Real Property & Environmental Law Alert

Real Property & Environmental Law Alert

Transactional Real Estate, Development/Redevelopment & Environmental Law

Category Archives: Tax Abatement

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Developer Alert: Philadelphia Looking to Establish Land Bank Under New State Legislation

Posted in Development/Redevelopment, Tax Abatement
The redevelopment of vacant and blighted parcels has been a cumbersome, frustrating and, in many cases unsuccessful, process for municipalities and developers alike. Pennsylvania's new land bank legislation could change all that. Philadelphia, with its own land bank legislation is poised to take advantage of the state legislation… Continue Reading

Residential Property Tax Relief Could Be On Its Way to Philadelphia

Posted in Tax Abatement, Transactional Real Estate & Leasing
All in favor of residential property tax relief, raise your hand! And, if you own an eligible home in the City of Philadelphia, apply now. The City is offering its residential homeowners the opportunity to apply for a Homestead Exemption. The Homestead Exemption would reduce the assessed value of an eligible home by $15,000 or more, and consequently lower the real estate taxes owed by the homeowner because the homeowner would pay real estate tax only on the reduced assessment… Continue Reading

Court Better Defines “Completion” Under New Jersey’s Five-Year Exemption and Abatement Law

Posted in Development/Redevelopment, Tax Abatement
Crucial to New Jersey's Five-Year Exemption and Abatement Law is the time within which an application for the tax exemption or abatement must be filed with the municipal tax assessor. A recent Tax Court of New Jersey decision provides the first published opinion interpreting a crucial provision of the statute used to calculate such period of time. Under N.J.S.A. 40A:21-16, written application for a tax exemption or abatement must be made to the municipal tax assessor within 30 days (including Saturdays and Sundays) following the completion of an improvement, conversion alteration, or construction on the property for which tax abatement or exemption is sought. The statute defines "completion" of a project as the date on which same is "substantially ready for the intended use"… Continue Reading

NJ State Comptroller Releases Report Critical of Municipal Tax Abatements/PILOT Agreements

Posted in Development/Redevelopment, Tax Abatement, Transactional Real Estate & Leasing
The New Jersey State Comptroller released a report Wednesday entitled "A Programmatic Examination of Municipal Tax Abatements." The Comptroller's report is critical of both five year abatements and long term abatements granted by municipalities and was being widely reported in the press yesterday… Continue Reading
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