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1
Northeast and
Mid-Atlantic
Commercial
Property Tax
Opportunities and
Deadlines
Northeast and Mid-Atlantic Commercial Property Tax
2
Agenda
Regional Breakdown of Major Real and Personal Property Filing
...
Northeast and Mid-Atlantic Commercial Property Tax
3
Mid-Atlantic
Breakdown of Major Real / Personal Property
Filing Deadl...
Northeast and Mid-Atlantic Commercial Property Tax
4
Mid-Atlantic
Breakdown of Major Real / Personal Property
Filing Deadl...
Northeast and Mid-Atlantic Commercial Property Tax
5
Pennsylvania and Delaware
Breakdown of Major Real / Personal Property...
Northeast and Mid-Atlantic Commercial Property Tax
6
New York / New Jersey
Breakdown of Major Real / Personal Property
Fil...
Northeast and Mid-Atlantic Commercial Property Tax
7
Boston / Connecticut / New England
Breakdown of Major Real / Personal...
Northeast and Mid-Atlantic Commercial Property Tax
8
Factors Driving Commercial Real Estate in 2016
Increasing U.S. Intere...
Northeast and Mid-Atlantic Commercial Property Tax
9
Mid-Atlantic – Metro DC
Top 5 Office/Retail Sales in 2015:
Photo Addr...
Northeast and Mid-Atlantic Commercial Property Tax
10
Mid-Atlantic – Metro DC
Top 5 Hospitality Sales in 2015:
Photo Addre...
Northeast and Mid-Atlantic Commercial Property Tax
11
Mid-Atlantic – Metro DC
Property Types We Think Are Being Over-Asses...
Northeast and Mid-Atlantic Commercial Property Tax
12
Pennsylvania
Top Sales* in 2015:
Photo Address Property
Type
Sales
D...
Northeast and Mid-Atlantic Commercial Property Tax
13
Pennsylvania
Top 5 Hospitality Sales in 2015 for Pennsylvania and De...
Northeast and Mid-Atlantic Commercial Property Tax
14
Pennsylvania / Delaware
Property Types We Think Are Being Over-Asses...
Northeast and Mid-Atlantic Commercial Property Tax
15
New York / New Jersey
Top 5 Office Sales* in 2015:
*Excludes portfol...
Northeast and Mid-Atlantic Commercial Property Tax
16
New York
Top 5 Hospitality Sales in 2015:
Photo Address Number
of Ke...
Northeast and Mid-Atlantic Commercial Property Tax
17
New Jersey
Top 5 Hospitality Sales in 2015:
Photo Address Number
of ...
Northeast and Mid-Atlantic Commercial Property Tax
18
New York / New Jersey
Property Types We Think Are Being Over-Assesse...
Northeast and Mid-Atlantic Commercial Property Tax
19
New England
Top 5 Sales in 2015 for New England:
*Excludes portfolio...
Northeast and Mid-Atlantic Commercial Property Tax
20
New England
Top 5 Hospitality Sales in 2015 for New England:
Photo A...
Northeast and Mid-Atlantic Commercial Property Tax
21
Boston, Connecticut, New England (other)
Property Types We Think Are...
Northeast and Mid-Atlantic Commercial Property Tax
22
Summary of Ryan Property Tax
Practice’s Services for the Northeast
a...
Northeast and Mid-Atlantic Commercial Property Tax
23
CRE Reviews and Appeals
Ryan has the largest property tax practice i...
Northeast and Mid-Atlantic Commercial Property Tax
24
Tangible Personal Property Compliance and Reviews
Ryan offers a full...
Northeast and Mid-Atlantic Commercial Property Tax
25
Lease Audit of PT Portion of Common Area Maintenance (CAM)
Charge
If...
Northeast and Mid-Atlantic Commercial Property Tax
26
Contact Information
Michael Allen
Principal
Commercial Property Tax
...
27
© 2015 Ryan, LLC. All rights reserved. All logos and trademarks are the property of their respective companies and are ...
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Property Tax Northeast Deadlines

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This presentation will review upcoming real and personal property tax appeal and/or filing deadlines for 2016 in the Northeast and Mid-Atlantic regions of the United States. It will also provide an overview of those specific commercial real estate (CRE) property types that are likely to be the most susceptible to over-assessment in 2016. There will also be a general discussion of the factors driving current CRE underwritings and why this is leading to a potential “bubble” in the CRE market. Recent sales in each major market will also be discussed.

Watch the full webinar presentation of these slides here http://ow.ly/W5Jbm.

