In light of the significant impact that the COVID-19 emergency is having on businesses, the State of New Jersey is providing some relief to companies that have been granted tax incentive awards pursuant to the Grow New Jersey Assistance Act ("GrowNJ").
Engaging a reputable title company to assist with due diligence is one of the key components of any commercial real estate transaction.
In Part I of this series, we examined what Tax Sale Certificates ("TSC") were and how they are acquired in New Jersey. In this Part II, we will explore what a holder of a TSC can do to maintain priority lien position on the property as well as how it can acquire title to the property in question.
New Jersey law requires property owners to pay property taxes and other municipal charges relating to their real estate holdings. These charges can include water, sewer and other special assessments or utilities impacting the property.
In Parts 1 and 2 of this series, we discussed the circumstances that led to the planned phase-out of the London Inter-bank Offered Rate, commonly referred to as “LIBOR” and the proposed replacement rate known as the Secured Overnight Financing Rate (“SOFR”). In this last part of the series, we will present the proposed language recommended by the Alternative Reference Rate Committee (“ARRC”) to be used in new contracts that reference LIBOR.
In a previous blog post we discussed the unintended consequences and proposed legislative corrections to New Jersey's 11.65% tax on short-term rental properties located within the State (referred to colloquially as the "Airbnb Tax"). Since then, the competing bills were consolidated and on June 27, 2019, the Legislature voted 74-0-1 in near unanimous favor of the revised Assembly Bill 4814 (“AB 4814”).
Memorial Day weekend marks the unofficial start of the summer season along the Jersey Shore. As the tourist season begins in earnest, the New Jersey Legislature is working quickly to pass legislative fixes intended to alleviate aspects of New Jersey's 11.65% tax on short-term rental properties located within the State (referred to colloquially as the "Airbnb Tax").
A recent change in the law now allows for all types of affordable housing development projects to get credits and reductions for sewer and water connection fees. Shareholder Jeffrey Winitsky explains.