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Property Tax Appeals In Minnesota: Deadline For Petition Is April 30

Property owners should have already received their 2014 property tax statements from the county assessor. The tax statements will identify the assessor’s estimated market value for the owner’s property as of January 2, 2013,...more

Blame It on the Bossa Nova! A One Note Samba for Inbound Real Estate in the U.S

As an undergraduate at West Point, I was a Spanish and Portuguese major. My Brazilian “thing” had already started a decade earlier as a ten year old growing up in the Panama Canal Zone seeing Pele play for his Brazilian team...more

Federal Rule and Ninth Circuit Opinion Create Huge Opportunities on Indian Land

In a set of comprehensive regulations affecting non-agricultural leasing on Indian land, the Department of the Interior, Bureau of Indian Affairs made sweeping changes and largely exempted property taxes on permanent...more

Establishing A Property’s Tax Valuation – Earlier is Better

Few developers think of spending precious time and resources on working with a municipality to determine the appropriate property tax valuation method and an estimated preliminary value of a real estate project during the...more

Mortgage Recording Tax Implications for Mortgages Securing Revolving Credit Lines

In New York, a mortgage recording tax must be paid when a mortgage is recorded. The amount of the mortgage tax is equal to a percentage of the principal amount of the indebtedness secured by, or which may be secured by, the...more

U.S. and European Cross-Border Real Estate Investment: Key Structuring Considerations

Deploying real estate capital across international markets can be a complex exercise, and structuring cross-border investments so that capital can be brought back efficiently adds to the complexity. Accommodating the...more

Residential Property in the United Kingdom – Extension of Anti-Enveloping Rules to Residential Properties Worth More Than £500,000

The existing United Kingdom tax rules designed to discourage the “enveloping” of residential properties worth more than £2m in certain vehicles are to be extended to lower value properties. The changes will take place in...more

HST, Do I have to collect it if I am just selling my vacant lot?

Determining whether or not you have to pay Harmonized Sales Tax ("HST") during a real estate transaction can be a tricky situation. There can be rebates, exceptions and a whole host of factors which come into play. The sale...more

PA Tax Law News - February 2014

In This Issue: PA Governor's Budget Proposal Preserves Capital Stock/Franchise Tax Phase-out; Shopping Guides and Inserts; Documentation Requirements for Sales of Fuel Oil; Property Tax Notes; and PA Issues on Appeal -...more

Is Property Tax Reform Finally Coming to New York?

In November 2013, Governor Cuomo released the Final Report of the New York State Tax Reform and Fairness Commission regarding tax reform. One week later, the New York State Senate Republican Conference Tax Policy Review &...more

Japan Back In Spotlight For Real Estate Investment

Japan is back in the spotlight for international real estate investors. Recent surveys indicate that Japan was the third most active market globally in 2013 after the U.S. and the U.K., with transaction volumes of...more

Allegheny County, Pennsylvania, Real Property Tax Appeal Deadline is March 31, 2014

Each year, Pennsylvania property owners and tenants have an opportunity to file a real estate tax assessment appeal. With the exception of Allegheny County, the annual appeal deadline for every county in Pennsylvania falls on...more

IRS Issues Long-Promised Guidance Following Historic Boardwalk Decision

To welcome in the new year, the Internal Revenue Service (the “IRS”) issued Rev. Proc. 2014-12, 2014-3 I.R.B. 415, to provide administrative guidance to the federal historic tax credit industry in the aftermath of the Third...more

Cities Entitled to Pre and Post Judgment Interest for Tax Administration Fees Improperly Calculated and Withheld by County

Seven cities brought a lawsuit against a county over the calculation of a fee that the county charges for the collection and distribution of property taxes to each city. A trial court entered judgment in favor of the cities...more

Significant Property Tax Savings Possible via Professional Review and Appeal

Commercial and residential property owners will receive their property assessment cards on or about February 1, 2014, and they will have until April 1, 2014 to file a tax appeal (except for Monmouth County residents whose...more

Tax Appeals in Connecticut: Know When to File

The deadline for appealing local property taxes in Connecticut is approaching. If you are considering appealing local property taxes this year, the following is a general explanation of Connecticut’s appeal procedure and...more

Southeast State & Local Tax: Important Developments - January 2014

The Williams Mullen Southeast State and Local Tax (SESALT) team is pleased to provide you with a comprehensive recap of recent legislation around the U.S. INDIVIDUAL INCOME TAX - Virginia Income Tax Treatment of...more

Senate tax reform proposals: “chilling effect” on real estate industry

A tax reform proposal released by the Senate Finance Committee would have a major impact on the real estate industry, according to comments submitted to the committee by a number of industry groups. If enacted in their...more

Winthrop & Weinstine Summary of Revenue Procedure 2014-12

Scope of the Guidance & General Information - 1. Application of the Guidance is limited to allocations of HTC from Buildings that are placed in service on or after December 30, 2013. 2. This means the Guidance...more

2014 Brings Changes In Pennsylvania Realty Transfer Tax

Act 52 of 2013 amended many provisions of Pennsylvania state taxes, including some relatively minor changes to the realty transfer tax that took effect on January 1, 2014. The most significant change to the realty transfer...more

Appraiser’s Error Results in Severe Penalties For Taxpayers who Convey Conservation Easement

In November 2013, the United States Tax Court upheld the charitable deduction for a conservation easement claimed on the taxpayers’ income tax return but reduced its value and upheld the 40 percent gross valuation...more

SJC Case Could Result in Loss of Property Tax Exemptions for Certain Conservation Land

A property tax dispute involving a $172 property tax on conservation land owned by The New England Forestry Foundation (the “Foundation”) in the Town of Hawley could impact land conservation organizations throughout the...more

RETT: Decrees on anti-RETT-blocker legislation and Federal Tax Court ruling

The German Tax Authorities’ interpretation of the recently introduced Sec. 1 para 3a RETTA goes beyond just preventing RETT-blockers. Within the framework of the Act on the implementation of the Directive on...more

RETT: Reentry of partner in property owning partnership

Transfer of interests leads to loss of qualification as a former partner within the meaning of Sec. 1 para 2a RETTA. The Federal Financial Court of Germany recently decided that real estate transfer tax (RETT) is due...more

BFH: Grunderwerbsteuer bei Wiedereintritt eines Gesellschafters in die Personengesellschaft

Verlust der (Alt-)Gesellschafterstellung in einer Personengesellschaft i.S.d. § 1 Abs. 2a GrEStG durch zivilrechtlich wirksame Übertragung des Mitgliedschaftsrechts. In einem kürzlich veröffentlichten Urteil (II R 3/11)...more

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