Archived Announcements

 

2000-2004

March 2004 Please be advised that the firm is pleased to announce that senior partner, John E. Garippa, has recently published two articles. In the March 2004 issue of National Real Estate Investor, Mr. Garippa's article entitled "Why Tax Consultants Can't Serve Two Masters", examines the implications of the Sarbanes-Oxley Act on accounting firms practicing in the tax consulting business. The article also addresses the issues of conflict of interest as it impacts attorneys and tax consultants. The article concludes that "advocacy is the bedrock issue in any property tax appeal," and that clients need to make certain that the consultants and attorneys they hire have only the client's interest at heart. A second article entitled "New Tool for Controlling Property Taxes," was published in the March 2004 edition of Real Estate New Jersey. In the article Mr. Garippa examines the role of the Farmland Assessment Act and details how property owners of all size can take advantage of this statute to significantly reduce their property tax assessments.

December 2003 Senior partner John Garippa in his latest article in Real Estate New Jersey, details the significant deterioration of property value in the commercial sector throughout all of New Jersey. Mr. Garippa explains the operation of the equalization ratio in this process and details that, as a result, much of the state property is now over assessed.

Phil Giannuario recently published an article in the November issue of National Real Estate Investor entitled "The Value of Understanding Property Valuation Methods". In the article, Mr. Giannuario provides advice as to how industrial property owners can achieve tax savings by utilizing market data.

AUGUST 2003 Garippa, Lotz and Giannuario* is pleased to announce that the American Property Tax Counsel (APTC) seminar, which will be held October 24-25, in Scottsdale, Arizona, will be entitled: "A Return to Appraisal Fundamentals—The Way to Reduce Real Estate Taxes.” The seminar will bring noted professionals together to study the growing appraisal field of intangibles and how those studies can be better used to reduce tax assessments.

*John Garippa is the president of APTC, the national affiliation of property tax attorneys.

April 2003 Garippa, Lotz and Giannuario is pleased to announce that Real Estate New
Jersey magazine in its April 2003 issue, has published an article entitled,
“Contamination Can Cut Assessments” written by our senior partner, John
Garippa. The article details the recent decision involving the successful
Witco v. Perth Amboy case and its implications on a variety of environmental
issues, including black mold and mildew.

April 2003 Garippa, Lotz & Giannuario has successfully argued the case of Witco v. Perth Amboy, NJ before the Appellate Division in the State of New Jersey. This is the first case in the history of the New Jersey court system that accepts a methodology for the deduction of the cost of contamination from the value of property. The Appellate Court recognized the negative impact of environmental remediation on value and concluded that the calculation for the offset taken by the Tax Court was proper.

If you are interested in a full copy of this precedent-setting decision, please do not hesitate to contact us.

April 2003 Garippa, Lotz & Giannuario is pleased to announce that Real Estate Forum magazine recently reviewed a seminar sponsored by the American Property Tax Counsel. The seminar focused on the issue of “intangibles” and their use to reduce property taxes. The seminar participants discussed the issue that properties such as regional malls, hotels and assisted living facilities are over-assessed when their values are based not only on the real estate itself, but on non-real estate assets than can include contracts, a work force and a brand name. The article details insights of both APTC attorneys and industry experts participating in the seminar.

We are also pleased to advise you that senior partner, John Garippa, was recently quoted at length by Real Estate Forum magazine in the keynote article in the March issue entitled “Whole New Ballgame.” The article focuses on the 140 million square feet of vacant commercial space throughout the United States. Mr. Garippa, commenting on the effect of that vacant space for tax assessment purposes, stated:

" 'And many properties with sublease space are being over assessed,' says John Garippa, president of the Chicago-based American Property Tax Counsel and a senior partner at the Montclair, NJ-based law firm Garippa, Lotz & Giannuario. He argues that long-term tenants have been forced to sublet their space at significant discounts, and they are getting burned. According to Garippa, such discounts can be as high as 40% in the current market. This, in turn, is causing some buildings to be taxed on initial contract rents rather than current market rents.

