LexisNexis® Legal Newsroom
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...

The GOP Offers a Sound Tax Reform Program in South Carolina

The Republicans in the South Carolina House are preparing a significant reform plan that will vastly improve the state's tax system. Although details are sketchy, the plan will broaden the sales tax base by eliminating two thirds of the exemptions and lower the rate by half a percentage. All remaining...

State Net Capitol Journal – March 19th, 2012

Budget & Taxes WV COMMITS TO PAYING DOWN PENSION DEBT: West Virginia's unfunded pension liability - estimated at $10 billion last year - is one of the highest per capita in the nation. But the state became a standout on the issue in a very different way last month when lawmakers approved...

State Net Capitol Journal – March 19th, 2012

Budget & Taxes WV COMMITS TO PAYING DOWN PENSION DEBT: West Virginia's unfunded pension liability - estimated at $10 billion last year - is one of the highest per capita in the nation. But the state became a standout on the issue in a very different way last month when lawmakers approved...

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...

State Net Capitol Journal – April 2, 2012

Budget & Taxes PENSION SANCTITY MAY BE TESTED IN CA BANKRUPTCY: Financially troubled Stockton, California is currently in mediation with its creditors to determine whether it will file for Chapter 9 bankruptcy. The bankruptcy process is typically a collective one in which the creditors of the...

State Net Capitol Journal – April 2, 2012

Budget & Taxes PENSION SANCTITY MAY BE TESTED IN CA BANKRUPTCY: Financially troubled Stockton, California is currently in mediation with its creditors to determine whether it will file for Chapter 9 bankruptcy. The bankruptcy process is typically a collective one in which the creditors of the...

State Net Capitol Journal – April 9, 2012

Budget & Taxes RISKY PENSION INVESTMENTS NOT PAYING OFF: Hoping to boost their investment returns and shrink looming deficits, public pension systems across the nation have been turning to riskier investments, such as private equity and hedge funds. But their returns haven't been rising nearly...

State Net Capitol Journal – April 9, 2012

Budget & Taxes RISKY PENSION INVESTMENTS NOT PAYING OFF: Hoping to boost their investment returns and shrink looming deficits, public pension systems across the nation have been turning to riskier investments, such as private equity and hedge funds. But their returns haven't been rising nearly...

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...

State Net Capitol Journal – May 7, 2012

SNCJ Spotlight With Congress stalled, states work their own "Amazon tax" deals Like millions of Americans these days, Dena Davidson buys a lot of products online. From birthday gifts to home furnishings, she eschews crowded malls at every opportunity, preferring the comfort of shopping...

State Net Capitol Journal – May 7, 2012

SNCJ Spotlight With Congress stalled, states work their own "Amazon tax" deals Like millions of Americans these days, Dena Davidson buys a lot of products online. From birthday gifts to home furnishings, she eschews crowded malls at every opportunity, preferring the comfort of shopping...

McNees Wallace & Nurick LLC: Pennsylvania Supreme Court Affirms Constitutional Test Must be Met by Those Seeking Charitable Exemptions

By Randy L. Varner In a 4-3 decision, the Pennsylvania Supreme Court, in Mesivtah Eitz Chaim of Bobov, Inc. v. Pike County Board of Assessment Appeals, No. 16 MAP 2011 (April 25, 2012) (" Mesivtah") [ enhanced version available to lexis.com subscribers ], held that a property owner seeking...

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...

State Net Capitol Journal – May 19, 2014; States Souring On Property Taxes

Budget & Taxes STATES SOURING ON PROPERTY TAXES: Not for the first time, Pennsylvania Sen. David Argall (R) is backing a bill that would replace property taxes levied by school districts with higher state income and sales taxes. But this year, more than half of the state's senators are co...

State Net Capitol Journal – June 2, 2014; Pennsylvania Gambling Played Out?

Budget & Taxes PA GAMBLING PLAYED OUT? Born only eight years ago, Pennsylvania's gambling industry may already have reached maturity. The state legalized gambling in 2004. Its first two casinos opened in 2006. Four more opened the following year. Another two opened two years after that. And...

State Net Capitol Journal – September 29, 2014; States Taxing Tourists

Budget & Taxes STATES TAXING TOURISTS: State and local governments across the country are increasingly looking at charging seasonal residents higher property taxes than year-round residents for the privilege of enjoying their locales' scenic beauty and mild winter weather. "Hit the...

State Net Capitol Journal – June 15, 2015; California Considering Prop 13 Reform

Budget & Taxes CA Considering Prop 13 Reform A bill introduced last week in California would overhaul Proposition 13 -- the landmark property tax limit initiative approved by the state’s voters in 1978 -- to allow regular reassessments of commercial and industrial properties. Currently...