News & Analysis as of August 22, 2025

Tax Rates

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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 -

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

Genova Burns LLC on 7/28/2025

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

Sticker Shock at Closing Tables for Dealership Sellers

Fox Rothschild LLP on 7/10/2025

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

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

Troutman Pepper Locke on 7/7/2025

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

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

Fox Rothschild LLP on 7/3/2025

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

Major 2024 Changes for Individual Massachusetts Taxpayers

Bowditch & Dewey on 1/20/2025

Due Date - The due date for Massachusetts Income Tax Returns is April 15, 2025. Income Tax Rate - The tax rate on most types of taxable income is 5%. The tax rate on long-term gains from the sale or exchange of...more

Rhode Island Businesses Could Soon Receive Tax Relief

Pierce Atwood LLP on 4/10/2023

Rhode Island Senate leadership is backing legislation that would exempt the first $100,000 of tangible property from property taxation by municipalities. The tangible tax is currently levied on businesses for property other...more

Illinois Dept. of Revenue Releases Final 2021 Cook County Equalization Factor

Franczek P.C. on 10/21/2022

On Tuesday, the Illinois Department of Revenue released the final 2021 Cook County equalization factor. The factor (sometimes referred to as the multiplier) for 2021 is 3.0027. The tentative factor released in June was...more

South Carolina Property Tax for New and Expanding Manufacturers: The Fee-In-Lieu of Tax Versus the Special Source Revenue Credit

Burr & Forman on 7/3/2018

South Carolina has some of the highest business property taxes in the Southeast. The state generally taxes land, buildings, machinery and equipment, and furniture and fixtures, but does not tax inventory, pollution control...more

Illinois House Revenue Committee Holds Hearing on Vacancy Fraud Act

Franczek P.C. on 9/28/2016

While overall there is little activity in the General Assembly, the House Revenue Committee is meeting today for a hearing on an interesting piece of property tax legislation. The hearing is on HB4363, which would create the...more

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