Patrick J. McNerney

Property Tax: Patrick represents high-profile clients in matters related to property tax appeals, analysis, minimization, state and municipal tax incentives, and assessment/tax litigation. Patrick’s background includes multi-state ad valorem tax litigation, real and personal property valuation and tax appeals, tax abatement, real estate tax sale, delinquency, tax exemption litigation, and contesting valuation assessments on all types of properties.

Real Estate Transfer/Recordation Tax: Patrick has national experience in state, county, and municipal real estate transfer/recordation taxes. He devises tax management and reduction strategies on large real estate fund transactions and has significant transfer/recordation tax management and litigation experience in all 50 states.

As a former prosecutor, Patrick successfully tried 24 criminal jury trials and hundreds of bench trials to verdict.

Clients served by Patrick include Amazon, American Multi-Cinema, Avolta, BP Amoco, MetLife, Prudential, UBS, Ventas, and Walton Street.

• Large real estate investment fund seeded with unique multi-state property investments in dispute with California assessment and taxing authorities contesting multi-billion dollar entity interest transfer and Proposition 13 change in ownership issues.
• Publicly traded real estate investment fund in connection with the transfer/recordation tax, and mortgage tax implications and potential property tax liabilities presented by the $7.9 billion dollar merger of two entities. The real estate assets are located in 41 different states and hundreds of counties and municipalities.
• Publicly traded real estate investment trust in connection with the transfer/recordation tax, and mortgage tax implications and potential tax liabilities presented by the $3.2 billion dollar merger of two entities. The real estate assets are located in numerous states, counties, and municipalities.
• Pre-eminent owner of an assemblage of properties comprising a prestigious and diverse integrated vertical retail mall and mixed-use development. Secured over $17M in property tax savings and refunds.
• Private real estate fund in connection with managing the property tax issues associated with a large commercial office property; secured in excess of $12 million in property tax reductions and refunds.
• Major entertainment company: provide property tax management services and assessment appeal services; challenge property tax burdens on commercial properties located in California, Illinois, Indiana and New York – secured multiple millions of dollars in property tax savings.
• Numerous charitable/educational institutions; secure property tax exemptions on properties used for charitable, educational, religious, and other tax exempt purposes.
• Large, multi-state telecommunications network; devised innovative personal property tax depreciation argument; negotiated with local and state assessment/taxing officials; filed assessment challenge in court and negotiated a tax refund of almost $37 million.
• Major oil refinery in Indiana Tax Court and secured property tax refund of more than $18 million.
• Major waste disposal company in property tax case of first impression; case tried in circuit court and twice appealed to the Illinois Appellate Court and once to the Illinois Supreme Court - victory resulted in tax savings of more than $16 million.
• Major telecommunications company in a property tax case of first impression in Wisconsin Circuit Court that resulted in a $1.6 million tax refund.
• Well-known entertainment company in an assessment appeal which challenged the property tax burden on a large commercial property - saved in excess of $1.5 million.
• Prominent international electrical component manufacturer and food processing company in Illinois property tax cases of first impression and secured tax refunds of more than $1 million.
• Well-known telecommunications company before the Michigan Tax Tribunal and secured a property tax refund of more than $1 million.
• Large, private, multi-billion dollar real estate fund on restructuring from a real estate separate account investment format to an open-end, commingled investment fund and secured millions of dollars in transfer tax savings.
• Secured in excess of a $5.5 million transfer tax refund for a large, publicly traded, satellite communication and entertainment company based in Washington DC.Additional Matters:
• Structured $1B acquisition of a large, multi-state hotel property portfolio to efficiently manage transfer/recordation tax exposure. The hotel assets were located in 29 different states and numerous counties and municipalities, most with unique transfer/recordation tax laws and regulations.
• Devised transfer tax efficient structures on multiple, multi-state portfolio and real estate fund transactions securing millions of dollars in transfer tax savings.
• Resolved multiple Illinois transfer tax litigation cases; in one dispute our client saved more than $800,000 in taxes, penalties and interest.
• Co-authored United States Supreme Court Petition for Writ of Certiorari and Reply Brief regarding a property tax case for a major tool and hardware manufacturer.