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Contact:
Michael R. Coston
Director of Marketing and Public Relations
Forchelli, Curto, Schwartz, Mineo, Carlino & Cohn, LLP
Phone: 516-248-1700
Email: mcoston@forchellilaw.com
Partner John V. Terrana Publishes
Article in the Latest Issue of the New York Real Estate
Journal.
NYREJ: “More than one way to skim a tax
bill, another case” 9/24/07
Mineola, February 02, 2007 — Partner John V. Terrana,
head of the The Firm Tax Certiorari Department, published
an article in the latest issue of the New York Real Estate
Journal. The article, “More than one way to skim a
tax bill, another case,” discusses the many aspects
of a property’s taxation that should be examined to
reduce real estate taxes.
Discussing his findings in a recent tax certiorari matter,
Mr. Terrana explains, “We found that as the property
was improved, and the assessment was increased, both the
land and building assessments of the property were increased.
While the increase in the building portion of the assessment
was phased in pursuant to a business investment exemption,
the increase in the land assessment was not. Pursuant to
RPTL Section 1805, the increase in the land should have
also been phased in over a five (5) year period. The correction
of this error resulted in a refund of the overpayment of
taxes for the five (5) year period.”
Mr. Terrana counsels clients in all aspects of real estate
taxation, including tax exemptions, the estimation of taxes
for new construction, lease tax escalation clauses and the
sale, purchase and foreclosure of tax liens. Since joining
The Firm in 1993, Mr. Terrana has successfully obtained
millions of dollars in real estate tax refunds and savings
for clients, which include national, regional and local
owners and tenants of all types of commercial and residential
property.
For more information, please pick up the latest issue of
the New York Real Estate Journal or visit www.nyrej.com.
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