Property Tax

Property Taxes are taxes levied against the owner of property located within a particular jurisdiction. Property taxes are often used to refer to taxes on real property. Property taxation schemes vary depending... more +
Property Taxes are taxes levied against the owner of property located within a particular jurisdiction. Property taxes are often used to refer to taxes on real property. Property taxation schemes vary depending on the country or jurisdiction.  However, a popular system involves a government assessment of the value of a property and a rate based on a proportion of the assessed value. A property may be subject to taxation by multiple taxing entities.  less -
News & Analysis as of

Major Tax Legislation Enacted by the Short Session of the 2015-16 General Assembly

This Alert summarizes the major tax provisions included in legislation passed by the 2015-2016 North Carolina General Assembly in its short session, which concluded earlier this month. The most widely discussed tax...more

South Carolina Economic Development Incentives: The Negotiated Fee in Lieu of Property Taxes

South Carolina has some of the highest business property taxes in the Southeast.  The state generally taxes land, buildings, machinery and equipment, and furniture and fixtures, but does not tax inventory, pollution control...more

10 Items of Note From the 2016 South Carolina Legislative Session

The South Carolina General Assembly completed its 2016 regular session on June 2. The following are highlights from that session. 1. Highway Funding and SCDOT Restructuring - Legislation (S.1258) addressing road...more

Financial Services Weekly News - July 2016

Regulatory Developments - NY DFS Adopts Final Anti-Terrorism Program Regulation - On June 30, New York’s Department of Financial Services (DFS) adopted a risk-based anti-terrorism and anti-money laundering...more

Super Priority Municipal Liens: When Is Your First Mortgage Not First In Line?

In Connecticut, the General Statutes have granted “super” priority status to certain types of municipal liens. As a result, these liens jump to the head of the priority line, even if your bank has a first-mortgage on the...more

Spotlight on Tennessee: 2016 Tax and Related Legislation

During the 2016 Session, 109th General Assembly, the Legislature considered several tax and related initiatives before adjourning. Although the number of such initiatives this Session was not as large as in the 2015 Session...more

South Carolina Property Tax Incentives: The Special Source Revenue Credit

While South Carolina has low income taxes, and comparatively low sales taxes as well, the state makes up for this by having some of the highest business property tax rates in the Southeast. These property taxes are generally...more

Indiana Homeowners Failed To Prove $0 Value For Partially Constructed Residence Assessed As 100% Complete

In Jones v. Jefferson County Assessor (May 4, 2016), Homeowners in Jefferson County argued that their partially constructed home should not have been assessed as 100% complete for the 2008 and 2009 tax years. In fact, they...more

Recovery of Real Property in South Carolina After a Tax Sale

Acme Bank has a problem. Acme loaned $480,000 for the purchase of a beach house on Sullivan’s Island, South Carolina, securing the debt with a recorded mortgage. Six months ago, the bank received a letter from the county tax...more

Illinois Supreme Court Finds Special Exemption Unconstitutional

Last Thursday the Illinois Supreme Court struck down a special property tax exemption for a single aeronautical services company operating out of the Quad City International Airport. As noted in the July 2015 FR Alert...more

The Side of Tax Reform They’re Not Telling You

Deep-sixing property taxes is a popular pledge on the state and local campaign trail. But the promise is only half the story. Citizens need to ask: “And then what?” Like a climbing wall, eliminating property taxes may...more

Tax Lien on Me: Fifth Circuit Holds the Transfer of a Tax Lien is not Subject to the Truth in Lending Act

On April 29, 2016, the United States Court of Appeals for the Fifth Circuit held that the transfer of a tax lien does not constitute an extension of “credit” subject to the protections of the Truth in Lending Act (“TILA”). ...more

June Special Session?

Gov. Mark Dayton rejected a $259 million tax cut bill at midnight Tuesday by declining to sign it (pocket veto). The Omnibus Tax Bill would have delivered new credits, exemptions and deductions for farmers, businesses and...more

Connecticut Tax Developments

2016 Legislative Session: The New Economic Reality - In his February 2016 State of the State address, Governor Malloy announced that his administration would be adopting a new approach to state budgeting in light of...more

Perspectives - June 2016

In April 2016, the Department of Labor (DOL) released the final version of the fiduciary rule. The final rule was six years in the making and impacts retirement plans, including 401(k) plans, and the employer who offer...more

MoFo New York Tax Insights - Volume 7, Issue 6

New York City Tribunal Rejects City’s Attempt To Forcibly Combine Bank And Its Mortgage Subsidiary - The New York City Tax Appeals Tribunal, affirming a determination of the Chief Administrative Law Judge, has held that...more

South Carolina Textiles Communities Revitalization Act Enhanced

On May 23, 2016 the South Carolina Textiles Communities Revitalization Act was amended to remove a fifty percent cap applicable to the income tax credit provided by the Act. L. 2016, H5009. This taxpayer-friendly amendment...more

The Myth of Mesivtah – The Mistaken Claim that this Pennsylvania Supreme Court Decision Changed Tax Exemption Law. It Didn’t.

Many taxing bodies characterize the Pennsylvania Supreme Court’s decision in Mesivtah Eitz Chaim of Bobov v. Pike County Board of Property Assessment, 44 A.3d 3 (Pa. 2012), as having profoundly changed Pennsylvania charitable...more

Third Circuit Holds SCRA Protections Do Not Extend to Servicemember-Owned Businesses

In a unanimous opinion in Davis v. City of Philadelphia, the U.S. Court of Appeals for the Third Circuit has held that Servicemembers Civil Relief Act (SCRA) protections do not extend to a servicemember's solely owned...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

Nassau County's New "Disputed Assessment Fund" is Likely to Raise Tax Rates

Commercial property owners in Nassau County take note: tax rates for your properties are likely to increase. For years, when property owners successfully challenged their real property assessments in Nassau County, the...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

Pennsylvania Property Tax Reassessment Update

Several counties in Pennsylvania are conducting countywide property reassessments. This update provides status changes for Washington, Blair and Lancaster Counties, along with a set of important deadlines and basic assessment...more

Class Action Lawsuit Seeks Payments from All Illinois Hospitals for Unconstitutional Tax Exemption

You can add one more lawsuit to the mountain of litigation concerning how and when Illinois hospitals are entitled to a property tax exemption. Earlier this month a limited partnership filed a class action lawsuit naming...more

Montgomery County Proposes to Raise Recordation Tax

The Montgomery County Council proposes to increase the recordation tax charged on the sale and refinance (in certain circumstances) of property. Expedited Bill 15-16 proposes to raise the recordation tax rate for taxable...more

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