News & Analysis as of

Commercial Real Estate Tax

Read Commercial Real Estate Law updates, news, and legal commentary from leading lawyers and law firms:

NSW re-opens its door to foreign developers

by Dentons on

The Berejiklian Government has introduced a Bill into the NSW Parliament which may change the way surcharge purchase duty and surcharge land tax applies to foreign developers....more

Extension of Property Tax Discount in Miami-Dade and Potentially Other Counties

by Bilzin Sumberg on

On September 4, 2017, Governor Scott issued Executive Order 17-235 in response to anticipated severe damage across Florida due to Hurricane Irma. The Executive Order granted the Florida Department of Revenue authority to...more

Maine Superior Court Upholds Refusal to Honor Citizens’ Petition

by PretiFlaherty on

The Town of Brunswick recently prevailed in a case regarding the Town Council’s decision to sell a waterfront property that had been acquired through tax foreclosure. The plaintiffs, several citizens, had presented a petition...more

Fall 2017 Property Tax and Valuation Topics

by Pullman & Comley, LLC on

Property Assessment Class Action Fails - On previous occasions, the editors of Property Tax and Valuations Topics have noted that Connecticut courts tend to be rather strict in requiring property owners to pursue statutory...more

Tax Appeals Based on Property Type May Violate State Constitution

by Tucker Arensberg, P.C. on

Valley Forge Towers Apartments N, L.P. v. Upper Merion Area School Dist., 2017 Pa. LEXIS 1520, 163 A.3d 962 (Pa. July 5, 2017). (The Pennsylvania Supreme Court holds that school district’s tax assessment appeal policy...more

West Coast Real Estate Update - November 2017

by Holland & Knight LLP on

The tax proposal initially released by the House Ways and Means Committee could look very different from what Congress actually approves. However, analysts have said that, if passed, certain provisions in the tax plan could...more

Why Did My Property Tax Bill Go Up?

by Tonkon Torp LLP on

Property taxes have skyrocketed for many Oregonians this year – with some taxpayers experiencing double digit percentage increases over the year before and average increases in the Metro area of 11 % (Multnomah), 6.5 %...more

One Reason Your Property Taxes Skyrocketed - New Bond Measures

by Tonkon Torp LLP on

Contrary to popular belief, Oregon law does not limit property tax increases to three percent per year. If you received a property tax statement this year, you may have learned this the hard way. Overall tax rates are now at...more

Current Issues for Higher Education Real Estate Lawyers

by Bowditch & Dewey on

Campus Real Estate, Property Management, Tax Credits The 15th Annual Higher Education Real Estate Lawyers conference was held in San Francisco, where attendees listened to and learned from both in-house and outside counsel at...more

Proposed U.S. Tax Reform May Impact Investments in U.S. Real Estate

by Mintz Levin on

Last week, the long-awaited proposed bill for a comprehensive reform of the U.S. tax code (the “Proposed Tax Reform”) was finally released. While the Proposed Tax Reform is likely to be heavily negotiated further and possibly...more

LB&I Expands New Approach with Second Release of Campaigns

On November 3, 2017, the Large Business & International Division (LB&I of the Internal Revenue Service (IRS) released a list of 11 new campaigns, adding to the 13 campaigns that it initially launched in January. Eversheds...more

Lenders Beware–Retroactive Tax Lien Trumps Recorded Mortgage [Florida]

by Charles (Chuck) Rubin on

Under Florida law, a mortgage lender’s lien against real property takes priority over later filed liens. However, under Fla.Stats. §197.122(1), ad valorem tax liens filed against Florida real property will take priority over...more

Tax Court Declines to Follow First Circuit Ruling on Mortgage Subordinations & Conservation Easements

by Coblentz Patch Duffy & Bass on

This month, the Tax Court revived a method to defeat conservation deductions with its October 10 opinion published as Palmolive Building Investors LLC et al. v. Commissioner, No. 23444-14; 149 T.C. No. 18 (Oct. 10, 2017),...more

Don't Get Overtaxed: Successful Tax Assessment Challenge Shows Benefits of Apartment Owner Due Diligence

by Faegre Baker Daniels on

By statute, a variety of property types are assessed based on specific approaches to value – in some cases, at the lowest value indicated by a number of valuation approaches. Apartments are one such property type and, as...more

The Bird’s Eye View of the 1033 Exchange

Although many people are aware that real property held for business or investment may be exchanged for other, “like-kind” real property (and certain personal property) while deferring recognition of gain or loss for income...more

S-corporations – Time to Roll In your Rental-Income Benjamins

by Miles & Stockbridge P.C. on

In Private Letter Ruling 201725022 (the “PLR”), the IRS determined that rental income an S-corporation received from its operations is not passive investment income that would subject the S-corporation to termination. In...more

Addressing the Growing Need for Senior Living Projects Through Tax-Exempt Bonds A Guide for Senior Living Facility Owners,...

As the senior population continues to grow, so does the need for housing built specifically for seniors, such as multifamily senior apartments, continuing care retirement communities, independent living and assisted living...more

Oregon Targets Renewable Heating Companies for Increased Assessments

by Tonkon Torp LLP on

Biomass heating companies, which use renewable energy sources like wood, crop waste, or garbage to generate heat, will now come under central assessment in Oregon. Under central assessment, all of a company's property,...more

Michigan Property Tax Exemption for Charitable Institutions Is Again Construed Broadly by the State Supreme Court

by Dickinson Wright on

Property owned and occupied by charitable institutions solely for their charitable purposes is exempt from Michigan property tax. Some assessors denied exemptions to charities that charged fees for their services, arguing...more

Small Business Focus: Employees and Independent Contractors

WHEN A PERSON OR BUSINESS NEEDS SOMEONE TO PERFORM SERVICES, that relationship may be structured in different ways. In some cases it may make sense for the person or business to hire someone as an employee, while other times...more

Basel III Treatment of DTAs and MSAs

by Bryan Cave on

We have heard, read and seen (and internally had) some confusion regarding the joint proposed rulemaking regarding the potential simplification of the capital rules as they relate to Mortgage Servicing Assets (MSAs) and...more

Fall 2017 Municipal Revaluations in Connecticut

by Pullman & Comley, LLC on

Approximately 20 percent of Connecticut municipalities plan to conduct revaluations effective October 1, 2017. For those with commercial real property located in a revaluing community, you should know that a representative...more

Musings on the Unified Tax Reform Framework - What It Means for the Real Estate Industry

by Goulston & Storrs PC on

This September, the Trump Administration, the House Ways and Means Committee and the Senate Finance Committee released a unified framework for a major tax reform effort. The framework is not a set of detailed legislative...more

A Once in a Lifetime Opportunity to Reduce a Property’s Taxes: A Supplemental Notice of Value

by Buchalter on

In the next few weeks, county assessors throughout Arizona will issue supplemental notices of value for the 2018 tax year. Supplemental notices are issued when there is new construction or additions, parcel splits or...more

REIT Implications of the New “Big Six” Tax Reform Framework

by King & Spalding on

On September 27, the Trump administration and the Republican leadership in the House and Senate released a document called the “Unified Framework for Fixing Our Broken Tax Code” (the “Framework”), which lays out the core...more

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