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  30.03.2017

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Important 2017 Property Tax Appeal Reminder!

 

Dear Property Owners:

Tax appeals must be filed annually on or before April 1st or within 45 days of the bulk mailing of the Assessment Notices by the municipality; or May 1st where a municipal-wide revaluation or municipal-wide reassessment has been implemented.

As you are probably aware, the municipal tax assessors will be mailing the 2017 tax assessments to all property owners in New Jersey on or before February 1st, 2017.

Taxpayers who disagree with their property's assessment have the right to appeal to their county tax board (or directly with the State Tax Court if the property is assessed for more than $1 mil.) on or before April 1 or 45 days from the date the Assessment Notifications are mailed by the taxing district, whichever is later; or May 1 where a municipal-wide revaluation or municipal-wide reassessment has been implemented (December 1 for added and omitted assessments.)

What is the basis for my assessment?

An assessment is an opinion of value by a licensed professional. For an assessed value to be considered excessive or discriminatory, a homeowner must prove that the assessment does not fairly represent one of two standards:

1. "True Market Value Standard" - After a revaluation, all assessments in the municipality must reflect 100% of the true market value of the property as of October 1st of the previous year. October 1st of the pre-tax year is the annual "assessment date," and all evidence for a tax appeal should precede the October 1st assessment date - - especially property sales used for comparison.

"Market value" may be defined as, "The highest price in terms of money which a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:

  • Buyer and seller are typically motivated.
  • Both parties are well informed or well advised, each acting in what he/she considers his/her own best interest.
  • A reasonable time is allowed for exposure in the open market.
  • Payment is made in cash or its equivalent.
  • Financing, if any, is on terms generally available in the community at the specified date and typical for the property type in its locale.
  • The price represents a normal consideration for the property sold unaffected by special financing amounts and/or terms, services, fees, costs or credits incurred in the transaction."

"Market price" means "the amount actually paid for a property in a particular transaction." The "actual price" one pays for a property on the market is not necessarily representative of that property's "true value" in the real estate market. An individual sale may deviate from the "market norm" but numbers of comparable sales show patterns or trends in value. These value trends help to identify market value. Although market value can be subject to sudden fluctuations, in general "true value" for property tax assessment purposes must be fairly constant and measured by conditions which, over time, are regarded as stable. Market or sale price, while a factor in determining the market value of a property, is only one consideration.

2.  "Common Level Range Standard" - To explain the common level range you must consider what happens after a revaluation in your town is completed.  External factors such as inflation, recession, appreciation, and depreciation cause values to increase or decrease at varying rates.

Other factors such as physical deterioration of your property may cause a change in its value. If assessments are not adjusted annually, a deviation from 100% of true market value occurs.

____________

 

How do I know if my assessment is fair?

In 1973, the New Jersey Legislature adopted a formula known as Chapter 123 to test the fairness of an assessment. Once the Tax Board determines a property's true market value during an appeal, they are required to compare its true market value to its assessed value.

If the ratio of assessed value to true value exceeds the average ratio by 15% (see below), the assessment is reduced to the common level.

For Example:

Director's Ratio = 85%

Common Level Range = 72.25% - 97.75%

True Value = $95,000

Assessment = $94,000

Ratio = 98.95% ($94,000-$95,000)

Judgment = Reduction in assessed value

New Assessment = $80,750 ($95,000 x 85%)

However, if the assessment falls within this common level range (see below), no adjustment is made.

For Example:

Director's Ratio = 85%
Common Level Range = 72.25% - 97.75%

True Value = $95,000

Assessment = $90,000

Ratio = 94.74% ($90,000/$95,000)

Judgment = No change in assessed value

If the assessed value to true value ratio falls below the common level, the Tax Board must increase the assessment to the common level.


For Example:


Director's Ratio = 85%

Common Level Range = 72.25% - 97.75%

True Value = $95,000

Assessment = $67,000

Ratio = 70.53% ($67,000 ÷ $95,000)

Judgment = Increase in assessed value

New Assessment = $80,750 (95,000 x 85%)

____________

 

What is a tax appeal hearing; when may I appeal; who hears my appeal?

Appeals must be filed by April 1, 2017. Municipalities undergoing a Reassessment or Revaluation (Corbin City this year) have a May 2nd deadline to file a tax appeal. The appeal must be received at the Atlantic County Board of Taxation by the close of business (4:30 PM) on the due date. An envelope postmarked on the due date which is received after the due date is NOT acceptable. Please wait until you receive your 2017 Notice of Assessment from your municipal assessor to file a tax appeal. Once filed, a hearing before the County Tax Board is scheduled. The Tax Board consists of members (commissioners) appointed by the Governor. Tax Board Commissioners primarily hear disputes involving assessments. Individual taxpayers may represent themselves. Business entities other than sole proprietorships must be represented by an attorney. The taxing district is the opposing party represented by the municipal attorney.

