Business and individual taxpayers in New Jersey bear the nation’s highest real property tax burden. We offer representation before municipal and county taxing authorities with respect to real property tax issues, including valuation, special use, and exemptions.
Real property taxes in New Jersey are some of the highest in the nation. When property values decline, many residents find their homes are assessed too high. A reduction in the property’s assessed value results in a reduced property tax to the property owner.
We represent clients whose properties are currently assessed above fair market value before the municipal assessor, the County Board of Taxation, and the New Jersey Tax Court, while working closely with our property appraisers. We handle real property tax appeals for residential, special use, and commercial properties.
In addition to assessment issues, our attorneys handle real property tax appeals related to property tax exemptions and real property classifications, such as farmland assessments.
Real Property Tax
Business and individual taxpayers in New Jersey bear the nation’s highest real property tax burden. We offer representation before municipal and county taxing authorities with respect to real property tax issues, including valuation, special use, and exemptions.
Real Estate Tax Planning
We work closely with our client’s real estate professionals to provide comprehensive real estate tax planning services. We advise our clients regarding the proper choice of business entity to own real estate, a choice that is crucial in obtaining favorable tax treatment. We assist in designing the business entity to meet the client’s business needs, using special allocation, and other techniques to accomplish goals.
We assist clients to identify and realize tax saving opportunities related to the acquisition, development, operation and disposition of real estate. For example, formal cost-segregation studies acceptable under IRS standards may permit a taxpayer to depreciate property components that are not part of a building structure over shorter time periods.
Real Estate Tax Planning in a Declining Market
In a difficult real estate market with declining property values and rents, debt financing, refinancing, and debt cancellation become significant issues. We work with our client’s accounting and financial advisors, banks, and other funding sources to coordinate the business aspects and tax consequences of property financing transactions.
The Benefit from IRC Section 1031
Clients can benefit from IRC Section 1031 which allows for the tax-free exchange of property sold and replaced with new property. We guide clients and their real estate professionals through the statutory and regulatory requirements that grant tax-free treatment.
Real property taxes are a major financial obligation of New Jersey real property owners. We complement our real estate tax planning practice by offering representation before municipal and county taxing authorities with respect to real property taxes issues, including valuation, special use, and available exemption.
