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 attorneys Von Sanborn and Justin Hannan will be speaking at "Qualified Opportunity Funds – A Primer for Attorneys," a program presented by the Boston Bar Association (BBA).
William Pezzoni, Jared Ross and Justin Hannan spoke at “Commercial Masterminds,” a Northeast Regional event hosted by the Keller Williams Commercial Real Estate Division on May 2 in Westford, MA.
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Day Pitney Advisory
On March 20, Craig Gianetti, a partner in Day Pitney's Real Estate & Land Use group and secretary of the New Jersey State Bar Association (NJSBA) Land Use Section, will be moderating and speaking at the 2019 Land Use Update, a program presented by the New Jersey Institute for Continuing Legal Education (NJICLE) and being held at the New Jersey Law Center in New Brunswick, NJ.
Day Pitney Press Release
Peter Wolfson was mentioned in an article, "Over-Capacity Crowd for Madison Historic Preservation Commission's Hearing on Proposed Movie Theater Redevelopment," published by Tapinto.net.
Kate Coffey was mentioned in an article, "Planning Board Grants Preliminary Approval for Assisted Living Facility," published by centraljersey.com.
Day Pitney Press Release
Elizabeth Barton was quoted in an article, "Why Businesses Must Lead on Sustainability," published by the Connecticut Business and Industry Association, Inc.