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Government Can’t Make Developers "Show Them the Money"
Big Win For Property Rights in US Supreme Court Yesterday, the United State Supreme Court issued a decision which has caused property rights advocates and developers to rejoice, and is likely to become a historic property rights precedent for years to come. The 5-4 decision in Koontz v. St. Johns River Water Mgmt District, No. 11-1447 (copy... Read More
Jersey City Revaluation Imperiled?
Jersey City Mayor-elect Steven Fulop has announced that the city-wide property revaluation has been halted, and warned that an audit of the revaluation company hired by the prior administration may be performed because of alleged ties to a former city business administrator. Fulop’s campaign had impugned outgoing Mayor Jeremiah Healy for ordering the revaluation, suggesting... Read More
Eminent Domain Reform Bill Passed by NJ Senate
Yesterday, the New Jersey State Senate approved a bill which codifies restrictions of local governments’ use of eminent domain for private redevelopment and creates an alternative to condemnation for future redevelopment projects. The legislation, S-2447, passed on a vote of 36-1, affirms the protections afforded to property owners in redevelopment areas by New Jersey’s courts... Read More
Ailing Seller Not Considered Arms’ Length Sale Participant for Comparable Sales Analysis
The Appellate Division of the New Jersey Superior Court recently affirmed the decision of a Tax Court judge which held that a subject sale was not an arms’ length sale because the seller was ill and accepted the first offer made by the buyer. Following a trial on the issue of valuation, the Tax Court... Read More
85,257 Reasons Why Municipalities Should Pay Tax Refunds On Time
In Faber Brothers Inc. of New Jersey v. Borough of Paramus, the court considered a Motion to Enforce Settlement Agreement, Compel Payment of Refund and Interest. This motion arose in tax appeals contesting the assessments for the tax years 2009 through 2011. The parties reached a settlement agreement and filed a Stipulation of Settlement with... Read More
NJ Senate Committee Advances Eminent Domain/Redevelopment Bill
Yesterday the Budget Committee of the New Jersey State Senate favorably reviewed and recommended approval of legislation that would codify important restrictions on the use of eminent domain in local redevelopment projects, and also would provide municipalities with the opportunity to undertake redevelopment projects without using eminent domain. The bill, S-2447, mirrors companion legislation (A-3615)... Read More
State Licensing Important for Establishing “Completion” Date for Exempt Property
The New Jersey Tax Court recently invalidated added assessments on newly constructed properties in West Orange used to provide residential care for the elderly. The plaintiff Green Hill, Inc., is a New Jersey not-for-profit that provides care to aged citizens. Since 1965, it owned a tax-exempt five acre lot with one building, and a neighboring... Read More
Taxpayer Clears One Hurdle But Trips Over Another
In Keen v. Township of Pennsville, which involved a challenge to the 2011 tax assessment on a commercial property, the New Jersey Tax Court recently held that plaintiff proffered sufficient evidence to overcome the “presumption of validity” that attached to the $808,600 assessment on the property under appeal. However, because plaintiff’s expert made no adjustments... Read More
NJ Assembly Unanimously Approves Bill Allowing Redevelopment Without Eminent Domain
Yesterday, the New Jersey State Assembly unanimously approved legislation that codifies important redevelopment case-law, and provides municipalities with an option to undertake local redevelopment projects without using eminent domain. The bill, A-3615, sponsored by Assemblymen Coutinho, Bucco and Munoz, has a Senate companion, S-2447, and shares some of the provisions which had been included in earlier legislative... Read More
Town’s Failure to Treat Property Owner Fairly Leads to Reversal by Appellate Division
A New Jersey appellate court recently reversed a trial court’s dismissal of a tax appeal, and found that the City of North Wildwood failed to act fairly in litigation with the property owner. The property at issue is improved with a seven-story mixed-use tower, a 160-slip marina and a 3900 square-foot marina services building, and... Read More