“Assume that I own a 300,000 s.f. building that I rent to you as a corporation for $35 per s.f. Two years later, you put 150,000 s.f. back on the market as sublease space and instead of $35 per s.f., you are getting $20 per sf. On appeal, most U.S. courts say the way to value that property for tax assessment purposes is as if the whole building was rented at a rate of $20 per sf. It’s a big issue," and one he says can only be resolved through the filing of tax appeals. Indeed, a significant amount of appeals are currently being filed across the country, according to Garippa, who says "the result of such appeals will start to surface later this year."

For copies of any of the above mentioned articles, please do not hesitate to contact our firm.

March 2003

John Garippa has been quoted in "Whole New Ballgame," by Cara L. Clinton, published in Real Estate Forum, March 2003

October 2002
Philip Giannuario has recently been appointed to the New Jersey Supreme Court Committee on the Tax Court.

July 2002
GLG is pleased to announce that the American Property Tax Counsel (APTC) seminar which will be held October 25-26, in Scottsdale, Arizona will be entitled: "Emerging Theories on Intangibles and Obsolescence: Their Impact on the Taxation of Industrial and Office Properties." The seminar will bring noted professionals together to study the growing appraisal field of intangibles and how those studies can be better used to reduce tax assessments. Mr. Garippa is the president of APTC, the national affiliation of property tax attorneys.

June 25, 2002
Senior partner, John Garippa, was quoted in an article that appeared in the June 2002 edition of Real Estate Forum. The article entitled, "FYI - 1031 Exchanges" by Art Gering, discusses the newly issued Internal Revenue procedures regarding these transactions. Mr. Garippa is quoted at length on the real estate tax consequences of such exchanges.

May 13, 2002
John Garippa will be speaking at the annual conference of the Institute for
Professionals in Taxation on June 26, 2002 in Boca Raton, Florida. This
will be a general session for the conference and will be entitled, "Hot
Topics and Burning Legal Issues."

John Garippa and Phil Giannuario will both be speaking at the fall symposium
for the Institute for Professionals in Taxation in Monterey, California, on
September 27, 2002. Mr. Garippa will be directing a mock trial focused on
the issues most affecting large industrial properties. Mr. Giannuario will
be speaking on the subject of "Preparing a Forensic Appraisal for Tax
Appeals."

May 7 , 2002 
Garippa, Lotz & Giannuario are pleased to announce that an article authored by senior partner, John Garippa was recently published in the April 2002 edition of Real Estate New Jersey.

The article, entitled "Cutting Taxes with Due Diligence", focuses on methods and strategies by which a corporate property tax department can efficiently reduce property taxes for their sites.

If you would like to receive a copy of this article, please do not hesitate to contact John Garippa at 973-744-1688 or via e-mail at john@taxappeal.com.

March 27 , 2002 
Senior partner, John Garippa, was quoted in an article that appeared in the March 27, 2002 edition of the Wall Street Journal. The article entitled, "Property Owners Appeal Value Assessment to Ease Tax Burden" by Sheila Muto, discusses the recent trend of commercial property owners taking a closer look at their property tax assessments. The article which appeared on page B8, indicates that the appeal rate this year has increased due to the down turn in the real estate market in many jurisdictions.

February 27, 2002 
Senior partner, John Garippa was quoted at length in an article entitled "Real Estate Leaders Deny Industry Complicity in Assessment Scandal" published in the February 27, 2002 edition of GlobeSt.com. The article concerns the indictment of 18 New York City assessors for under-valuing New York City real estate in return for bribes and kick-backs.

Jan. 2002
Garippa, Lotz & Giannuario are pleased to announce that senior partner, John Garippa was prominently mentioned in two recent articles which appeared in major real estate publications in January 2002.

Real Estate Forum Magazine published a major article outlining the annual seminar presented by the American Property Tax Counsel (APTC) in Scottsdale, Arizona. This most recent seminar, dedicated to the study and removal of intangibles from the property tax, looked primarily at the hotel, assisted living, and regional shopping center market.

