real estate

PROPERTY TAX ALERT: Filing Deadline for Added or Omitted Assessments is Approaching

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Property owners in New Jersey that have engaged in recent improvements or expansions of their property or purchased tax exempt property this year may be at risk for an unexpected tax increase by way of an added or omitted assessment. Taxpayers are typically surprised to receive these tax notices seeking additional property taxes going back two years in some cases.

Thomas S. Dolan, Esq. is a partner at Murphy Partners LLP and leads the firm’s Property Tax Appeals practice group.

Thomas S. Dolan, Esq. is a partner at Murphy Partners LLP and leads the firm’s Property Tax Appeals practice group.

In October of each year, tax assessors send out notices of added or omitted assessments that allow them to assess new construction or physical alterations to properties that have been completed in that calendar year. The added assessment is the amount of the difference between the property assessment before the improvement and the value of the entire property after the improvement. The improvement is valued as of the first day of the month following substantial completion and is prorated for the number of full months remaining in the tax year. 

In the case of previously exempt property, the added amount is the tax due on the property without the exemption, prorated from the date the property became non-exempt. A property may lose its exemption for various reasons, including purchase by a for profit entity or a change in the use.  

The added assessment and the omitted assessment taxes are due on November 1, 2019. The strict deadline for filing an appeal of the added or omitted assessment is December 1, 2019.

If you received an added or added omitted notice or are otherwise considering whether to file a property tax appeal for the upcoming year, the experienced team at Murphy Partners LLP is ready to provide a complimentary evaluation of your property. If we determine that an appeal will be beneficial, we will recommend a strategy to reduce your tax burden and can file and pursue your appeal.

Roosevelt J. Donat is Special Counsel at Murphy Partners LLP and is a member of the firm’s Property Tax Appeal practice group.

Roosevelt J. Donat is Special Counsel at Murphy Partners LLP and is a member of the firm’s Property Tax Appeal practice group.

As a boutique law firm specializing in commercial real estate, our team has invaluable insight into the real estate market and has successfully litigated the value of virtually all property types. Our team also has considerable experience advising on tax exemptions, or other tax incentive programs, that may be available to reduce your property tax burden outside of the appeal process. Our experience and deep broad-based knowledge allow us to consider all options that may be available to potentially reduce your tax burden.

For additional information concerning our property tax appeal services, or to request an evaluation of your property, please feel free to reach out to Thomas Dolan or Roosevelt Donat at (973) 877-6984 or via email at tdolan@murphyllp.com or rdonat@murphyllp.com.

Chris Murphy Says “There Could Not Be a Better Time to Be in This Market” | CAPRE’s New Jersey Apartment Summit Preview

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Chris J. Murphy, Esq. will be a featured speaker at CAPRE’s Ninth Annual New Jersey Apartment Summit & Awards in Jersey City on December 4th. Recently, Chris say down with CAPRE to discuss multifamily development in New Jersey. The full interview can be read here:

https://www.capremedia.com/chris-murphy-says-there-could-not-be-a-better-time-to-be-in-this-market-capres-new-jersey-apartment-summit-preview

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Chris J. Murphy, Esq. leads the land use and economic incentive advisory practices at Murphy Partners LLP, a boutique law firm specializing in commercial real estate and development matters. Please feel free to contact him directly at (973) 723-7036 or cmurphy@murphyllp.com.

MURPHY PARTNERS

Murphy Partners is a boutique law firm specializing in commercial real estate and development matters. With offices in Newark, New Jersey and New York City, the firm was founded to provide effective, efficient, and creative legal services to meet the distinctive needs of our clients. Through the development of comprehensive legal strategies, our team works tirelessly to create a blueprint for success and advance our clients’ interests in every matter. 

Chris Murphy Co-Authors Financial Incentives Chapter of NJICLE Treatise “Commercial Real Estate Transactions in New Jersey”

Murphy Partners attorney, Chris Murphy, co-authors Financial Incentives chapter of the recently-published “Commercial Real Estate Transactions in New Jersey” (2019, 4th Edition), published by the New Jersey Institute for Continuing Legal Education, a division of the New Jersey State Bar Association.

