Experts say property tax appeals will soar by 50%

Document Sample
Experts say property tax appeals will soar by 50% Powered By Docstoc
					       T H I S        W E E K

                                                                                                                                                                       Hitting the books
Lobbyists sound alarm over proposal to                                                                                                                                      Recession detour routes
lower barriers to unionization.                                                                                                                                             professionals back to the
Page 8                                                                                                                                                                  classroom in search of new skills
Real Estate                                                                                                                                                               to remain competitive. Page 19
                                                                                                                                                                        CONTINUING EDUCATION SPOTLIGHT
                                                               A L L   B U S I N E S S   ◆   ALL NEW JERSEY                          $2.00                      MARCH 16, 2009           

Larken Associates aim to revive a ‘tired’
                                            Despite aid, Roche plans 400 cuts
Route 22 retail and office complex.
Page 11
                                            Layoffs may force drug maker to forfeit EDA tax credits following $47B Genentech buy
                                                          BY MARTIN C. DAKS                                    “Roche’s manufacturing operations in Nutley        treatment and research and development, said
Finance                                     ROCHE MAY SHED more than 400 jobs next year                   will be closed,” following                              spokesman Al Wasilewsky. In addition, an unde-
Business owners scramble to save
                                            at its Nutley office campus in the wake of its                the Genentech acquisition, Inside                       termined number of administrative, marketing
retirement funds while trying to cope                                                                                                     • Merck merger
with a down economy.                        announced $47 billion acquisition of Genentech,               according to a statement reshaping industry             and other positions will be transferred to Genen-
Page 12                                     a gene-based drug company. The cuts are sched-                from the company. Up to landscape. Page 3               tech’s South San Francisco, Calif., site, he said.
                                            uled despite $1.4 million of state tax credits the            400 manufacturing posi-                                      In July, Roche initially offered to buy
Lessons Learned                             company was awarded in 2007 that were tied to                 tions may be eliminated during 2010 as the com-         the 44 percent of Genentech it did not already
                                            maintaining its New Jersey work force.                        pany repositions its Nutley site to focus on cancer                          ➤➤ See    ROCHE on page 4

                                                                                                                                                                              Experts say
                                            Steven J. Dundas

Rupen Patel learned that a tight leash
                                                                                                                                                                              property tax
                                                                                                                                                                              appeals will
on expenses helps to keep projects on
budget and schedule.
Page 14

Sales Tips
Page 15

                                                                                                                                                                              soar by 50%
Our Point of View: Businesses should
                                                                                                                                                                              More filings expected as
hold legislators accountable on state’s                                                                                                                                       real estate values decline
promise to revisit payroll tax hike once
unemployment fund is restored. Also,                                                                                                                                                      BY EVELYN LEE
Political Exchange, Corner Office and                                                                                                                                         AS PROPERTY VALUES decline in the
Letters to the Editor.                                                                                                                                                        slumping economy, a growing num-
Page 16                                     Gov. Jon S. Corzine’s proposed budget includes a payroll tax increase and the elimination of some property tax rebates.           ber of commercial real estate owners
Spotlight                                                                                                                                                                     in New Jersey are seeking tax appeals
SBA seeing increased interest in its
online course offerings.
Page 21
                                            Businesses blast N.J. budget plan                                                                                                 in order to reduce their operating
                                                                                                                                                                              expenses while retaining and attract-
                                                                                                                                                                              ing tenants.
                                                                                                                                                                                    “We’re seeing an increase in fil-
                                            Corzine’s ‘tough choices’ anger those making hard decisions during recession                                                      ings,” said Daniel Pollak, who heads
Page 27                                            BY MARTIN C. DAKS                         tough decisions of their own.          comfortable with the budget, but          the real estate tax appeal practice at
                                            BUSINESS OWNERS were ready to                          “No one can be happy about       I’m not about to move my compa-           law firm Wolf Block LLP in Roseland.
                                            cringe when Gov. Jon S. Corzine                  it, because you’re penalizing peo-     ny out of the state because of it.”       “There’s going to be an increase this
                                            unveiled his new budget — it was a               ple that are                                If Corzine’s budget is ap-           year and potentially next year because
                                            sure bet tax hikes would be part of              trying get out Inside                  proved by the Legislature, owners         of the drop in property values.”
 To subscribe to NJBIZ, call 866-288-7699   his effort to plug what Corzine cal-             of this eco- • Job-creation            like Dawson will likely be affected             Commercial real estate tax
                                            culates is a $7 billion gap between              nomic down- program runs out           by one or more of three w
Description: [...] there's been very, very few transfers of real estate since August," when the financial crisis brought lending for real estate acquisitions to a halt, he said. [...] the credit markets begin to thaw and allow for more transaction activity, it will be difficult to determine what many commercial properties are really worth, he said.
ProQuest creates specialized information resources and technologies that propel successful research, discovery, and lifelong learning.