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Articles Posted in Property Tax Appeal

Skoloff & Wolfe — Real Estate NJ Spotlight Best property tax appeal law firms
Real Estate NJ, the commercial real estate voice of New Jersey, recently featured Skoloff & Wolfe, P.C. (S&W) as among the state’s leading property tax appeal law firms.

One of only five firms included in the publication’s Professional Spotlight 2020, S&W represents commercial, multifamily, industrial, hotel and hospitality taxpayers in property tax related matters. Its clients include virtually all categories of property owners, including developers, management companies, financial institutions, REITs, retail companies, hospitals, universities, religious institutions, and private equity firms.

Property Tax Increase Cases a Looming Threat for Commercial Property Owners

David Wolfe, Skoloff & Wolfe, P.C. co-managing partner, recently was a guest on The Morning Spotlight, a new podcast that tackles hot topics in the NJ real estate industry. The conversation centered on subjects relevant to commercial property owners in the age of COVID-19, such as being prepared with an action plan and experienced legal representation to defend against coming 2021 assessments.

“For ‘21 [COVID-19] is going to be first and foremost on property owners’ minds. Their income has been decimated. After January 1 most assessments are going to come out in New Jersey and other states, and property owners need to be prepared,” Wolfe told Mike Ham, the host of the Morning Spotlight program. “Property owners should have their team ready, and potentially their appraisals ready and they should be ready to go.”

Have a Plan for Your Property Tax Appeals

ROI-NJ, a media company that informs and connects businesses in New Jersey, announced that David B. Wolfe, co-managing partner of Skoloff & Wolfe, P.C. (“S&W”), was selected to its list of 2020 influencers.

Mr. WolfeDavid Wolfe Property Tax Appeal Attorney is only one of two real estate property tax attorneys among those recognized across all real estate categories such as service providers, developers, construction, banking and finance, public officials, and brokers. He is cited by the publication as being “one of the leading and most highly visible tax appeal lawyers in the state — a specialty that figures to be extraordinarily busy once the pandemic’s impact on commercial real estate is truly understood.”

In a published list that featured Advance Realty, AvalonBay, JMF Properties, KRE, L+M Development Partners, Mack-Cali Realty Corp., Onyx Equities, and Somerset Development, and included CBRE, Cushman & Wakefield, JLL, and Newmark, Mr. Wolfe expressed heartfelt congratulations to all S&W clients and colleagues highlighted on the 2020 influencers list. S&W is honored to be named among the best and brightest of New Jersey real estate.

Golf course property tax appeal
By David Wolfe, Co-Managing Partner, and Vincent Ferrer, Associate, at Skoloff & Wolfe, P.C. (Livingston, N.J.)

For golf courses and country clubs, property taxes can end up being one of their largest annual expenses. Many have begun considering a challenge to their tax assessments, especially now—in the age of COVID—when revenue from events, member fees, and other sources may have been impacted.

However, just as in golf, there are multitude ways things can go wrong. Here’s what every golf course owner and their membership need to examine before taking a swing at their property tax appeal.

As tumultuous as 2020 has been, 2021 may be even worse for many multifamily real estate owners and investors.

“Property owners need to be aware that in addition to taxes going up [in 2021], they can be sued by municipalities,” said David Wolfe, Esq. during CAPRE’s Multifamily Leadership Roundtable on Thursday, October 29, 2020. The virtual event featured speakers from across the country and every facet of the commercial real estate industry. Wolfe served as both moderator and panelist.

“Globally, property taxes are now at the C-suite level of concern,” he explained. As a co-managing partner for one of the nation’s leading property tax appeal practices, Wolfe has secured billions in assessment reductions for his clients. He provided investors with some key insights into the legal world of property tax appeals as part of the discussion.

Pandemics. Politics. Profits. The year 2020 has seen chaos caused by all three. And on Thursday, October 29, 2020, leaders in the multifamily real estate industry came together to weigh in on just how impactful these will be in 2021.

