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Articles Posted in Property Tax Appeal

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.

Super Lawyers Logo — top rated divorce lawyersA leading real estate property tax attorney in the New York metropolitan area, David B. Wolfe has once again been named a New Jersey Super Lawyer. Super Lawyers rates outstanding lawyers from more than 70 practice areas who have attained a high degree of peer recognition and professional achievement. The selection process includes independent research, peer nominations and peer evaluations.

“I’m pleased to be chosen once again as a New Jersey Super Lawyer, but I’m especially proud of the other lawyers in our firm who have also been cited,” Wolfe said. Skoloff & Wolfe announced nine lawyers practicing in matrimonial and family law who were selected either as Super Lawyers or as Rising Stars in 2020.

Seven Super Lawyers and Two Rising Stars Shine for Skoloff & Wolfe

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We are pleased to announce the Supreme Court of New Jersey has granted an extension of the property tax appeal deadline in New Jersey. The Chief Justice has issued an Order extending the deadline from April 1, 2020 to at least May 1, 2020.  

The New Jersey State Bar Association (NJSBA) worked diligently with stakeholders to ensure that taxpayers are not prejudiced in light of the current turmoil surrounding COVID-19.  As the Immediate Past Chair of the NJSBA Taxation Law Section, and its Liaison to the NJSBA Board of Trustees, David Wolfe, Skoloff & Wolfe managing partner, played a pivotal role in advocating for the extension on behalf of property owners, taxpayers, and practitioners. 

According to a letter issued by the Taxation Section, the extension of these filing deadlines will address critical due process concerns for taxpayers and taxing districts across the State of New Jersey who are facing barriers to access law firms, businesses, and the courts in response to the COVID-19 pandemic.

NJ Property Tax Appeal AttorneyJersey City is following the lead of other NJ municipalities and has authorized reverse/increase cases against commercial property owners. What does that mean?

Even if you haven’t filed a property tax appeal, the City may initiate an appeal to increase your assessment and your real estate taxes.

These filings represent a significant change in the commercial property landscape for Jersey City and will dramatically change how the market underwrites taxes and values going forward.

Skoloff-Bisnow-David-WolfeWhen it comes to calculating property taxes on hotels, few taxing jurisdictions fairly distinguish the taxable value of the real estate from FF&E and good will. Consequently, hotels can be paying significantly more in hotel property tax than what is fair. Appearing on a panel at the BISNOW Hospitality Investment, Development & Management Summit in New York City in early January 2020, David Wolfe, managing partner of the Property Tax division of Skoloff & Wolfe, joined a panel to discuss how property tax appeal savings can help New York City hotel operators stay competitive in the city’s hyper-competitive hospitality market.

Why are hotel property tax valuations so much more difficult to calculate?

“There’s a variability with hotels that is unlike other property classes. With hotels, your rates can change dramatically within a year, as can cap rates. So it continuously requires assessors and local jurisdictions to be 100% up to date in market activity. Unlike an office building where you’re leasing space and the landlord is collecting a rental stream, the tenants’ income is not part of how you value the business. For a hotel, however, you have guests staying there spending on the hotel as well as the real estate, which combined is the business income of the property. But the taxing authorities only have the right to tax you on the real estate, so you have to extrapolate the property from the experience of staying at the hotel. And that makes it a much more difficult valuation assignment. For example, if I’m paying $400 a night, which portion of that is actually for the real estate? Which portion is the personal property? Which portion is the goodwill? Which portion is the business value?

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