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Property Tax Gaffe: Purchase Price Equated With Market Value

Three recent Supreme Court of Ohio property tax decisions purport to examine the propriety of using the purchase price of a particular property as prima facie evidence of market value for property tax assessment purposes. In each case, the Court decided that the purchase price was equivalent...

Foley & Lardner LLP: Wisconsin Supreme Court Concludes Offsite Hospital Operated Outpatient Clinic Is Exempt From Property Tax

By C. Frederick Geilfuss II and Lynette M. Zigman On July 19, 2011, the Wisconsin Supreme Court issued its much-anticipated opinion in Covenant Healthcare System, Inc. v. City of Wauwatosa [ enhanced version available to lexis.com subscribers / unenhanced version available from lexisONE Free Case Law...

Duane Morris LLP: Property Tax Appeals May Help Take the Sting out of Double-digit Vacancy Rates in New Jersey

By Drew K. Kapur Once-sanguine projections of recovery have given way to less-favorable economic forecasts. According to Colliers International, "Regional market conditions were flat during the second quarter of 2011. Similar to the trends during the second quarter of 2010 when stock...

Williams Mullen: Recent Developments in North Carolina Property Tax

BY: CHARLES B. NEELY, JR. , NANCY S. RENDLEMAN & ROBERT W. SHAW North Carolina Court of Appeals Affirms Shopping Center Valuation by Property Tax Commission. In a case decided on August 2, 2011, In re Appeal of Blue Ridge Mall LLC, No. COA10-1487 [ enhanced version available to lexis.com...

Tax Tips for Forestland Owners

In this Analysis, Darwin L. King CPA and Edward D. King discuss the United States Department of Agriculture (USDA) Forestry Service tax tips that have been published over the last five years including legislative changes that landowners must be aware of as timber taxation is enacted. The USDA Forestry...

Real Cases in Real Estate By Andrea Lee Negroni, Esq. – January 6th, 2012 Update

Real Cases in Real Estate is a weekly update on real estate law, with legal principles illustrated and explained by lawsuits from around the country. The topics are wide-ranging for appeal to a broad spectrum of readers including lawyers, homeowners, investors and the general public. Andrea Lee...

State Net Capitol Journal: Property Tax Revenues on Decline

Cities, counties and school districts collected $436 billion in property taxes in 2011, about 20 percent more than in 2006. But last year's total was just 1.2 percent more than the year before - and actually .9 percent less after adjusting for inflation - according to data from the U.S. Bureau of...

Real Cases in Real Estate By Andrea Lee Negroni, Esq. – April 18th, 2012 Update

Real Cases in Real Estate is a weekly update on real estate law, with legal principles illustrated and explained by lawsuits from around the country. The topics are wide-ranging for appeal to a broad spectrum of readers including lawyers, homeowners, investors and the general public. Andrea Lee...

Ballard Spahr LLP: Buildings on Ground Leases Subject to Pennsylvania Real Estate Tax: Pennsylvania Supreme Court Ups the Ante for Taxing Improvements

By Philip B. Korb and Benjamin V. Sanchez The Pennsylvania Supreme Court has ruled that even where a landlord merely ground leases land to a tenant who builds a building on it-and the landlord collects rent only on the land-the value of that building is subject to real estate tax. The court's...

Williams Mullen: Taxpayers Beware: Appraisal and Court Education Errors Can Doom Your Real Estate Tax Appeal

BY: SHANE L. SMITH The Norfolk Circuit Court recently announced its decision in United Services Automobile Ass'n v. City of Norfolk , No. CL10-6578 (Apr. 2, 2012), dismissing the taxpayers' real estate tax assessment appeal. At issue were the City of Norfolk's (the "City") assessments...

Capital Review Group: Benefits of the Cost Segregation Study for Real Estate Investors

Introduction Financial advisors often find it difficult or impossible to suggest methods or strategies to reduce real estate property owners' federal tax liability and apply MACRS depreciation to all assets that qualify under the IRS Rules and Procedures. In accordance with the Department of the...

Duane Morris LLP: New Jersey Property Owners Who Suffered Significant Damages as a Result of Hurricane Sandy May Be Entitled to Property Tax Relief

Any property owners in New Jersey who have suffered substantial damages to their real property as a result of Hurricane Sandy should be entitled to tax relief pursuant to New Jersey law. Specifically, N.J.S.A. 54:4-35.1 provides that any parcel of real property containing a building or other structure...

Little Mortgage Relief in Arizona

BUDGETS IN BRIEF: From mid-2011 through the end of 2012, ARIZONA spent only 6 percent of the $268 million it was allocated to help homeowners avoid foreclosure, despite having the nation's second highest foreclosure rate during much of the mortgage crisis. The state spent more than any other, however...