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This 3 volume treatise is a comprehensive "solution-based" resource manual for attorneys practicing commercial real estate in New Jersey. The "blue-ribbon" panel of contributing authors provides the theory to address a wide range of commonly confronted transactional issues, and then follows with practical solutions. 

The Financial Incentives chapter covers a wide range of federal, state, and local incentive programs, including state-based corporate relocation and retention incentives, developer-focused incentives at the state and local levels, workforce training grants, federal incentives, including the newly-enacted Opportunity Zone Program, and other forms of non-dilutive financing.

For more information on the treatise, please visit: https://tcms.njsba.com/PersonifyEbusiness/Default.aspx?TabID=1607&productid=47409872

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Chris J. Murphy, Esq. leads the Incentive Advisory and Land Use and Zoning practice groups at Murphy Partners LLP, a boutique law firm specializing in commercial real estate and development matters. Please feel free to contact him directly at (973) 723-7036 or cmurphy@murphyllp.com.

MURPHY PARTNERS LLP

Murphy Partners is a boutique law firm specializing in commercial real estate and development matters. With offices in Newark, New Jersey and New York City, the firm was founded to provide effective, efficient, and creative legal services to meet the distinctive needs of our clients. Through the development of comprehensive legal strategies, our team works tirelessly to create a blueprint for success and advance our clients’ interests in every matter. 



Murphy Partners Welcomes Ivana Vranjes Field as Executive Assistant

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Murphy Partners LLP is pleased to announce that Ivana Vranjes Field will be joining the firm as Executive Assistant. In this role, Ivana will support the firm in various functions, including assisting the firm’s transactional and litigation attorneys in ongoing matters, and working directly with the firm’s managing partner on all administrative matters. Prior to starting with the firm, Ivana worked in multiple customer-facing roles, and actively pursued her interests in film and photography, which she continues to pursue in her free time. 

Ivana received her undergraduate degree in Interpersonal Communication and Public Relations from The College of New Jersey. She lives with her husband Sean in Eatontown, New Jersey. 

MURPHY PARTNERS LLP

Murphy Partners is a boutique law firm specializing in commercial real estate and development matters. With offices in Newark, New Jersey and New York City, the firm was founded to provide effective, efficient, and creative legal services to meet the distinctive needs of our clients. Through the development of comprehensive legal strategies, our team works tirelessly to create a blueprint for success and advance our clients’ interests in every matter. 


CAPRE's Newark CRE Summit Preview: Murphy Partners' Chris Murphy Says Newark is Turning a Corner

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Chris J. Murphy, Esq. will be a featured speaker at CAPRE’s Fifth Annual Newark CRE Summit at the Robert Treat Hotel in Newark on July 18th. Recently, Chris say down with CAPRE to discuss commercial real estate development in Newark. The full interview can be read here:

https://www.capremedia.com/capres-newark-cre-summit-preview-murphy-partners-chris-murphy-says-newark-is-turning-a-corner

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Chris J. Murphy, Esq. leads the economic incentive advisory and land use practices at Murphy Partners LLP, a boutique law firm specializing in commercial real estate and development matters. Please feel free to contact him directly at (973) 723-7036 or cmurphy@murphyllp.com.

MURPHY PARTNERS

Murphy Partners is a boutique law firm specializing in commercial real estate and development matters. With offices in Newark, New Jersey and New York City, the firm was founded to provide effective, efficient, and creative legal services to meet the distinctive needs of our clients. Through the development of comprehensive legal strategies, our team works tirelessly to create a blueprint for success and advance our clients’ interests in every matter. 

Murphy Partners Land Use Team Secures Development Approvals in Newark for Food Manufacturing Company

Murphy Partners LLP recently secured land use approvals for a Brooklyn-based food manufacturing company seeking approvals before the Newark Central Planning Board.

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On Monday, July 1, the Newark Central Planning Board approved the company’s application, granting preliminary and final site plan approval, along with multiple variances and waivers. 

