News & Analysis as of October 13, 2024

Tax Exemptions

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Property Taxes are taxes levied against the owner of property located within a particular jurisdiction. Property taxes are often used to refer to taxes on real property. Property taxation schemes vary depending on the country or jurisdiction. However, a popular system involves a government assessment of the value of a property and a rate based on a proportion of the assessed value. A property may be subject to taxation by multiple taxing entities. less -

Florida's Live Local Act Tax Exemption Deadline Looms

Holland & Knight LLP on 3/4/2024

Florida's 2023 Live Local Act provides significant land use, zoning and tax benefits. (See Holland & Knight's previous alerts, "Florida's New Live Local Act Offers Land Use and Tax Benefits," Aug. 8, 2023, and "Florida's Live...more

Florida's New Live Local Act Offers Land Use and Tax Benefits

Holland & Knight LLP on 8/9/2023

Florida Gov. Ron DeSantis signed into law Senate Bill 102 on March 28, 2023, with an effective date of July 1, 2023. Commonly referred to as the Live Local Act (the Act), it has significant land use, zoning and tax benefits...more

ATI Exemption for South Carolina Multi-Family Purchasers

Burr & Forman on 6/8/2023

South Carolina law provides for a property tax exemption in the year following a sale (the “ATI Exemption”) which should be contemplated in due diligence, property tax planning and a key post-closing task for multi-family...more

Vesting under 421-a Is Just the Beginning

Akerman LLP on 8/11/2022

As many in the New York Real Estate community are aware, Section 421-a (16) of the New York Real Property Tax law (“421-a”), was not re-enacted by the State Legislature. Projects that were eligible for a tax exemption under...more

Connecticut General Assembly Exempts Certain Electric Vehicle Charging Stations from Property Taxes & Mandates Their Installation...

Pullman & Comley - For What It May Be Worth on 6/23/2022

While many of us have been fixated on the soaring gas prices and dreading our next fill-up at the pump, Connecticut recently passed new legislation making a switch to electric vehicles even more intriguing. During the...more

Much More than 66% – Must-Know Changes in the Urban Renewal Field

Barnea Jaffa Lande & Co. on 11/10/2021

After years of expectations, the government has approved the legislative amendments needed to promote “Urban Renewal” projects in Israel. While everyone is talking about the amendment lowering the threshold of consent for...more

NY Appellate Court Enforces 60-Day Deadline for Local Governments to Require PILOT Agreements from Solar Developers

Pierce Atwood LLP on 7/9/2020

Decision binding on all local state taxing authorities - The Appellate Division of the New York courts has affirmed that a local governmental taxing authority must notify a solar project developer within 60 days from when...more

Mixed-Use Development Incentives for Downtown Rochester Extended to 2021

Harris Beach PLLC on 1/25/2019

A valuable incentive for mixed-use development in downtown Rochester has been extended. The City of Rochester has reauthorized an exemption from real property taxation and special ad valorem levies for the conversion of...more

Facing property revaluation? Here’s what you need to know.

Maynard Nexsen on 1/9/2019

Twenty-six counties will conduct revaluations of all real estate in January 2019 and property owners — including businesses, nonprofit organizations and individuals — should pay close attention....more

New York's 421-a Tax Exemption for New Residential Buildings is Back

Holland & Knight LLP on 4/18/2017

The New York State Legislature has passed and Gov. Andrew Cuomo has signed legislation re-establishing the 421-a Tax Exemption Program after a nearly two-year hiatus. The program, which was first put in place in the early...more

New 421-a Legislation

Kramer Levin Naftalis & Frankel LLP on 4/14/2017

The recently adopted state budget bill included the long-awaited revisions to the 421-a program. These amendments to the Real Property Law, dubbed the “Affordable New York Housing Program,” provide partial exemptions from...more

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