), the Appellate Division, Second Department held that five public parking garages...more

How the Real Estate Industry Can Use the R&D Tax Credit

When most people think of the research and development (R&D) tax credit, they think of manufacturing. However, other industries can also benefit from this credit. In my August 5th post, we discussed the basics of the R&D...more

Owners of Tax-Exempt Property in Philadelphia Must Provide Proof of Right to Continued Tax-Exempt Status

The Philadelphia Office of Property Assessment (OPA) has sent letters to all charitable organizations in the city that own property shown as tax-exempt, in whole or in part, in the OPA’s records. Attached to the letter is a...more

New Maryland State Income Tax Credit for Small Commercial Projects

The owners of small commercial properties in Maryland historic districts should take note of the Maryland Sustainable Communities Small Commercial Tax Credit, a new state income tax credit that may be available to them as of...more

"Senate Finance Committee Takes Unanimous Step Toward FIRPTA Reform"

On February 11, 2015, the Senate Finance Committee unanimously approved a significant reform to the Foreign Investment in Real Property Tax Act (FIRPTA). The proposal demonstrates the continued bipartisan legislative...more

Property Valuation Topics: Winter 2015

Thorny Exemption Issue Discussed - Limited Liability Company X owns property in the Town of Windham which it leases to Corporation Y. Both entities are tax exempt under the Internal Revenue Code. Both entities...more

Real Property Tax Review is Especially Critical in an Upward Trending Market – The 2015 Real Property Tax Appeal Season Has...

Property owners should be receiving their annual property tax assessment notices (post cards) from the municipal assessor’s office at this time. Receipt of this assessment notice indicates that it is time to determine whether...more

Tax Tribunal Issues Critical Ruling Regarding Scope of Judge's Authority

Chief Judge Bill Thompson of the newly-established Alabama Tax Tribunal has issued his first ruling involving the scope of his authority as a judge when the taxpayer did not specifically raise an argument or defense in its...more

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