The company’s application involved the repurposing of existing buildings for warehousing and light manufacturing use, including food production, in the MX-2 zoning district. 

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Chris J. Murphy, Esq. led the firm’s successful efforts on behalf of the development team. Please feel free to contact him directly at (973) 723-7036 or cmurphy@murphyllp.com with any questions related to commercial real estate and development matters. 

MURPHY PARTNERS LLP

Murphy Partners is a boutique law firm specializing in commercial real estate and development matters. With offices in Newark, New Jersey and New York City, the firm was founded to provide effective, efficient, and creative legal services to meet the distinctive needs of our clients. Through the development of comprehensive legal strategies, our team works tirelessly to create a blueprint for success and advance our clients’ interests in every matter. 



Murphy Partners Litigation Team Secures Key Victory for National Developer

Murphy Partners LLP secures important preliminary injunction for national developer in a case pending in New Jersey Superior Court.

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Murphy Partners LLP, a boutique law firm specializing in commercial real estate and development matters, represents a national real estate development team in litigation over the purchase of land to be developed for large multi-family residential.

After obtaining temporary restraints on an emergency application preventing the seller from setting an arbitrary closing date, marketing, or transferring the property to a third party, the firm obtained the necessary preliminary injunction securing this relief. The Court also ordered that the seller provide access for environmental testing, assist with removal of an easement, and cooperate and approve submission of all site plan applications. The result allows the developer to proceed with approvals and toward closing without further interference from the seller.

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Thomas Dolan, Esq., led the firms successful efforts on behalf of the development team. Please feel free to contact him directly at (973) 803-9758 or tdolan@murphyllp.com with any questions related to commercial real estate litigation.

MURPHY PARTNERS LLP

Murphy Partners LLP is a boutique law firm specializing in commercial real estate and development matters. With offices in Newark, New Jersey and New York City, the firm was founded to provide effective, efficient, and creative legal services to meet the distinctive needs of our clients. Through the development of comprehensive legal strategies, our team works tirelessly to create a blueprint for success and advance our clients’ interests in every matter.



Incentive Overview: New York’s Excelsior Jobs Program Drives Investment and Job Growth

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The Excelsior Jobs Program is a powerful economic development incentive created to provide competitive financial incentives for businesses in New York. Designed to encourage businesses to expand in or relocate to New York, the Program applies to businesses that will create or retain jobs and make significant capital investments.

Generally, the be eligible under the Program, a business must create a specified number of net new jobs, defined as being new to the State, full-time or equivalent to full-time (requiring at least 35 hours per week), and filled for more than six months.

The following strategic businesses located in or planning to locate in New York are eligible under the Program:

  • Scientific Research and Development businesses creating at least 5 net new jobs

  • Software Development businesses creating at least 5 net new jobs

  • Financial services (customer service) back office operations creating at least 25 net new jobs

  • Agriculture businesses creating at least 5 net new jobs

  • Manufacturing businesses creating at least 5 net new jobs

  • Back office businesses creating at least 25 net new jobs

  • Distribution businesses creating at least 50 net new jobs

  • Music Production businesses creating at least 5 net new jobs

  • Entertainment Companies creating at least 100 net new jobs

  • Life Sciences Companies creating at least 5 net new jobs

  • Other businesses creating at least 150 net new jobs and investing at least $3 million

  • Businesses in strategic industries that make significant capital investment that have at least 25 employees; manufacturing firms who retain at least 5 employees are also eligible to apply for participation in the program.

Businesses deemed eligible under the Program may qualify for four fully refundable tax credits:

  1. Excelsior Jobs Tax Credit:  A credit of 6.85% of wages per net new job.

  2. Excelsior Investment Tax Credit:  Valued at 2% of qualified investments.

  3. Excelsior Research and Development Tax Credit:  A credit of 50% of the Federal Research and Development credit up to six percent of research expenditures in New York State.

  4. Excelsior Real Property Tax Credit: Available to firms locating in certain distressed areas and to firms in targeted industries that meet higher employment and investment thresholds (Regionally Significant Project).

