Tag Archives: tax

(US) DC Real Property Tax Abatement: Another Tool to Free Up Cashflow

In many cases nonprofit organizations do not have large endowments or reserves in place from which they draw upon to readily accomplish and sustain a real estate acquisition. In today’s market, buyers are typically expected to contribute between 10-20% cash equity upfront as well as meet reoccurring payments of debt service, operating expenses and real … Continue Reading

(US) Public Private Partnerships Can Work: Pittsburgh Penguins and Community Agree on Development Plans

The Pittsburgh Penguins have finalized a groundbreaking agreement with local community groups after years of negotiations involving the development of the 28 acre site where the former Civic Arena once stood. The agreement provides for, among other things, the inclusion of minority participation in the development of the 28 acres and a percentage of affordable … Continue Reading

(US) It’s tax appeal season in Pennsylvania: 2015 Real Property Assessment Appeal Deadlines Are On The Horizon

This post was written by Dusty Elias Kirk and Peter Schnore Pennsylvania real property tax appeal “season” is upon us once again. It’s important that a property owner not take an assessment at face value. For 66 of Pennsylvania’s 67 counties, the 2015 real property tax appeal deadlines fall between August 1 and the first Monday of … Continue Reading

(UK) Non Residents to pay CGT on UK Residential Properties

Our tax team has written a Client Alert on the extension of UK CGT to gains arising from the disposal of UK residential property after April 2015 by non-resident individuals and entities. This will extend UK CGT beyond its current scope: historically, non-UK resident individuals and companies disposing of UK property were not subject to … Continue Reading

(US) Property Assessment in Pennsylvania: The Judge behind widespread reassessment speaks out

This post was also written by Peter Schnore. The Honorable R. Stanton Wettick, Jr., Senior Judge of the Allegheny County Court of Common Pleas, spoke at the monthly meeting of the Real Estate Section of the Allegheny County Bar Association held on April 10, 2014. It is not surprising that Judge Wettick’s topic was real … Continue Reading

(US) Creative Financing: Using New Markets Tax Credits To Finance Projects

A successful real estate project often requires blending several sources of funding. New Market Tax Credits (NMTC) are an alternative method of financing projects located within a specific ‘Low income urban/rural community (LIC). The NMTC program was enacted as a part of the Community Renewal Tax Relief Act of 2000. Administered by the Treasury Department, … Continue Reading

(US) A “XXX Freak Fest” May Not Be the Worst of Your Problems:How to Avoid Eviction in the Sharing Economy

This post was also written by Leah Speckhard Last weekend, I came across an interesting story  on my Facebook news feed. It detailed how a New York comedian had rented out his apartment for the weekend using a popular website, AirBnB, only to come back and find that his apartment had been used to host … Continue Reading

(US) PA University’s Housing Non-Profit Stripped of Tax Exempt Status

In January 2014, the Monroe County (PA) Court of Common Pleas stripped recently awarded HUP status from a not-for-profit student housing corporation affiliated with East Stroudsburg University (“ESU”). As the record in East Stroudsburg Area School District v. Monroe County Board of Assessment Appeals  reflects, ESU formed the not for profit corporation, University Properties, Inc. (“UPI”), … Continue Reading

(US) Pennsylvania in Motion: Transit bill aims to improve infrastructure and public transit

Urban areas, including the periphery, are now experiencing reverse migration back to the urban centers. This trend links to baby boomers who are now ‘empty nesters’ looking to eliminate work commutes and fulfill a desire for proximity to urban entertainment and cultural centers. Millennials have a role in this demographic shift, favoring a lifestyle where … Continue Reading
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