Under New Jersey law (N.J.S.A. §54:4-35.1), a property owner with a building or other structure that suffered significant damage or destruction as a result of Hurricane Sandy may be entitled to property tax assessment relief for the 2013 tax year. The property owner must notify the tax assessor for the taxing district in which the property is located of the damage prior to January 10, 2013. The tax assessor shall "after examination and inquiry" determine the value of the property and assess the property according to such value. It is recommended that any such notification contain a specific description of the damage and any repair estimates or insurance claim information. A property tax professional may also be consulted. Any correspondence to the assessing authority should be sent by certified mail or some other method to verify receipt. If the final 2013 assessment does not take into account the property damage, the taxpayer may file an assessment appeal by April 1, 2013, or by May 1, 2013, in taxing districts where district-wide revaluations have been implemented.
On January 11 and 12, Joy Harmon Sperling will be co-chairing the American Conference Institute’s 22nd National Forum on Residential Mortgage Litigation & Regulatory Enforcement.
The ABA Section of Taxation recently published its 21st Edition of The Property Tax Deskbook, which provides property tax managers, attorneys, accountants and other professionals the information they are most likely to need to address state property tax issues, planning and procedures.
Christopher Stracco and Kate Coffey wrote an article, "Can Use Variance Grants Be 'Reasonably Probable'?," for Law360. The article examines the significance of the case New Jersey Transit Corp. v. Franco.
Day Pitney Alert
Patrick McCarthy, Mary Rogers and Chris Stracco wrote an article, "What Will Become Of Jersey City's Tax Abatement Law?," in Law360. The article is about the significance of a ruling by Third Circuit in Associated Builders and Contractors Inc. v. City of Jersey City, 2016 U.S. App. Lexis 16654 (3d Cir., Sept. 12, 2016).
Day Pitney Press Release
Christopher Stracco was elected Treasurer of the New Jersey Interest on Lawyers Trust Accounts (IOLTA) by its Board of Trustees. IOLTA is a unique and innovative way to increase access to justice for individuals and families living in poverty and to improve our justice system. Stracco's term as Treasurer expires on February 28, 2017. Chris was appointed to the IOLTA Board of Trustees by the New Jersey Supreme Court in 2014.
On February 11, Christopher Stracco was appointed to the Board of Trustees of client Green Hill, Inc.
Chris Stracco was quoted in an article,"Will Veto Spark Litigation Over Nonprofit Hospitals' Tax Status?" in New Jersey Law Journal. In the article, Stracco discusses Governor Chris Christie's veto of S3299 in connection to the controversial New Jersey Tax Court decision of AHS Hospital v. Morristown. Stracco says the decision in the case, in which Morristown Memorial Hospital lost its tax-exempt status because it had for-profit business attributes, is unique. Given that case's uniqueness, he expects that the ruling and Christie's veto of S3299 will not likely result in a flood of nonprofit hospitals being hit with tax bills and suits to challenge them.
Christopher Stracco was quoted in an article, “Should hospitals pay property taxes?” in the Asbury Park Press. The story is about a recent tax ruling in New Jersey, in which a judge ruled that a hospital should have been assessed property taxes like any for-profit business. In the article, Stracco explains that nonprofit hospitals have received tax-exempt status, but if they lease out space to a for-profit business they are required to pay taxes.