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Richard P. DeAngelis Jr.
OUR CLIENTS
Connell Foley represents the full range of commercial property owners, developers, investors and lenders.
OUR ADVANTAGE
The knowledge and experience of Connell Foley’s
real estate team is second to none when it comes to understanding the New Jersey real estate market. Our primary goal is to maximize the value of our clients’ real estate assets. We do this by negotiating abatement or exemption agreements, aggressively pursuing appeals of local tax assessments and vigorously defending reverse appeals by municipalities. We also ensure our clients are fully apprised of local tax considerations related to their proposed investments and development projects.
ON THE HORIZON
Tax appeal filings are expected to increase, particularly for office and retail properties due to continuing market challenges and the precipitous drop in equalization ratios across New Jersey. We anticipate also continuing
56 Livingston Ave. Roseland, NJ 07068
AT A GLANCE
YEAR FOUNDED: 1938
NUMBER OF ATTORNEYS INVOLVED IN PROPERTY TAX APPEALS IN NEW JERSEY: 6
OTHER AREAS OF EXPERTISE IN COMMERCIAL REAL ESTATE: Land Use, Permitting and Approvals; Development; Redevelopment; Acquisitions and Sales; Leasing; Financing; Condemnation/Eminent Domain; Investment Funds; Workouts, Restructurings and Foreclosures; Environmental Permitting; Tax Matters
to assist clients with diligence related to local property taxation for planned acquisitions, repurposing and redevelopment of property.
TRANSACTION SPOTLIGHT
Among other successes, Connell Foley lawyers have achieved:
• Settlement of three years of tax appeals for a standalone retail building in Bergen County that resulted in a refund of over $105,000 and reduced the annual tax burden going forward by approximately $100,000;
• Settlement of a single year appeal of a property used for warehousing and commercial parking in Passaic County that resulted in annual tax savings in excess of $27,500; and
• Settlement of several years of appeals of the assessments on a commercial development site in Union County that resulted in a refund to property owners of more than $1.5 million and reduced the annual tax burden going forward by approximately $320,000.
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