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Tax Information Center

 

General Information for Businesses
  • Small Business and Self-Employed One-Stop Resource
    This section provides general small business information useful in all industries and professions. It includes links to small business products, employment taxes, electronic filing and paying, taxpayer burden reduction, abusive tax avoidance transactions, and many other topics.

  • Issue Management Resolution System
    The IRS Stakeholder Liaison (SL) function has established the Issue Management Resolution System (IMRS). When stakeholder organizations notify the IRS of concerns about IRS policies, practices and procedures, SL researches the issues to bring about resolution.

  • Small Business Video and Audio Presentations
    The video portal contains archived video of live panel discussions and audio from national phone forums, as well as other webinars and video clips.

  • Tips for Choosing a Tax Return Preparer

Resources for Specific Communities
  • Industries and Professions
    Specific tax information for Agriculture, Automotive, Construction, Entertainment, Fishing, Gas Retailers, Manufacturing, Real Estate, Restaurants, Tax Professionals, and other industries.
Resources Specific to Real Estate
  • Real Estate
    The links on this page provide information such as tax tips and trends and statistics for the Real Estate industry.
  • Tax Tips - Real Estate
    This section contains information on topics such as tax credits, rental income and expenses and the sale of your residence.
  • Avoiding Problems - Real Estate
    This section contains important information on recordkeeping and warns you of fraudulent real estate schemes.
  • Trends and Statistics - Real Estate
    This site provides industry specific and general survey results that should be of interest to the small business owner.
  • Audit Technique Guides - Real Estate
    The IRS Market Segment Specialization Program (MSSP) publishes various guides for use by IRS employees conducting audits and as information for taxpayers and practitioners.
  • Related Links - Real Estate
    This page provides you links to sites that have specific information dealing with real estate.
  • Financial Resources - Real Estate
    This section provides you with direct links to many commonly used financial resources for small businesses.
  • Reporting and Paying Tax on U.S. Real Property Interests
    The disposition of a U.S. real property interest by a foreign person (transferor) is subject to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) income tax withholding. FIRPTA authorized the United States for the first time to tax foreign persons on disposition of U.S. Real Property Interests (USRPI).

Income Verification Express Service (IVES)
The Income Verification Express Service (IVES) provides two-business day processing and delivery of tax return transcripts. The new service replaces the existing process that required manual pick-up and delivery of transcripts from the IRS Return and Income Verification Services (RAIVS) units located across the country.

 

Commercial Property Tax Appeals

FAQs and Important Dates

Notice of Assessment: Local assessors were required to notify each taxpayer by mail of their 2012 assessment on or before February 1, 2012.

 

How Assessments Are Calculated: If the municipality has conducted a municipal-wide revaluation or reassessment, the assessment will be in the amount of the assessor's estimate of the market value of the property (the so-called "true value") as of October 1, 2011. Otherwise, the assessment will be in the amount of the assessor's estimate of the market value of the property as of October 1, 2011, adjusted by the average ratio of the assessed value to the market value of other properties in the municipality. This average ratio is determined by the State Director of Taxation. In considering an appeal, property owners need to determine the true value of the property reflected in the assessment to ascertain whether there is a basis for a tax appeal.

 

Filing an Appeal: An appeal from the 2012 assessment must be filed on or before April 1, 2012; however if the assessment is the result of a municipal-wide revaluation or reassessment, the appeal deadline is extended to May 1, 2012.

Appeals are made to the County Board of Taxation, except in instances where the assessment exceeds $1,000,000, in which case an appeal can be made directly to the New Jersey Tax Court.


The Appeals Process and Sample Outcomes

 

The Tax Court rules mandate that parties must participate in a settlement conference, and, in fact, most tax appeals do settle. Examples of recent settlements in which the firm represented the owners of various types of properties include:

  • The assessment of a 28,000 square foot retail store was reduced by 25%, from $2,530,700 to $1,899,000.
  • The assessment of a hotel/office building was reduced by 22%, from $12,458,100 to $9,672,000.
  • The assessment of a 130,000 square foot office building was reduced by 47%, from $5,900,000 to $3,119,800.
  • The assessment of a 7,800 square foot office building was reduced by 37%, from $2,005,000 to $1,255,000.

On occasion, the difference between the property owner's estimate of market value and that of the town can not be reconciled. In those cases, formal appraisals are exchanged and the parties prepare for trial. The firm has garnered substantial assessment reductions and tax refunds when representing property owners in a number of recent tax court trials.

 

 


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