Earlier this month, New York Governor Hochul’s executive budget introduced a proposal for an updated 421-a Real Estate Tax Exemption Program. Referred to as “Affordable Neighborhoods for New Yorkers” and proposed under a different section of the State’s Real Property Tax Law (485-w), the Governor’s proposal follows the existing 421-a/Affordable New York program, with a few tweaks:
Continue Reading New York Governor Releases Updated 421-a Program

On November 3, 2020, California voters decided a number of state and local tax-related ballot measures.[1]  The most significant tax increase, the property tax “split roll” initiative, and some other local tax increases were defeated.  However, overall voters were willing to approve a number of meaningful tax increases—especially San Francisco voters.  Following is an overview of statewide and notable local tax measures and referrals decided by the voters.
Continue Reading The Results Are In – California State and Local Tax Ballot Measures

In a decision that could save some commercial property owners hundreds of thousands of dollars in taxes, the Court of Appeal for the First Appellate District of California held in 731 Market Street Owner, LLC v. City and County of San Francisco (Cal. Ct. App., June 18, 2020, No. A154369) that the City and County of San Francisco cannot impose a documentary transfer tax on the value of an assigned landlord-interest in a lease when the lease has a remaining term of at least 35 years.  The 35-year cutoff considers both the remaining initial term of the lease and unused extension options.
Continue Reading California Court of Appeal Decision May Result in Big Tax Savings for Some Commercial Property Owners