1-11-13

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Mid Atlantic Real Estate Journal — New Jersey — January 11 - 24, 2013 — 21A

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N ew J ersey

ESTORANGE, NJ — In the aftermath of Hurricane Sandy, Due to extensive structural damage by Hurricane Sandy NJ Statute grants tax relief to multi-family property owners W Gordon. “This in-depth evalu- ation ensures that a property remains competitive in today’s ment Statement for proper- ties purchased in the past two years; 2013 Tax Assessment

it is impera- tive for multi- family prop- erty owners to evaluate the impac t t h i s s up e r s t o rm may have had on their apart- ment building

“Hurricane Sandy caused unprecedented destruction – and subsequent material depreciation – of property across New Jersey after the normal assessment period ended. N.J.S.A. 54:4-35.1 addresses this, enabling owners to seek a tax appeal and relief in 2013.”

for more information

Gary D. Gordon

marketplace.” The final date for filing tradi- tional real estate tax appeals is April 1, 2013. However, it is im- portant to gather the necessary documents now. These include the deed and HUD-1 Settle-

Card or preliminary tax bill; a copy of the 2012 Chapter 91 (Income and Expense) Form submitted to the municipal- ity; current rent roll; and 2012 year-end income and expense statements.” n

800-584-1062

or complex in order to receive tax relief, according to Gary D. Gordon, Esq. , partner of West Orange, NJ based Feinstein, Raiss, Kelin & Booker, LLC (FRKB) . Since all real estate proper- ties are assessed based on their value as of October 1 of the pre-tax year, and Hurricane Sandy struck on October 29, owners may be eligible for a tax adjustment if a property sustained major damage and depreciation, in accordance with N.J.S.A. 54:4-35.1. “Hurricane Sandy caused unprecedented destruction – and subsequent material de- preciation – of property across New Jersey after the nor- mal assessment period ended. N.J.S.A. 54:4-35.1 addresses this, enabling owners to seek a tax appeal and relief in 2013,” said Gordon. “Owners are well-served to take advantage of this exception immediately, as the deadline is rapidly ap- proaching.” “Traditional” Property Tax Appeal Deadline is April 1, 2013 Founded in 1991, FRKB is recognized for its expertise in filing and resolving a wide range of apartment-rental housing and commercial prop- erty tax appeals. The firm’s tax-appeal specialists provide clients with individualized representation, guiding them through the often-complicated process. FRKB represents a di- verse clientele, which includes individuals, owners, property managers, builders and de- velopers. In addition, the firm has an established reputation for its capabilities in handling commercial real estate transac- tions as well as landlord tenant law and commercial litigation matters. “Even if a property did not sustain damage in the hurri- cane, now is also the time to de- termine whether a ‘traditional’ appeal would warrant a real estate tax reduction,” added

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