The article, moderated by Real Estate Forum journalist, Art Gering, focused on the roundtable discussion with industry executives and member APTC attorneys. Mr. Garippa, who also serves as president of the organization, was one of three APTC attorneys who participated in the roundtable discussion, in addition to executives from Marriott and the Rouse Company. The roundtable highlighted the significance of intangibles in property tax assessments and how companies might remove them from property tax assessments.

In the January 2002 issue of National Real Estate Investor, an article entitled “Challenging the Tax Man” reviews the new services and valuation theories aimed to help real estate owners appeal property tax assessments. The article focuses, in part, on the difference between investment value and assessment value in the property tax arena. Mr. Garippa’s theories on this subject are delineated, as well as a full discussion of his victory in court in the matter of AT&T vs. Morris Township, New Jersey, where the Tax Court of New Jersey agreed with his arguments that a sale involving REIT property often contains premiums not related to the fair market value of the real estate.

If you would like to receive a copy of either article, please do not hesitate to contact the firm at glg@taxappeal.com.

Nov. 2-3 2001 
Garippa, Lotz & Giannuario is participating in the annual seminar hosted by the American Property Tax Counsel (APTC). APTC’s 2001 Seminar will take place at the Phoenician in Scottsdale, Arizona on November 1-2. The topic of the seminar is Removing Intangibles from the Real Estate Tax Bill: The Missing Step in Real Estate Assessment Valuations.

It is clearly recognized, today, that commercial properties such as hotels, regional shopping centers and senior housing facilities have significant non-real estate components which contribute to their net revenues and thus to their overall value. Taxing jurisdictions have gratuitously taken the income from all sources and attributed it to the real estate. The Seminar will present a framework for identifying these non-real estate components and deducting their value from the properties real estate value.

August 29, 2001
Pursuant to the opinion issued this morning by Judge Small of the New Jersey Tax Court in the appeal of a chemical plant located in Perth Amboy, New Jersey, the Court agreed with the theory presented byGarippa, Lotz & Giannuario with regard to the deduction from value attributable to environmental contamination and the associated costs for remediation. This is the first time that a court in the state has awarded a taxpayer a reduction in their assessment for environmental contamination and the associated costs.

To further discuss this ground-breaking decision, please contact senior partner John Garippa (973-744-1688) or john@taxappeal.com

April 2001
Philip Giannuario has authored an article which appears in the April 2001 issue of Office & Industrial Properties magazine. The article, entitled "Changing Industrial Areas (How to Fight to Reduce your Taxes)", concerns the valuation and assessment of existing properties located in neighborhoods changing from industrial to commercial or residential uses. For a copy of the article, please contact our office (973-744-1688 or via e-mail at phil@taxappeal.com.

February 13, 2001
Senior partner, John Garippa, was recently interviewed by Commercial Property News for its April 2001 issue. The interview covers current hot topics in property tax including environmental issues, the effect of obsolescence on value, and the impact of intangibles on the property tax. The interview also includes a discussion regarding the American Property Tax Counsel (APTC) and its role in obtaining tax relief for multi-state real estate portfolios.

Beginning March 2001, the firm will write a monthly on-line tax column for GlobeSt.com. This column will focus on the latest significant tax issues in New Jersey. GlobeSt.com is the largest national daily internet news outlet for real estate issues. APTC members will also write similar columns for each of the 28 national markets covered by Globest.com. Make sure to update yourself on important real estate happenings on GlobeSt.com and catch our monthly column at the same time.

December 2000 
John E. Garippa was recently interviewed by the Real Estate Forum magazine, a publication of Real Estate MEDIA Inc., New York, NY. Real Estate Forum is an nationally published magazine distributed to real estate professionals in over 25 major markets. Mr. Garippa's interview delved into the current commercial real estate market as well as his involvement as president of the American Property Tax Counsel (APTC) and issues confronted by its members. In 2001 member firms of the APTC will provide monthly updates to Real Estate Forum's on line service located at GlobeSt.com. The monthly updates will concern tax issues and trends in property conditions in the 25 national markets covered by Real Estate Forum. Mr. Garippa's interview appears in the January 2001 edition of Real Estate Forum and on GlobeSt.com.