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Read need-to-know updates, commentary, and analysis on Tax issues written by leading professionals.

Tax Deductions are Available for Taxpayers with Hurricane Harvey-Related Damage and Loss

by Jackson Walker on

Taxpayers that have sustained property damage (for example, damage to homes and vehicles) as a result of Hurricane Harvey may be entitled to deduct the amount of such casualty loss against their income for federal income tax...more

The Special Economic Zones system extended to cover the entire territory of Poland

by Dentons on

The Polish government has just announced plans to replace the existing Special Economic Zones (SEZ) — scheduled to expire in 2026 — with a new system of permits providing a tax exemption for investments made anywhere in...more

Seattle Waterfront’s Local Improvement District: An Introduction

The Seattle Waterfront Project is a step closer in its plans for redevelopment, or at least a step closer in estimating a piece of its funding. Earlier this month, the City of Seattle received a feasibility study revealing...more

NC Announces Assessment Reappraisal Counties

by Fox Rothschild LLP on

NC has announced that the following counties will begin the tax reassessment appraisal process of real properties in January 2018:-...more

Property Tax Update - 2018 North Carolina Reappraisal Counties

by Nexsen Pruet, PLLC on

Update - 9/05/17 - Anson and Avery Counties are conducting reappraisals effective as of January 1, 2018. Watauga County has delayed the next reappraisal until January 1, 2022. Real property in North Carolina must be...more

CA Supreme Court: Entity Ownership Change Can Trigger Documentary Transfer Tax

Many entities are formed for the sole purpose of buying and holding real estate. In this setup, legal title is held by the entity itself (not the entity’s owners), but the entity’s owners have a “beneficial interest” that...more

Florida Property Owners: The Notice Of Proposed Property Taxes From Your County Property Appraiser-Beware Of Deadline For Appeal

by Roetzel & Andress on

What to Do with the Notice - Immediately open the Notice of Proposed Property Taxes and examine its contents for accuracy. The Notice contains column headings which include: - Taxing Authority - Your Property Taxes...more

California Supreme Court Holds that Real Property Transfer Tax Can Apply to Transfers of Entities that Own California Real...

by Bryan Cave on

Under California law, there are two separate tax implications affecting California real estate transfers that result in a “change in ownership” of the real property - a property tax reassessment and a real property transfer...more

California Supreme Court Affirms Transfer Tax On Entity Control Change

by Akerman LLP on

California allows cities and counties to impose a tax on certain real estate transfers at a rate of 1.1 percent of the sales price. Los Angeles County enacted an ordinance to impose the tax on transfers within the county....more

NJ Adopts “Property Taxpayer Bill Of Rights”

by Fox Rothschild LLP on

New Jersey has adopted a “property taxpayer bill of rights” seeking to assist property owners with the real estate assessment process. New Jersey has one of the nation’s highest property taxes....more

California Supreme Court Decision Changes the Transfer Tax World

In 926 North Ardmore Avenue LLC v. County of Los Angeles, the California Supreme Court concluded that, subject to certain limitations, California’s Documentary Transfer Tax Act (the California DTTA), applicable to direct...more

Property Tax & Valuation Topics: Summer 2017

by Pullman & Comley, LLC on

Declaratory Judgment Not the Correct Remedy - Danping Li sued the Town of Woodbury with regard to the assessments of three properties she owned in that community. One of the counts of her complaint seeking a declaratory...more

2016 Cook County Property Tax Assessment Trends

by Franczek Radelet P.C. on

For the past eight years, Franczek Radelet has tracked property tax assessment data obtained from the Cook County Assessor's Office. Our data set begins in tax year 2009 when the classification ordinance was amended to...more

PA Supreme Court Limits School District Real Estate Tax Appeals

by Ballard Spahr LLP on

In a long-awaited decision on a hotly debated issue, the Pennsylvania Supreme Court has held that taxpayers whose apartment buildings were singled out for school district tax appeals have stated a valid claim that such...more

Delaware to Increase Transfer Tax to 4% Starting August 1, 2017

Increase will not apply to contracts signed before August 1st - As part of passing the budget for fiscal year 2018, the Delaware General Assembly voted to increase the transfer tax charged on real estate transactions from...more

Pennsylvania Supreme Court Rules That Constitution Prohibits School Districts from Engaging in Selective Tax Appeals

by Blank Rome LLP on

Action Item: This alert examines the recent Pennsylvania Supreme Court decision in Valley Forge Towers Apartments v. Upper Merion School District, which held that a school district may not selectively appeal the assessments...more

Commercial Borrowers Should be Familiar with the Refinance Exemption in Order to Avoid Paying More Taxes than Necessary

by Miles & Stockbridge P.C. on

It is pretty well known that Maryland imposes taxes upon the sale/purchase of real property. The State requires both a recordation tax and a transfer tax to be paid whenever an ownership interest in property is transferred....more

California Supreme Court Affirms Novel M&A Tax

by Allen Matkins on

Suppose Mr. Henry owns all of the outstanding shares of a Virginia corporation that owns all of the issued and outstanding shares of a Massachusetts corporation that owns, among other things, real property in Los Angeles,...more

Extension Of Four Valuable As-of-Right Incentive Programs Included In New York State's Omnibus Bill

by Akerman LLP on

The State's new omnibus bill renewed and extended programs that abate real estate taxes, city corporate taxes, and sales taxes, and provide energy discounts to qualified applicants. Developers and businesses with new...more

PTAB

by Franczek Radelet P.C. on

Please see chart below for more information. ...more

2017 Legislative Update: New Laws Impacting Commercial Real Estate Clients

by Sands Anderson PC on

On July 1, 2017, new laws passed during the 2017 General Assembly session will go into effect in Virginia that may impact you as someone interested in commercial real estate. They run the gamut of issues touching on the real...more

Transformational Brownfield Projects Eligible for Substantial Tax Incentives Under Recently Enacted Legislation

by Miller Canfield on

Brownfield redevelopment authorities and developers and owners of transformational brownfield redevelopment projects are eligible for substantial tax incentives under legislation signed by Governor Snyder on June 8,...more

What De Blasio’s Land Use Agenda Means for Brooklyn Real Estate Development

by Cozen O'Connor on

Even with all the development of the last 20 years, Brooklyn, the most populous of New York City’s five boroughs, now approaching 2.7 million residents, continues to attract strong interest from developers, each scouring the...more

South Carolina County Government Must Give Taxpayers a Hearing on Property Tax Penalty Where the Taxpayer Raises County Error

by McNair Law Firm, P.A. on

If South Carolina property taxes are not timely paid, the county Assessor must assess a late-payment penalty. However, the county Treasurer is given authority to waive an assessed late payment penalty if a taxpayer can...more

Classifying Taxpayer Business Hours

by Dickinson Wright on

The Internal Revenue Service has increased its audit activity in the area of deductible losses from real estate investments. A taxpayer who is classified as a “real estate professional" (or “REP”) is eligible for certain...more

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