David 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.
Mr. Wolfe’s practice area focuses on representing taxpayers in significant real estate matters. He has extensive experience in all types of property tax appeals and has obtained billions of dollars of assessment reductions on behalf of his clients, including office buildings, industrial properties, multi-family, hotels, retail, higher education, assisted living and skilled nursing facilities, among others.*
For commercial property owners who are at a crossroads and would like to explore possible property tax relief in their municipalities, contact Skoloff & Wolfe, P.C.
*Results may vary depending on your particular facts and legal circumstances.