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California real estate: Change the ownership, increase the tax

In 1978, Proposition 13 was added to the California State Constitution limiting increases in assessed value of real property to help California real property owners, particularly retirees, from suffering drastic increases in...more

Colorado Board of Equalization Approves TIF Property Tax Changes

On Oct. 5, 2016, the Colorado Board of Equalization (BOE) approved changes proposed by the Property Tax Administrator that could affect tax increment throughout the state. The Property Tax Administrator’s proposed changes...more

House Tax Policy Review Committee Update - Public Policy Alert from the South Carolina State House - September 2016

The House Tax Policy Review Committee held its third meeting on Tuesday, September 27th, to review property taxes across South Carolina. Frank Rainwater, Executive Director of the South Carolina Revenue and Fiscal Affairs...more

Illinois House Revenue Committee Holds Hearing on Vacancy Fraud Act

While overall there is little activity in the General Assembly, the House Revenue Committee is meeting today for a hearing on an interesting piece of property tax legislation. The hearing is on HB4363, which would create the...more

N.C. Court of Appeals: Absent Notice to the Federal Government, Foreclosure for Unpaid Local Taxes Won't Extinguish Federal Tax...

North Carolina is a "pure race" state, for real estate title purposes. That is, “first to record an interest in land holds an interest superior to all other purchases for value, regardless of actual or constructive notice as...more

Final Regulations Clarify the Definition of “Real Property” Under the REIT Rules

On August 31, 2016, the Treasury Department published final regulations (the “Final Regulations”) clarifying the definition of “real property” under the real estate investment trust (“REIT”) rules. The Final Regulations...more

Final IRS Regulations Clarify That Certain Solar Assets May Qualify as Real Property for REIT Purposes

On August 30, 2016, the IRS issued final regulations that clarify and expand the definition of "real property" for purposes of qualifying as a real estate investment trust (REIT). The final regulations substantially follow...more

New 2016 Laws Impacting Commercial Real Estate in Virginia

Another session of Virginia’s General Assembly has now come and gone, adding one more chapter to the nearly four hundred year history of the country’s oldest law-making body. Over three thousand bills were proposed in the...more

2015 Cook County Assessments Show First Upturn in Seven Years

For the first time in seven years, the trend line for assessed value in Cook County is pointing up. Beginning with the 2008 assessment year when we began tracking this data, assessed values have steadily, sometimes...more

Calif. Firms Struggle To Find Exchange Properties Amid Boom

Bob Baradaran was quoted in an August 10, 2016, article by Law360 reporter Andrew McIntyre about the real estate boom in California (subs. req.) and the impact that boom is having on 1031 like-kind exchanges commonly used to...more

(US) Give Me Some (Tax) Credit

The Texas Historic Preservation Tax Credit (THPTC) is a little known incentive program established through Texas House Bill 500 during the 83rd Texas Legislative Session. With the goal of making historic preservation projects...more

Use of Shell Companies To Shield Identity Further Limited

On July 27, 2016 the Financial Crimes Enforcement Network, (FinCEN) of the Department of the Treasury issued expanded Geographic Targeting Orders (GTO) that will...more

BC imposes additional 15% tax on foreigners effective August 2, 2016

On July 28, 2016, the BC Government passed legislation to implement changes to the Property Transfer Tax Act. These changes will apply an additional 15% tax on purchases by foreigners of residential property in the Greater...more

Property Tax and Valuation Topics: Summer 2016

Interim “Watch Tower” Revaluation After High Sale Upheld - The last citywide revaluation conducted by Milford was as of October 1, 2011. On that date, the residential property at 19 Beach Avenue was valued by the...more

The Economic Development Toolbox: Downtown Redevelopment Districts Provide Additional Economic Development Tools for Ohio...

On May 6, 2016, Governor Kasich signed Am. Sub. House Bill 233 (“H.B. 233”) authorizing Ohio municipalities to create Downtown Redevelopment Districts (“DRDs”) to encourage the rehabilitation of historic buildings and...more

The Tide Rises Waterfront Development in Pennsylvania

Pennsylvania organizations hoping to increase development of public amenities and parks along Pennsylvania’s waterfronts may soon benefit from the new “Waterfront Development Tax Credit” enacted as part of Act 84, and signed...more

Real Estate News in Metro DC

Ballard Spahr’s mixed-use, condominium, and multifamily lawyers are pleased to provide this newsletter to keep you apprised of important developments and trends in real estate law in Maryland, Virginia, and Washington, D.C....more

Does filing a lawsuit challenging property taxes get you out of paying them while the suit is pending?

With proposed property tax assessments being mailed next month (and final bills being mailed in November), it’s almost the time of year where property owners think about challenging their assessments. Taxpayers must remember...more

Treasury Expands Scope of REIT Spin-Off Rules in New Regulations

On June 7, the Treasury Department released temporary regulations (the “Temporary Regulations”) that expand the types of spinoff transactions subject to the rules under Section 337(d)2 requiring gain recognition where either...more

My “Flippín” House?

Tax Strategies to Reduce Taxation and Build Wealth for House Flippers - Overview - I seem to be perpetually out to lunch. When I step on the scale too, this point is further confirmed. I do not know why I have...more

IRS Issues Temporary and Proposed Regulations Focused on REIT/RIC Conversion Transactions

The regulations affect both real estate investment trusts (REITs) and regulated investment companies (RICs) that receive appreciated property from a C corporation in a so-called “conversion transaction.”...more

Waivers of Ownership Limitation Provisions in REIT Charters

I. Why Do REITs Have Ownership Limits in the First Place? - Ownership limitation provisions are designed primarily to protect one of a REIT’s most valuable assets – its status as a REIT under the federal income tax...more

Alabama Property Tax Protest Season is Underway

The 2016 property tax protest season has arrived. In Alabama, property tax valuations are handled on a county-by-county basis. Some counties mail valuation notices to all taxpayers. Others rely on publication notice and only...more

Jefferson County Taxpayers Have Until June 9, 2016 to Protest Real Property Values

The Jefferson County Tax Assessor’s office mailed real property valuation notices on May 11, 2016. ...more

U.S. Tax Structures Utilized In Connection With Foreign Investment In U.S. Real Estate

U.S. real estate is expected to attract a record amount of foreign investment in 2016. The U.S. real estate market is perceived as a safe haven in light of economic uncertainty in China, the refugee crisis in Europe and the...more

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