The Excelsior Jobs Program has been wildly popular and incredibly successful. Since its implementation, over 1,870 applications have been submitted, with 548 projects receiving approval, totaling over $954 million in tax credits being committed. Eligible businesses under the Program have committed to capital investments of over $5.38 billion, research and development expenditures of another $2.84 billion and the creation of 56,826 jobs.  

If interested in learning more about the Excelsior Jobs Program or other economic development incentive programs, please do not hesitate to contact Chris Murphy, Esq. at (973) 723-7036 or cmurphy@murphyllp.com.  

MURPHY PARTNERS LLP

Murphy Partners LLP is a boutique law firm specializing in real estate, development, and economic incentive advisory. With offices in Newark, New Jersey and New York City, the firm was founded to provide effective, efficient, and creative legal services to meet the distinctive needs of our clients. Through the development of comprehensive legal strategies, our team works tirelessly to create a blueprint for success and advance our clients’ interests in every matter.


New Jersey Incentive Update - June 2019

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On Tuesday, June 11th, the New Jersey Economic Development Authority (NJEDA) will hold its monthly board meeting in Trenton. Among the actions to be taken, the Board will consider four (4) applications under the Grow New Jersey Assistance Program (Grow NJ). If approved, the four applicants could receive over $39,000,000 in tax credits (over 10 years). The Board will also consider four (4) applications under the Film and Digital Media Tax Credit Program, totaling over $6,000,000 in tax credits under the newly-created incentive program geared towards attracting film and television production to New Jersey.

Created under the Economic Opportunity Act of 2013, the Grow New Jersey Assistance Program (Grow NJ) is the State’s main job creation and retention incentive program. Under the Grow NJ program, businesses creating or retaining jobs in the State may be eligible for tax credits ranging from $500 to $5,000 per job, per year; with bonus credits ranging from $250 to $3,000 per job, per year (awards vary based on applicable criteria).

The Grow NJ program has been wildly popular and incredibly successful. Since its implementation, over 250 projects have received awards, totaling over $4.7 billion in tax credits. Approved applicants generally have three years to certify, or complete, a project. A project is deemed complete when the applicant has hired or retained the number of employees listed in its application, and satisfied the program’s capital investment requirements. Once certified, the 250 projects will drive over $4.5 billion in private capital investment, create over 32,000 new jobs, and retain over 35,000 jobs at risk of leaving the State.

Created by legislation passed earlier this year, the Film & Digital Media Tax Credit Program will allow for taxpayers (in most cases, production companies) to seek a tax credit for qualified film production and digital media content production expenses. Applications will be approved by the New Jersey Economic Development Authority (NJEDA) and the Director of the Division of Taxation in the Department of the Treasury. Approved applicants are entitled to claim a credit against CBT or GIT liability in an amount equal to 30 percent (35 percent in limited cases) of the qualified film production expenses or 20 percent (25 percent in limited cases) of the qualified digital media content production expenses.

If interested in learning more about these or other economic development incentive programs, please do not hesitate to contact Chris Murphy at (973) 723-7036 or cmurphy@murphyllp.com.  

MURPHY PARTNERS LLP

Murphy Partners LLP is a boutique law firm specializing in real estate, development, and economic incentive advisory. With offices in Newark, New Jersey and New York City, the firm was founded to provide effective, efficient, and creative legal services to meet the distinctive needs of our clients. Through the development of comprehensive legal strategies, our team works tirelessly to create a blueprint for success and advance our clients’ interests in every matter.


Chris Murphy to Present at NJSBA Annual Meeting in Atlantic City

CHRIS MURPHY TO DISCUSS HOT TOPICS IN COMMERCIAL REAL ESTATE AT NJSBA ANNUAL MEETING IN ATLANTIC CITY

Murphy Partners LLP attorney, Chris Murphy, will be a featured speaker at this year’s New Jersey State Bar Association Annual Meeting in Atlantic City. The panel discussion, titled “Hot Topics in Commercial Real Estate” will focus on various challenges and issues confronting commercial real estate transactions in 2019.

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