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Property Tax › New Legislation

Property Taxes are taxes levied against the owner of property located within a particular jurisdiction. Property taxes are often used to refer to taxes on real property. Property taxation schemes vary depending... more +
Property Taxes are taxes levied against the owner of property located within a particular jurisdiction. Property taxes are often used to refer to taxes on real property. Property taxation schemes vary depending on the country or jurisdiction.  However, a popular system involves a government assessment of the value of a property and a rate based on a proportion of the assessed value. A property may be subject to taxation by multiple taxing entities.  less -
Vorys, Sater, Seymour and Pease LLP

Ohio General Assembly Makes Changes to Real Property Complaint Process

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Substitute House Bill 96 (H.B. 96), Ohio’s operating appropriations bill for fiscal years 2026 –-2027, was passed by the General Assembly on June 25, 2025 and signed by Ohio Governor Mike DeWine on June 30, 2025. The...more

McGuireWoods Consulting

Comprehensive Overview Of 2025 Illinois Legislative Session From McGuireWoods Consulting

McGuireWoods Consulting on

FY 2026 Budget - SB 2510 (Welch/Sims) created the fiscal year (FY) 2026 budget appropriation bill. The budget is based on estimated general funds revenues of $55.29 billion and spending of $55.04 billion for an estimated...more

Holland & Knight LLP

Florida Gov. Ron DeSantis Signs 2025 Tax Bill into Law

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Florida Gov. Ron DeSantis recently signed House Bill 7031 into law, enacting sweeping changes to Florida's tax statutes that include updates to the sales tax on commercial leases, sales tax relief, certain corporate income...more

Polsinelli

Texas HB 21 Reshapes the Requirements and Effects of Chapter 394 of the Texas Local Government Code

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Texas House Bill 21 (HB 21), signed into law in May, has dramatically shifted affordable housing tax exemptions across the state. Specifically, HB 21’s primary impact is on a housing finance corporation’s area of operation...more

BakerHostetler

Analysis of Texas House Bill 21 - Property Tax Exemptions for Housing Finance Corporations Owning Affordable Housing

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In its 89th Regular Session, the Texas Legislature enacted House Bill 21 (HB 21), introducing significant reforms to the way housing finance corporations (HFCs) own and operate multifamily affordable housing developments....more

Fox Rothschild LLP

Sticker Shock at Closing Tables for Dealership Sellers

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Selling an auto dealership in New Jersey just got more expensive — and more complicated. As of July 10, 2025, changes to New Jersey’s so-called “Mansion Tax” have shifted the burden of this transfer tax onto the seller. A...more

Bracewell LLP

Texas Tax Update: Key Changes Enacted During the 89th Legislature

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The final day has passed for Governor Abbott to veto legislation that was approved during Texas’ 89th Legislature Regular Session. While the governor has called a special session commencing July 21, he has not identified any...more

Husch Blackwell LLP

Wisconsin Repeals Tax on Telecommunications Towers

Husch Blackwell LLP on

On July 3, 2025, Wisconsin Governor Tony Evers signed 2025 Wisconsin Act 15 into law, marking a significant milestone for the telecommunications industry in the state. This new legislation specifically exempts radio,...more

Saul Ewing LLP

Deadline Approaching: Murphy Signs Into Law Amendments to New Jersey’s “Mansion Tax” and Controlling Interest Transfer Tax

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On June 30, 2025, Governor Murphy signed into law significant changes to the New Jersey Mansion Tax and CITT. These amendments include increases in the fees specific to high-value properties and a shift in which party is...more

Troutman Pepper Locke

New Jersey Increases Mansion Tax Rates and Shifts Payment Obligation to Sellers

Troutman Pepper Locke on

On June 30, Governor Phil Murphy signed Bill A5804 into law, amending N.J.S.A. § 46:15-7.2-7.4; N.J.S.A. § 54:15C-1, and introducing significant changes to New Jersey’s realty transfer tax structure. These changes — effective...more

Stark & Stark

Governor Murphy’s Mansion Tax Modification

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New Jersey residents are familiar with the “Mansion Tax” and its companion, the “Controlling Interest Transfer Tax,” which were implemented in 2004 and 2006, respectively. The Mansion Tax requires purchasers of certain...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

Fox Rothschild LLP

Real Estate Sellers Face Increased Burden Under New Jersey’s Amended 'Mansion Tax'

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New Jersey has increased its so-called "mansion tax" and shifted the party who must pay the fee from the buyer to the seller. The tax has a substantial impact on owners of New Jersey real estate, but despite its expansive...more

Bressler, Amery & Ross, P.C.

