Newark Office Secures Award Decreasing Client’s Annual Tax Assessment by $68M
The Newark office’s commercial real estate litigation team, led by Jonathan Preziosi, recently obtained a summary judgment award before the New Jersey Tax Court determining that the assisted living and skilled nursing components of his client’s 52-acre Continuing Care Retirement Community (“CCRC”) in Maplewood Township, New Jersey, are exempt from real estate taxation under the “hospital purposes” exemption of governing state statute.
Newark, N.J. (April 18, 2025) - The Newark office’s commercial real estate litigation team, led by Jonathan Preziosi, recently obtained a summary judgment award before the New Jersey Tax Court determining that the assisted living and skilled nursing components of his client’s 52-acre Continuing Care Retirement Community (“CCRC”) in Maplewood Township, New Jersey, are exempt from real estate taxation under the “hospital purposes” exemption of the governing state statute.
As the result of this decision, the client’s annual tax assessment for the property will be decreased by approximately $68 million.
Mr. Preziosi has more than twenty years of experience representing for-profit and nonprofit clients in real estate tax appeals involving diverse property types such as CCRC’s, office buildings, shopping centers, institutional campuses, manufacturing sites, mixed-use properties, and an East Coast chain of convenience stores/gas stations.