Property Tax Northeast Deadlines

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Northeast and Mid-Atlantic Commercial Property Tax Opportunities and Deadlines

Northeast and Mid-Atlantic Commercial Property Tax

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Agenda

Regional Breakdown of Major Real and Personal Property Filing Deadlines

– Mid-Atlantic (DC, Maryland, Virginia)

– Pennsylvania and Delaware

– New York / New Jersey

– Massachusetts and other New England States

Properties We Think Are Going To Be Over-assessed

– 2015 Significant Sales by Region

– Major Reduction Opportunities


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Mid-Atlantic

Breakdown of Major Real / Personal Property Filing Deadlines:

State Real Assessment

Notice Issued

Real Appeal Deadline

TPP Filing Deadline

District of Columbia

Mar 1 Apr 1 Jul 31

Maryland* Jan 1 45 days from notice (usually Feb 1-15) or

Dec 31

Apr 15

*Maryland is assessed on a triennial cycle. The real property appeal deadline to appeal out-of-cycle years is December 31.

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCKKeqf_uiMkCFQNHJgodnRQFhg&url=http://www.reliableindex.com/index.php?page=search/images&search=new+england+map+outline&type=images&psig=AFQjCNFphNL2tbpP_oi3YbfGwcxPCfn0Dw&ust=1447348310922745


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Mid-Atlantic


State Real Assessment Notice Issued


TPP Filing Deadline

Virginia** 157+/- Individuals Jurisdictions all with different rules and regulations.

Fairfax County Feb 17 Apr 1 May 1

Loudoun County Feb 8 Mar 8 Apr 15

City of Alexandria Feb 10 Mar 15 May 1

Arlington County Jan 22 Mar 1 May 1

Prince William County

Mar 8 Jun 1 Apr 15

Henrico County Feb 1 Apr 1 (only file to BOE)

Mar 1

City of Richmond Jul 1 Jul 31 Mar 1

**Virginia has a unique system for judicial appeals, which allows for current assessments plus three years in arrears to be appealed to court if certain criteria are met. Third year burns off every 12/31.



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Pennsylvania and Delaware


*No assessment notices are sent unless value has changed.


Notice Issued


TPP Filing Deadline

Delaware Jan 1 Varies by Assessor:

1/31; 3/15 or 1st 10 days of Mar

N/A

Pennsylvania Jul 1* Aug 1 & Sept 1 N/A

Philadelphia Jan 1* 1st Monday in Oct N/A

Pittsburgh* (Allegheny)

Jan 1* Mar 31 N/A



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New York / New Jersey



Notice Issued

Real Appeal

Deadline

TPP Assessment

Notice Issued

TPP Filing

Deadline

New Jersey Jan 30 Apr 1 N/A N/A

New York State

Varies by Jurisdiction – Most by Jan

15

Varies by Jurisdiction (most are

Feb - May)

N/A N/A

New York City

Around Jan 15

Mar 1 N/A N/A



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Boston / Connecticut / New England



Notice Issued

Real Appeal

Deadline

TPP Assessment

Notice Issued

TPP Filing Deadline

Connecticut Feb 1 Feb 20 Feb 1 Feb 20

Massachusetts Jan 1 Feb 1 Dec 30 Feb 1

Maine Jul 1 Jan 1 Jun 1 Jan 1; or 185 days from commitment

date

Vermont May 15 May 29 May 1 May 20

New Hampshire Oct 1 Mar 1 N/A N/A

Rhode Island Jul 1 Oct 1 Jun 1 Aug 30; or 90 days from Notice



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Factors Driving Commercial Real Estate in 2016

Increasing U.S. Interest Rates

Foreign Investment

Atypical Underwriting

Volume of Capital Available for Investment

Limited Quality Properties Available in 24/7 Gateway Cities

Compressing Capitalization Rates

By end of 2016, Values Approaching Pre-Recession Levels


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Mid-Atlantic – Metro DC

Top 5 Office/Retail Sales in 2015:

Photo Address Property Type

Sales Date

Sales Price Price per

Sq Ft

Fair Market

Rent/ Sq Ft

801-803 7th St NW Washington, DC

Retail 2/27/15 $106,000,000 $1,882 $57

500 8th Street NW Washington, DC

Office 9/18/15 $318,000,000 $977 $54

1101 K Street NW Washington, DC

Office 6/24/15 $244,250,000 $832 $54

1401 Eye Street NW Washington, DC

Office 7/23/15 $183,910,000 $812 $54

25 Massachusetts Ave NW, Washington, DC

Office 3/24/15 $307,000,000 $796 $54


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Top 5 Hospitality Sales in 2015:

Photo Address Number of Keys

Sales Date

Sales Price Price per Key

923 16th St NW Washington, DC

182 6/30/15 $128,000,000 $703,300

1522 K St NW Washington, DC

164 7/15/15 $68,000,000 $414,600

2033 M St NW Washington, DC

155 6/16/15 $57,000,000 $367,700

7400 Wisconsin Ave Bethesda, MD

290 5/1/15 $95,000,000 $243,600

1221 22nd St NW Washington, DC

470 9/2/15 $113,000,000 $240,400


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Property Types We Think Are Being Over-Assessed:

– Class A Office

– Class B Office

– Class C Office

– Full Service and Limited Service Hotels

– International Buyer and Other Atypical Transactions


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Pennsylvania

Top Sales* in 2015:


Sales Date


Effective Rent/Sq

Ft 1616 Walnut St Philadelphia, PA

Multi-Family

6/12/15 $112,000,000 $474/unit $3

2116 Chestnut St Philadelphia, PA

Multi-Family

8/5/15 $160,000,000 $473/unit $3

550 E Swedesford Rd Wayne, PA

Office 8/18/15 89,500,000 $329/sq. ft.