New Jersey Modifies Mansion Tax on Sales of Real Property

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The New Jersey state legislature has passed new legislation, as part of the State’s 2026 fiscal year budget, that directly and significantly impacts sellers and buyers of real property in New Jersey. Previously, a 1% fee...more

McCarter & English, LLP

Mansion and Controlling Interest Transfer Tax Amendments Signed Into Law: Buyers and Sellers Must Move Fast to Avoid Rate Increase

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On Tuesday, July 1, Governor Phil Murphy signed into law Senate Bill S4666/Assembly Bill A5804 (collectively, the Bill), which impacts certain transfers of real property. The Bill amends the existing fees imposed on certain...more

McCarter & English, LLP

New Jersey Enacts FY 2026 Budget: Key Takeaways

McCarter & English, LLP on

New Jersey has enacted its Fiscal Year 2026 budget, with the Legislature passing a $58.78 billion spending plan ahead of the July 1 constitutional deadline. The final budget reflects an increase of approximately $727 million...more

Sands Anderson PC

Virginia Real Estate Law Updates for 2025

Sands Anderson PC on

Effective July 1, 2025, Virginia is implementing several key changes affecting real estate transactions, land use approvals, local governance, and secured lending. Below is a comprehensive overview of what’s changing – and...more

Akerman LLP - HR Defense

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

Akerman LLP - HR Defense on

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

Vorys, Sater, Seymour and Pease LLP

Legislative Changes to the Board of Revision Process are Coming

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Substitute House Bill 96 (Sub. H.B. 96), Ohio’s operating appropriations bill for fiscal years 2026-2027, was passed by the General Assembly on June 25, 2025. The law modifies changes made by Amended Substitute H.B. 126...more

Orrick, Herrington & Sutcliffe LLP

Summary of Legislation Relating to Public Finance Enacted by the 89th Texas Legislature (Regular Session)

Orrick, Herrington & Sutcliffe LLP on

This article briefly summarizes a select list of legislation relating to public finance enacted by the 89th Legislature (Regular Session) that became law. Bills are arranged by subject matter, in numerical order within each...more

Pierce Atwood LLP

New Rhode Island Tax on Non-Owner-Occupied Properties Assessed at $1 Million or More

Pierce Atwood LLP on

Rhode Island’s 2026 budget bill contains a "Non-Owner-Occupied Property Tax Act," which is popularly referred to as the “Taylor Swift Tax.” This law imposes a new statewide tax on non-owner-occupied residential properties...more

Gray Reed

Texas Capitol Report - An update on the 89th Texas Legislative Session

Gray Reed on

Water Infrastructure - Senate Bill 7 & House Joint Resolution (HJR) 7 created the administrative structure and framework to fund water projects over the next two decades with a $20 billion package. One billion dollars will...more

Holland & Knight LLP

Texas Enacts New Legislation That Will Reshape Affordable Housing Finance Landscape

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Texas Gov. Greg Abbott on May 28, 2025, signed House Bill 21 (HB 21) into law, marking a significant shift in how affordable housing projects in Texas can access property tax exemptions through housing finance corporations...more

Vorys, Sater, Seymour and Pease LLP

The Evaluator - (Q2 2025) - From Indiana to Disney Springs: Major Developments in Property Tax Law

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In the last legislative session, the Indiana General Assembly introduced and passed significant changes to Indiana’s business personal property tax regime.  The changes in Indiana’s SB 1, along with subsequent amendments from...more

Vorys, Sater, Seymour and Pease LLP

From Indiana to Disney Springs: Major Developments in Property Tax Law

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In the last legislative session, the Indiana General Assembly introduced and passed significant changes to Indiana’s business personal property tax regime. The changes in Indiana’s SB 1, along with subsequent amendments from...more

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