Multifamily Property Tax

Property tax appeals are one area where a data-driven approach can lower costs and increase the value of multifamily real estate holdings, particularly in times of unusual revenue pressure.  A property tax appeal, guided by an experienced attorney, can significantly enhance net operating income and maximize a property’s value in the near and long-term.

Skoloff & Wolfe, P.C. has saved multifamily owners millions in property taxes. The following are examples of assessment reductions S&W has obtained for multifamily property owners:

• Reduced 2,000-unit multifamily property from $116 million to $67 million.
• Reduced new construction multifamily property from $134 million to $82 million.
• Reduced portfolio of multifamily properties from $129 million to $99 million.
• Reduced Class A multifamily property from $92 million to $71 million.
• Reduced added assessment on new construction from $18 million to $6 million.
• Reduced Class A multifamily property from $91 million to $80 million.

* All assessments rounded to nearest million. Results may vary depending on your particular facts and legal circumstances.

Skoloff & Wolfe, P.C. has represented multifamily property owners of every size in multiple jurisdictions, including New Jersey, New York, Pennsylvania, Ohio, Maryland, and Virginia. In addition to knowing the jurisdictions and the local filing deadlines, S&W believes the key to successful tax appeals is data-driven analysis, a thorough understanding of valuation, and the ability to clearly articulate those issues to local officials, tribunals, taxing authorities and courts.

Skoloff & Wolfe, P.C. knows what multifamily property owners are up against.

Skoloff & Wolfe, P.C. is hyper-focused on one line item of the entire portfolio – property taxes.

We know that in order to be competitive and attract the most rent, landlords realize they must market their properties as places where people can and want to spend time. Amenities more commonly associated with hotels and office buildings, such as gyms and free coffee bars, not only cost money but consume valuable square footage.

Only hard evidence and analysis that supports your claims will get municipal taxing authorities to reconsider. Similarly, for owners with a portfolio of multifamily properties, it is vital to have experienced counsel screen all assets in the portfolio annually and recommend on which properties should be contested and which should not.

We’ll help you challenge your multifamily property tax assessments.

Skoloff & Wolfe, P.C. files a significant amount of property tax appeals on behalf of multifamily property owners. It is vital to  know the deadlines, understand the valuation methodologies, and adopt a strategy to optimize tax savings for each matter.  The lawyers at Skoloff & Wolfe, P.C. are prepared to help you do just that.  To discuss your property taxes and find out how Skoloff & Wolfe, P.C. can assist you, use the contact form or call 973.992.0900 to speak with a property tax professional.