I don't know the answers on taxes, but New Jersey is the densest state in America.

.🔹 Property Tax Relief – If your property is severely damaged, you may qualify for reassessment and potential tax refunds.

It is tax free in the sense that you will not owe taxes today on the cash-out.

@Tyler Speelman, A 1031 exchange solves the tax issue. 

And you now have to file three tax returns:- partnership tax return- your individual tax return reporting 1/2 of the partnership losses- your partner's individual tax return reporting their 1/2 of the partnership lossesAnd while partnership return can be DIY-ed, it probably should not be.

This isn’t/wasn’t a loophole - just tax policy. 

Taxes : Taxes have been a brewing crisis nationwide for sometime, Chicago is another prime example of a major municipality struggling under high debt load.

Maybe that is why the old owner didn't pay their taxes?

As the state capital, it boasts a strong government and military presence, supported by the nearby Air Force Base.

And she’s the one that released the latest tax rates and year to year comparisons in September of 2024.