News & Analysis as of

Commercial Property Owners State Budgets

Genova Burns LLC

Amendments to New Jersey's Mansion Tax and Controlling Interest Transfer Tax

Genova Burns LLC on

As of July 10, 2025, the Mansion Tax and Controlling Interest Transfer Tax (“CITT”) now requires sellers of certain classes of real property (and controlling interest involving certain classes of real property) transferred...more

Cozen O'Connor

Broad Street Brief: HBSE, Comcast Acquire Market East Properties

Cozen O'Connor on

Mayor Parker Strikes Deal with DC 33 - Trash collectors and other frontline City workers will return to work after the Parker administration reached a deal with AFSCME District Council 33 early Wednesday morning. The...more

Cole Schotz

New Jersey’s Latest Budget Has Sweeping Changes to the Mansion Tax

Cole Schotz on

The latest budget passed by the New Jersey legislature and signed by term-limited Governor Phil Murphy quietly enacted changes to New Jersey’s Mansion Tax, which affects not only residential properties but commercial...more

Akerman LLP - HR Defense

New York City's Commercial Real Estate Tax Industrial and Commercial Abatement Program Extended to 2030 With Modifications

The New York City Industrial and Commercial Abatement Program (ICAP) has been extended to remain in effect through 2030, with some modifications. The New York state budget bill for FY 2026, signed by Governor Kathy Hochul on...more

Farrell Fritz, P.C.

Suffolk County Sees an Eight Percent Average Increase in Equalized Values for 2025

Farrell Fritz, P.C. on

For most Towns and Cities throughout the State of New York, May 1st ushers in new assessment rolls and equalized market values for commercial and residential properties. As detailed in an earlier tax tracker (see: Assessment...more

Lowndes

Governor DeSantis Aims to Eliminate Florida Commercial Rent Sales Tax by 2027

Lowndes on

As part of the proposed $115.6 billion state budget for fiscal year 2025-26, Governor DeSantis has outlined a plan to eliminate Florida's longstanding commercial rent sales tax. This proposal continues Florida's tax reduction...more

Holland & Knight LLP

New Programs Designed to Assist Production of Housing in New York City

Holland & Knight LLP on

The adopted 2024-2025 budget for New York state includes the enactment of two programs intended to assist the production of housing in New York City: the Affordable Neighborhoods for New Yorkers Program (ANNYP) to replace the...more

Holland & Knight LLP

New York State Legislature Prepares to Enact Mezzanine Debt and Preferred Equity Tax Bill

Holland & Knight LLP on

In August 2020, a bill was introduced in the New York State Legislature that would tax mezzanine debt (the Mezzanine Debt Bill). The Mezzanine Debt Bill has now been reintroduced in both the Assembly and the Senate and is...more

Akin Gump Strauss Hauer & Feld LLP

New York State Passes Budget that Continues Tax Incentives for Solar Installations

Last week, New York State enacted a budget for the fiscal year 2015-16 (i.e., April 1, 2015 to Mar. 31, 2016) that continues two tax incentives for the installation of solar energy systems: (1) tax credits...more

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