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John R. Lloyd
Practice Group Leader, Property Taxation & Valuation Group
AT A GLANCE...
HEADQUARTERS: One Boland Drive, West Orange, NJ 07052
YEAR FOUNDED: 1972
NUMBER OF ATTORNEYS INVOLVED IN PROPERTY TAX APPEALS IN NEW JERSEY: 5
OTHER AREAS OF EXPERTISE IN COMMERCIAL
REAL ESTATE: Acquisitions, sales and leasing; development and land use; condominium and planned real estate development; real estate financing and loan workouts; private equity and joint ventures; hospitality and liquor licensing; construction agreements; and dispute resolution.
ON THE HORIZON
In the current and post-COVID environment, there will be winners and losers in the real estate marketplace,
each of which presenting tax appeal potentialities.
Likely candidates for lower property tax valuations in 2021 will include the retail and hospitality sectors, which have suffered significant losses in operating income. However, values will continue to escalate in the industrial distribution sector, which may render those properties vulnerable to so called “reverse tax appeals” being filed by municipalities seeking to increase their assessments.
TRANSACTION SPOTLIGHT
While our Group is actively involved in a number of transformative projects across New Jersey, we believe that our ongoing engagement in Atlantic City best illustrates
the robust scope and impact of our practice. Since 2016, CSG’s Property Taxation & Valuation Group has negotiated, facilitated and assisted in the implementation of the Casino Property Stabilization Act on behalf of the State and Atlantic City. The process has included negotiating the resolution
of all outstanding casino property tax appeals, including
the terms and mechanisms for funding the payment of
the resulting tax refunds. Currently, CSG is negotiating
and drafting the financial agreements with the individual casinos, as well as their annual PILOT agreements.
Getting back to the “bigger picture” previously discussed, this engagement is important not only because it clearly demonstrates our ability to navigate the interests of stakeholders at the intersection of the public and private sectors — but also because of the key successes for
which it has been credited on the path towards restoring Atlantic City’s financial stability. These include reaching settlements on significant casino property tax appeals that have ultimately saved the city in excess of $150 million, negotiating and securing commitments for new PILOT agreements for redevelopment projects across the City, and achieving a 5% reduction in the municipal tax rate for the City’s residents.
OUR ADVANTAGE
Delivering insight on matters beyond simply
the prosecution of a tax appeal, CSG’s Property Taxation & Valuation Group brings a deep, technical understanding of real estate valuation principles needed to aid property owners, municipal leaders and real estate developers in gaining a clear view of the “bigger picture.” Our fully integrated practice — with core capabilities in property taxation projections, abatements, exemptions and appeals — is steeped in all aspects of property valuation and is, therefore, essential in any context presenting the question of how much a parcel of real estate should be taxed.
In the realm of value added services and resources, clients appreciate our extensive experience, stellar reputation and referral network within the legal and appraisal communities. Further, in the event that a business challenge arises outside of the areas of real estate and property taxation, clients find great value
in tapping the full-service capabilities, powerhouse talent and seamless service brought to bear by CSG as a collective.
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