____________

 

Please call me directly if you need assistance.

Sincerely,

Joshua Levin, CCIM

Broker of Record


 

 
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Come to New Jersey and take advantage of New Jersey's Financing and Incentives for Businesses

Are you currently doing business in New Jersey? Interested in making a move here? Learn about the many financing and incentive programs available to New Jersey businesses at the State of New Jersey Business Portal, a one-stop shop for business. Visit this website for more details: www.nj.gov/njbusiness/financing

 

From: www.acbiz.org:


Highlights

Grow New Jersey Assistance Program (Grow NJ)
Grow NJ is a powerful job creation and retention incentive program designed to be competitive with surrounding states programs. A qualified business could see tax credits ranging from $500 to $5,000 per job, per year. Visit this website for more details: http://www.njeda.com/financing_incentives/programs/grow_nj

Economic Redevelopment and Growth Program (ERG)
This program is an incentive for developers and businesses to address revenue gaps in development projects. Residential and commercial projects could see assistance of up to 20% of the total project cost. Visit this website for more details: http://www.njeda.com/ERG

Urban Enterprise Zone Program (UEZ)
This program is currently available to businesses located in Pleasantville, Atlantic County. Businesses can benefit from reduced sales tax to 3.5%, tax-free purchases on capital equipment/ expansions and financial assistance from agencies such as the New Jersey Economic Development Authority. Visit this website for more details: http://www.nj.gov/dca/affiliates/uez/

The 108 Loan and Micro Loan Program (ACIA)
Administered by the Atlantic County Improvement Authority, these programs are open to businesses located in municipalities that participate in the Community Development Block Grant as well as Atlantic City. The Micro Loan Program offers loans between $1,000 and $35,000 to start-up businesses that meet the HUD criteria of low to moderate income. The 108 Loan Program can provide for-profit businesses with loans up to 40 percent of the project cost. Visit this website for more details: http://atlanticcountyimprovementauthority.org/Main/business-loan-programs.asp

NJEDA Site Evaluator tool - Evaluate potential business locations in NJ and get information associated with the Economic Opportunity Act of 2013.

NJ Economic Development Authority - Financing and Incentives

On-the-Job Training (OJT) Wage Reimbursement Program

  • Program A: Employers are eligible for up to a $4,000 wage reimbursement for a specific occupational title over a period of time.
  • Program B: Employers are eligible to collect up to 100% of the commensurate wage for a specific occupational title over a period of time. The wage must pay $7.25 per hour and be full-time. The employer must hire and train participants enrolled in a subsidized employment program.
  • Program C: Employers are eligible for 50% of the commensurate wage for four to 26 weeks. The wage must pay $8.50 per hour and be full-time. The employer must hire a participant receiving General Assistance (GA) or Supplemental Nutritional Assistance Program (SNAP).
  • Program D: Employers are eligible for up to 100% of the commensurate wage for the first 13 weeks and 50% for the remaining 13 weeks. The wage must pay $8.50 per hour and be full-time. The employer must hire a participant receiving Temporary Assistance for Needy Families (TANF).
  • Casino Reinvestment Development Authority (CRDA) Regulations and Guidelines - Project funding for Atlantic City-based development. Funds can be used for construction, rehabilitation, acquisition and professional fees. The CRDA can provide both construction and permanent financing.

 

From:   http://www.nj.gov/njbusiness/financing/

To learn more about our programs, explore our interactive Financing and Incentives Tool, which offers detailed information on NJ business incentives and financing programs. Click on links below for more information:

Clean and Renewable Energy

Culture and Arts Grants

Environmental, Geographic and Urban Redevelopment

Job Creation and Retention Incentives

Manufacturing

Nonprofit Organizations

Real Estate

Small- to Mid-Size Businesses

Technology and Life Sciences

Technology Business Tax Certificate Transfer Program

 

 

 
State incentives draw company to A.C. Will others follow?

by MARTIN DeANGELIS Staff Writer Dec 13, 2016

ATLANTIC CITY — Around City Hall, some people could barely contain their smiles after a high-tech, high-salary company announced plans in October to bring more than 80 jobs to a vacant floor of an office building in the heart of the city’s business district.

