Property Tax Appeals: Increase the Value of your Office Buildings
Commercial office rents and occupancy rates in New Jersey remain stagnant in many markets. Meanwhile, expenses such as property taxes continue to rise, decreasing the long-term value of your property. At Skoloff & Wolfe, P.C., we specialize in data-driven property tax appeal representation and analysis that restores and enhances value to commercial office properties. We also assist prospective buyers and developers in effectively underwriting the potential property tax burden associated with the acquisition or development of office properties.
Helping landlords and tenants appeal property taxes
In New Jersey, whether you are the landlord or tenant of a commercial property, you may have the right to appeal your property taxes. Skoloff & Wolfe, P.C. represents owners of multi-tenant and single-tenant office buildings and tenants of single-tenant office buildings. We are experienced property tax lawyers with a track record of substantial success on behalf of our clients. We understand the concessions office landlords make to attract tenants, including tenant improvements and free rent, and the implications such concessions have on effective rents. More importantly, we effectively present these facts to local municipalities and tax assessors.
Creating value through analysis
When it comes to commercial office property tax appeals, knowing how to analyze critical data and present hard evidence is crucial to achieving successful outcomes. We have the capacity and expertise to apply in-depth analysis on behalf of owners with multiple properties. We review entire real estate portfolios and make recommendations on which properties may benefit from property tax appeals. We also assist clients in identifying potential property tax savings when evaluating new assets.
Billions of dollars in assessment reductions and transactions for office buildings
Skoloff & Wolfe, P.C. has a proven record of results. In recent years, we have obtained billions of dollars in assessment reductions for our clients, including the following office building assessment reductions* for property owners:
- Reduced office assessment from $372 million to $264 million
- Reduced office assessment from $200 million to $90 million
- Reduced office assessment from $138 million to $64 million
- Reduced office assessment from $106 million to $72 million
- Reduced office assessment from $18 million to $13 million
- Reduced office assessment from $14 million to $6 million
* all assessments rounded to nearest million. Results may vary depending on your particular facts and legal circumstances.
Reliable representation that gets results
New Jersey property owners and tenants rely on Skoloff & Wolfe, P.C. for results-oriented representation before municipalities and tax assessors. We understand the intricacies of commercial property tax appeals on a granular level and, in particular, the differences between real-world value and tax-court value when it comes to office buildings.
Questions about commercial property tax appeal? Contact us to begin
Skoloff & Wolfe, P.C. will review your property tax assessment free of charge. You will not be responsible for any legal fees unless we achieve a tax savings. To discuss your property tax assessment with a Skoloff & Wolfe, P.C. commercial property tax appeal attorney, please call 973.992.0900.
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