David Wolfe, Esq., served as moderator for the nationally-broadcasted panel “Capital Markets for Multifamily: Debt, Equity, JV and Alternative Capital Raising”. The panel was part of CAPRE’s Fall 2020 Multifamily Leadership Roundtable and featured a lively discussion.

“Investors are shifting away from other asset classes to multifamily,” said Sheri Thompson, Executive Vice President of Real Estate at Walker & Dunlop. “[Multifamily] is the safe bet, along with industrial.” Thompson stated that investment sales are busier than the beginning of 2020, and that cap rates are arguably higher than pre-COVID-19 times.

Skoloff & Wolfe Property Tax Appeal Practice Supports 2020 March of Dimes Real Estate Awards ProgramDespite the coronavirus pandemic, the March of Dimes is continuing to lead the fight for the health of all moms and babies by funding research, leading programs, and providing education and advocacy. A key part of supporting this mission is events like the Real Estate Awards Reception, which was held on September 24 as a virtual event.

The Skoloff & Wolfe Property Tax Appeal practice area was once again proud to serve as a sponsor of the annual event. David Wolfe, co-managing partner at Skoloff & Wolfe, also served on the 2020 event committee.

The Real Estate Awards Reception provides the opportunity to recognize outstanding members of the Real Estate Community. This year the honoree was Jeff Milanaik, Partner, Bridge Development Partners, LLC. Following months of hard work by volunteers, the event was a great success and raised significant funds for the March of Dimes.

Jersey City is pursuing a Property Tax Increase in 2020
As we wrote earlier in 2020, Jersey City, N.J., is now aggressively pursuing commercial property owners with reverse appeals designed to increase assessments and corresponding property taxes. Despite recently completing a revaluation in 2018, Jersey City is selectively challenging assessments on vacant land, multifamily, and industrial properties. This new initiative is in full swing and has continued unabated through the coronavirus pandemic.

Property Owners Must be Prepared to Defend Themselves against Property Tax Increase Cases

It is vital for commercial property owners to engage legal representation with significant experience defending these types of cases. Skoloff & Wolfe is currently defending increase appeals filed against more than $490 million of Jersey City assessments. The firm also handles increase appeals throughout New Jersey, including in the City of Newark, West Orange, Cherry Hill, Springfield, and Elizabeth.

Times of Entrepreneurship logoDavid B. Wolfe, co-managing partner or Skoloff & Wolfe, P.C., was interviewed for a recent article published in Times of Entrepreneurship, an online, multi-industry news source for business owners and entrepreneurs. The article “Rent May Be The Final Blow For Struggling Small Businesses,” reports on the sobering situation brought on by COVID-19 restrictions and their impact on tenants, who cannot make rent, and landlords and property owners who are subject to their own set of financial pressures.

According to Wolfe, most municipalities have not taken affirmative steps to ease the property tax burden on landlords. “Thinking of ways to mitigate the landlord’s costs would enable landlords to forgive or be more lenient with tenants,” he said. The article’s author reports the crisis is building mostly unnoticed as many small businesses hesitate to speak out for fear of angering landlords.

Wolfe argues for more widespread relief such as eviction moratoriums and rent-relief measures for commercial properties, which some state and local governments have initiated but not in a whole-hearted way. Many landlords are doing their part to try and stabilize occupancies. In fact, according to the article, over 75% of landlords have made concessions such as reduced rent, amortized payments and delays in payment. And over 57% made adjustments to the loan length in exchange for loan relief.

Sides Await NJ Supreme Court Decision in Tax Exempt Status of Kean University On-Campus Restaurant

In New Jersey, local municipalities continue to re-examine the status of longstanding property tax exemptions. This includes continued challenges against state institutions and not for profits such as universities, hospitals, houses of worship, and other similar establishments and organizations.

Property Tax Exemptions are in the sights of local taxing authorities.

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