A few blocks away at Levin Commercial Real Estate, broker Joshua Levin was also bullish on the deal. That wasn’t just because an agent with his office, Lee Jerome, set up the real estate end of it on a 14,000-square-foot floor of the CitiCenter building.

And on the ground floor of CitiCenter, where Enroute Computer Solutions has started moving people in, Angela DiIelsi also likes what she’s hearing about the new people upstairs. She runs Esquires III, a lobby restaurant, and she’s thrilled to have actual people on a floor that had been empty for several years.

“More is always good,” says DiIelsi, whose family runs two other Esquires in Atlantic City.

Tony Curatolo, Enroute’s founder and CEO, said Monday that 10 of his staff are now working in CitiCenter. He expects 65 to move there by February and the rest by April.

Levin said the same state incentives that drew the company to Atlantic City could attract more to follow. And that, he hopes, could rejuvenate a commercial real estate market that has suffered with the rest of the local economy.

“These types of tenants would never have come to Atlantic City if not for Grow New Jersey,” Levin said, referring to a program administered by the state’s Economic Development Authority. “There are only (five) cities in the whole state that can get these types of benefits. And the benefits our clients got will far exceed their rental costs.”

Tim Lizura, NJEDA’s president, said the five official Garden State Growth Zones are the most severely distressed cities in New Jersey. The others are Camden, Trenton, Paterson and Passaic. Atlantic City was the latest to join that list when Gov. Chris Christie added it in October 2014 — the month after three casinos closed within two weeks.

The program aims to “attract jobs to New Jersey and retain jobs in New Jersey that might be in danger of leaving by ... driving investment to distressed areas,” Lizura said. “It’s a tax-credit program that starts as low as $500 per job if it’s retained and can go up to $15,000 for new jobs in Garden State Growth Zones.”

The incentives added up by a complex formula to about $931,000 a year over 10 years. That will work out to more than $9.3 million for Enroute, which creates and maintains air-traffic control systems.

But the company is promising to bring 81 employees to Atlantic City. The median salary is just shy of $99,000 a year, according to EDA’s official summary of the deal.

Enroute was founded in 1997 in Egg Harbor Township, near Atlantic City International Airport, and it’s still based in the township. So some critics complained that the company will get a multi-million-dollar subsidy for moving jobs from one town to another in the same county. Curatolo says he was considering an expansion in Maryland, and not just Atlantic City, to handle a new Washington, D.C., contract.

“About 50 jobs, minimum, would have left,” he said.

The EDA’s Lizura adds that 38 of the people set to work in Atlantic City are also new to Enroute — meaning those jobs are new to New Jersey, too.

To Levin, they couldn’t come to a better place.

Levin said he’s heard from other companies interested in those tax credits, but even as he says that, Levin adds that there’s a big concern about the local commercial-office market: As of now, the city doesn’t have enough big offices to handle some potential tenants.

So, he adds, this new business in town could have an impact well outside its own new home.

“I believe it’s going to tighten up the (office) market,” Levin said. “It’s going to push the pressure down a bit.”

To read the article online please visit ThePressofAtlanticCity.com

 
LEVIN Commercial Real Estate Secures 14,360 SF Space in Atlantic City for Enroute Computer Solutions’ New Corporate Headquarters

 

(10/18/2016) – Lee Jerome, Senior Associate at Levin Commercial Real Estate is proud to announce the securing of a long-term lease of 14,360 square feet for Enroute Computer Solutions, Inc. (ECS) in the Citi-Center Building in Atlantic City.

ECS is a provider of a full range of engineering, software and systems services supporting the Air Traffic Control industry. ECS has been supporting the Federal Aviation Administration (FAA) and its corporate partners at the William J Hughes Technical Center and throughout the country since 1994. The company’s new 14,360 square foot facility will be located on the 8th floor of 1300 Atlantic Avenue and house new offices, as well as, a state of the art computer lab and conference room by the end of the year.

ECS’ decision to relocate to Atlantic City was supported by a Grow New Jersey (Grow NJ) award approved by the Economic Development Authority (EDA) in October. “The end of our lease in EHT presented us with an opportunity to explore other options to accommodate our continued growth,” said Anthony Curatolo, ECS Founder and CEO. “The Grow NJ Program helped make a move to Atlantic City practical. We are excited to see Trenton supporting the development of South Jersey and look forward to our part in the next chapter of Atlantic City.”

The EDA approved the Grow NJ funding this month. ECS will receive as much as $9.3 million in state tax credits over the next decade. The grant is for up to $931,500 a year over 10 years and includes conditions that the company meets certain criteria over time, including capital investments and employment numbers.

 

 
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