$23

*Excludes portfolio sales.


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Pennsylvania

Top 5 Hospitality Sales in 2015 for Pennsylvania and Delaware:


Sales Date


1400 S Penn Sq Philadelphia, PA

299 5/15/15 $76,611,000 $427,800

8600 Bartram Ave Philadelphia, PA

152 6/12/15 $26,000,000 $171,000

777 Aten Rd Coraopolis, PA

318 2/23/15 $45,000,000 $141,500

1320 Centre Ave Pittsburgh, PA

142 8/12/15 $16,750,000 $118,000

1706 N Dupont Hwy Dover, DE

95 4/22/15 $11,000,000 $116,000


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Pennsylvania / Delaware


– Class A Office

– Class B Office

– Class C Office




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Top 5 Office Sales* in 2015:



Sales Date


Sq Ft

Fair Market Rent

730 Fifth Ave New York, NY

Office 4/17/15 $1,775,000,000 $4,551 $69

1095 Avenue of the Americas New York, NY

Office 1/15/15 $2,200,000,000 $1,865 $51

11 Times Square New York, NY

Office 2/11/15 $630,000,000 $1,262 $69

7 Bryant Park New York, NY

Office 5/15/15 $596,855,500 $1,260 $51

717 Fifth Ave New York, NY

Office 5/13/15 $414,000,000 $1,173 $69


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New York



Sales Date


301 Park Ave New York, NY

1,413 2/10/15 $1,950,000,000 $1,380,000

5 Madison Ave New York, NY

273 4/1/15 $343,000,000 $1,256,000

1601-1611 Broadway New York, NY

770 1/20/15 $447,171,500 $1,019,000

790 7th Ave New York, NY

689 2/13/15 $535,000,000 $801,000

525 Lexington Ave New York, NY

655 5/06/15 $270,000,000 $412,000


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New Jersey



Sales Date


1128-1138 Spring St Elizabeth, NJ

152 7/28/15 $26,690,000 $176,000

36 Valley Rd Clark, NJ

191 3/2/15 $21,200,000 $111,000

145 Dean Dr Tenafly, NJ

119 7/1/15 $11,300,000 $95,000

50 Kenny Pl Saddle Brook, NJ

147 9/30/15 $10,711,250 $73,000

4355 US Route 1 Princeton, NJ

240 3/9/15 $14,000,000 $58,000


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– Trophy Office

– Class A Office

– Class B Office




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New England

Top 5 Sales in 2015 for New England:



Sales Date


Sq Ft

Fair Market Rent

105 Daniel Webster Hwy Nashua, NH

Retail 3/02/15 $7,500,000 $1,678 $15

800 Huntington Ave Boston, MA

Office 3/15/15 $93,100,000 $1,178 $22

2 Soundview Dr Greenwich, CT

Office 8/19/15 $30,500,000 $803 $33

640 Memorial Dr Cambridge, MA

Office 1/5/15 $176,500,000 $783 $22

320 D St Boston, MA

Multi-Family

10/15/15 $152,500,000 $728 $1,844/unit $4/per sq ft


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New England

Top 5 Hospitality Sales in 2015 for New England:

Photo Address Number

of Keys Sales Date


276-280 Friend St Boston, MA

72 11/2/15 $24,500,000 $340,000

100 Cabot St Needham, MA

247 6/8/15 $54,000,000 $219,000

30 Whalley Ave New Haven, CT

207 3/25/15 $42,600,000 $206,000

5400 Computer Dr Westborough, MA

224 7/2/15 $28,000,000 $125,000

2 Forbes Rd Woburn, MA

344 11/9/15 $32,119,000 $93,000


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Boston, Connecticut, New England (other)


– Trophy Office

– Class A Office

– Some Class B and C Office


– Warehouse

– Distribution Centers

– Manufacturing


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Summary of Ryan Property Tax Practice’s Services for the Northeast and Mid-Atlantic Markets


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CRE Reviews and Appeals

Ryan has the largest property tax practice in the Northeast and Mid-Atlantic.

Ryan has five offices in the Northeast with 40 tax professionals.

We are actively engaged in appealing real property tax assessments in every major jurisdiction from Virginia to the Canadian border.

We handle every type of commercial property and have extensive experience in each.

These services are provided exclusively on a performance basis.

Owners of large portfolios of properties have them tracked in Ryan’s proprietary AtlasTax™ software.


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Tangible Personal Property Compliance and Reviews

Ryan offers a full suite of services for both compliance and review of tangible personal property (TPP).

In those states which require the filing of TPP renditions, Ryan can prepare and file all necessary returns as well as defend any audits of those returns.

Ryan can also review previously filed renditions in order to determine if any overpayments were made.

If required, Ryan can prepare amended returns and/or appeals to recover any previous overpayments.


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Lease Audit of PT Portion of Common Area Maintenance (CAM) Charge If properties are leased rather than owned, Ryan provides a lease audit

service to determine whether pass throughs of property taxes are being properly calculated and applied per the lease agreement.

These audits are conducted on a performance fee basis with no fee being paid to Ryan until and unless actual refunds have been received.


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Contact Information

Michael Allen

Principal

Commercial Property Tax

703.746.0022

[email protected]

mailto:[email protected]

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This document is presented by Ryan, LLC for general informational purposes only, and is not intended as specific or personalized recommendations or advice. The application and effect of certain laws can vary significantly based on specific facts, and professional advice of any nature should be sought

only from appropriate professional advisors. This document is not intended, and shall not be deemed, to constitute legal, accounting or other professional advice.

Property Tax Northeast Deadlines

Real Estate

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