The firm has extensive experience in obtaining tax abatements under the Long Term Tax Abatement Law for clients with projects in redevelopment areas or in urban enterprise areas. Tax abatements are also known as PILOT’s (payments in lieu of taxes).
Obtaining a tax abatement can be critical to the financial success of a proposed development - - especially when competitors in the market have already obtained abatements of their own. The decision whether or not to grant an abatement is a legislative act by the governing body.
Two partners in our firm have been leaders in New Jersey in this highly technical area of the law. Both attorneys had important roles in drafting the 2003 reform of the Long Term Tax Exemption Law, which resulted in the settlement of litigation involving a broad-based attack on the accepted interpretation and implementation of that Law prior to the settlement. Both of these partners participated in that litigation as counsel for property owners.
The firm also has extensive experience in the related field of tax appeals.