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Property Tax Northeast Deadlines

  1. 1. 1 Northeast and Mid-Atlantic Commercial Property Tax Opportunities and Deadlines
  2. 2. Northeast and Mid-Atlantic Commercial Property Tax 2 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
  3. 3. Northeast and Mid-Atlantic Commercial Property Tax 3 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.
  4. 4. Northeast and Mid-Atlantic Commercial Property Tax 4 Mid-Atlantic Breakdown of Major Real / Personal Property Filing Deadlines: State Real Assessment Notice Issued Real Appeal Deadline 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.
  5. 5. Northeast and Mid-Atlantic Commercial Property Tax 5 Pennsylvania and Delaware Breakdown of Major Real / Personal Property Filing Deadlines: *No assessment notices are sent unless value has changed. State Real Assessment Notice Issued Real Appeal Deadline 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
  6. 6. Northeast and Mid-Atlantic Commercial Property Tax 6 New York / New Jersey Breakdown of Major Real / Personal Property Filing Deadlines: State Real Assessment 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
  7. 7. Northeast and Mid-Atlantic Commercial Property Tax 7 Boston / Connecticut / New England Breakdown of Major Real / Personal Property Filing Deadlines: State Real Assessment 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
  8. 8. Northeast and Mid-Atlantic Commercial Property Tax 8 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
  9. 9. Northeast and Mid-Atlantic Commercial Property Tax 9 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
  10. 10. Northeast and Mid-Atlantic Commercial Property Tax 10 Mid-Atlantic – Metro DC 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
  11. 11. Northeast and Mid-Atlantic Commercial Property Tax 11 Mid-Atlantic – Metro DC 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
  12. 12. Northeast and Mid-Atlantic Commercial Property Tax 12 Pennsylvania Top Sales* in 2015: Photo Address Property Type Sales Date Sales Price Price per 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.
  13. 13. Northeast and Mid-Atlantic Commercial Property Tax 13 Pennsylvania Top 5 Hospitality Sales in 2015 for Pennsylvania and Delaware: Photo Address Number of Keys Sales Date Sales Price Price per Key 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
  14. 14. Northeast and Mid-Atlantic Commercial Property Tax 14 Pennsylvania / Delaware 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
  15. 15. Northeast and Mid-Atlantic Commercial Property Tax 15 New York / New Jersey Top 5 Office Sales* in 2015: *Excludes portfolio sales. Photo Address Property Type Sales Date Sales Price Price per 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
  16. 16. Northeast and Mid-Atlantic Commercial Property Tax 16 New York Top 5 Hospitality Sales in 2015: Photo Address Number of Keys Sales Date Sales Price Price per Key 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
  17. 17. Northeast and Mid-Atlantic Commercial Property Tax 17 New Jersey Top 5 Hospitality Sales in 2015: Photo Address Number of Keys Sales Date Sales Price Price per Key 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
  18. 18. Northeast and Mid-Atlantic Commercial Property Tax 18 New York / New Jersey Property Types We Think Are Being Over-Assessed: – Trophy Office – Class A Office – Class B Office – Full Service and Limited Service Hotels – International Buyer and Other Atypical Transactions
  19. 19. Northeast and Mid-Atlantic Commercial Property Tax 19 New England Top 5 Sales in 2015 for New England: *Excludes portfolio sales. Photo Address Property Type Sales Date Sales Price Price per 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
  20. 20. Northeast and Mid-Atlantic Commercial Property Tax 20 New England Top 5 Hospitality Sales in 2015 for New England: Photo Address Number of Keys Sales Date Sales Price Price per Key 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
  21. 21. Northeast and Mid-Atlantic Commercial Property Tax 21 Boston, Connecticut, New England (other) Property Types We Think Are Being Over-Assessed: – Trophy Office – Class A Office – Some Class B and C Office – Full Service and Limited Service Hotels – Warehouse – Distribution Centers – Manufacturing
  22. 22. Northeast and Mid-Atlantic Commercial Property Tax 22 Summary of Ryan Property Tax Practice’s Services for the Northeast and Mid-Atlantic Markets
  23. 23. Northeast and Mid-Atlantic Commercial Property Tax 23 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.
  24. 24. Northeast and Mid-Atlantic Commercial Property Tax 24 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.
  25. 25. Northeast and Mid-Atlantic Commercial Property Tax 25 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.
  26. 26. Northeast and Mid-Atlantic Commercial Property Tax 26 Contact Information Michael Allen Principal Commercial Property Tax 703.746.0022 michael.allen@ryan.com
  27. 27. 27 © 2015 Ryan, LLC. All rights reserved. All logos and trademarks are the property of their respective companies and are used with permission. 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.
  • CarynWontor

    Jan. 20, 2016

This presentation will review upcoming real and personal property tax appeal and/or filing deadlines for 2016 in the Northeast and Mid-Atlantic regions of the United States. It will also provide an overview of those specific commercial real estate (CRE) property types that are likely to be the most susceptible to over-assessment in 2016. There will also be a general discussion of the factors driving current CRE underwritings and why this is leading to a potential “bubble” in the CRE market. Recent sales in each major market will also be discussed. Watch the full webinar presentation of these slides here http://ow.ly/W5Jbm.

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