New Jersey Tax Court Exempts Intercompany Transfer From Realty Transfer Fee

January 14th, 2010 | Posted by: Christopher DeGrezia 2| comments:

2009-02-17 Transfer 005By Kenneth Norcross, Esq. 

The New Jersey Tax Court has held that transfers of unencumbered property between commonly owned legal entities, for nominal consideration, are not subject to the realty transfer fee. The court rejected the position taken by the Division of Taxation in its current regulations that such transfers are always subject to the fee and that the consideration should be measured by the assessed value of the property.

In Mack-Cali Realty, LP v. Taxation Div. Director, the taxpayer conveyed its unencumbered properties to its wholly owned limited liability companies in each case for consideration of $10. The taxpayer claimed that the transfers were not subject to the realty transfer fee because the statute specifically exempts transfers for consideration of less than $100. » Read the rest of this entry «

Understanding Property Tax Appeals

December 7th, 2009 | Posted by: Christopher DeGrezia 0| comments:

tax appealBy Nicole Bayman, Esq.  

New Jersey homeowners and businesses appealed their property tax assessments in record numbers for the 2009 tax year, a trend that will likely continue in 2010.  The recent real estate market downturn has had many property owners questioning the accuracy of the assessed value of their properties.  Municipalities that undertook a revaluation of property at the height of the real estate boom are facing an increasing amount of appeals by owners who claim that their assessments are too high.  » Read the rest of this entry «

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