Northeast

By Jason Penighetti of Forchelli Deegan Terrana Whenever commercial property owners challenge their real estate tax assessments, two critical dates are significant: the taxable status date and the valuation date. While the  two dates sound as if they could be interchangeable, each serves distinct purposes and is firmly established in law. More to the point, confusing the two can derail even the strongest assessment challenge. The taxable status date is the point in time when assessors determine the property’s ownership and physical condition. This process serves to answer two questions: who owns the property, and what does it look like?  This date typically falls early in the calendar year. Many New York jurisdictions utilize a March 1 taxable status date, as does Connecticut. In New Jersey, the key date is Oct. 1 of the prior year, while in Massachusetts, it falls on Jan 1.  As of that day, assessors look at two components: the ownership of the parcel and its condition. Events occurring afterward generally do not affect the current year’s assessment. If a new addition is completed after the taxable status date, it will not increase that year’s value.  Likewise, if a property suffers catastrophic damage or partial demolition …