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On November 18, the New Jersey Department of the Treasury announced that it has issued letters to Jersey City, Dunellen and Elizabeth informing those municipalities that the state will conduct an investigation to determine whether to order a revaluation of properties within those towns for property tax purposes. The timing of the press release comes when many municipal officials were meeting in Atlantic City for the annual League of Municipalities Conference.
The Division of Taxation apparently has determined that those municipalities are the most dramatically out of compliance with their constitutional and statutory obligations requiring fair and uniform property tax assessments. Coincidentally, the boards of taxation in Hudson, Union and Middlesex counties have, according to the Division, consistently failed to require towns to uniformly and fairly assess properties. According to the Division, Elizabeth has not revalued its tax assessments in 39 years, Jersey City in 27 years and Dunellen in 33 years, resulting in properties in those towns being assessed at a fraction of their current fair market values. This effort by the Division is part of a larger effort to address issues of revaluation noncompliance by municipalities in those counties. Other municipalities identified by the Division as potential targets include Westfield, South River, East Newark, Harrison, Roselle and Winfield.
If forced to undergo revaluations, the towns in question will have to appropriate significant funds to have the revaluations conducted, and real property tax assessments will likely increase fourfold or fivefold to bring them up to current fair market value standards.The full press release can be found here.
Day Pitney Alert
New Jersey real estate partner Craig Gianetti will participate in a robust webinar hosted by the New Jersey Builders Association, exploring the multitude of issues that builders and business owners face due to the COVID-19 health emergency.
On January 28, Day Pitney hosted the New England Women in Energy and the Environment (NEWIEE) Boston Chapter's Off-Shore Wind Networking Event at the firm's Boston office.
Luke Pontier and Nicole Magdziak co-authored an article, "A Cautionary Tale of Orphan Signature Pages," published in the Fall 2019 issue of Dimensions, a newsletter of the New Jersey Builders Association.
On January 17, Craig Gianetti and Justin Hannan will be speaking on a panel, "Low Income Housing Tax Credits and Opportunity Zones: Synergies and Conflicts," at the 2020 Economic Leadership Forum, produced by the New Jersey Bankers Association.
Craig Gianetti is featured in a Market Forecast special section in the January 2020 issue of Real Estate New Jersey.
Day Pitney LLP announced today that April F. Condon has joined the firm as a partner in the Real Estate and Environmental group in its Stamford office. She joins from Robinson & Cole LLP.
Day Pitney Press Release
Craig Gianetti, a partner in Day Pitney's Real Estate & Land Use group, has been elected to serve as Vice Chair of the Land Use Law Section of the New Jersey State Bar Association (NJBSA).
Day Pitney's representation of Cottontail Holdings LLC and Two Franklin Realty is noted in an article, "NJ Office Complex Overvalued By $15M, State Tax Court Says," published by Law360 Tax Authority.