In an article published by The Real Deal, local practitioners commented on the effects COVID-19 has had and will have on property taxes in four major markets – New York, Miami, Los Angeles and Chicago.
According to the article, Florida will not see the real effects of the coronavirus until the next tax cycle due to the “lien date,” a date set by the state to assess property values.
Logan Gans, a Tax & International Law partner in the Miami office of Shutts & Bowen, anticipates that the next tax cycle will be much more difficult.
“If the federal government isn’t going to help the state and local governments out,” he said, “then the counties are going to have to raise revenues themselves or else go into bankruptcy.”
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About Logan Gans
Logan E. Gans is a partner in the Miami office of Shutts & Bowen LLP, where he is a member of the Tax and International Law Practice Group. Logan regularly represents clients on U.S. Federal tax, international tax, and state and local tax matters. Logan also advises U.S. clients on outbound corporate and tax planning, including Subpart F, GILTI, and FDII matters. He counsels foreign clients on their inbound investments in the United States, including U.S. real property, corporate restructurings, and cross-border mergers and acquisitions.