Patrick J. McNerney, a partner in the Chicago office, founded and manages the firm’s Property & Transfer Tax practice. The practice concentrates on property and transfer tax planning, structuring, analysis, minimization, state and municipal incentives, and litigation.
Patrick’s experience includes multi-state ad valorem tax litigation, real and personal property valuation and tax appeals, tax abatement, real estate tax sale, delinquency and tax exemption litigation. He has extensive experience contesting valuation assessments on large office, retail, industrial, manufacturing, warehousing, telecommunications, medical office buildings, nursing, long-term health and life care facilities, multifamily, low income, sanitary landfill, leasehold, agricultural, and special use properties.
Patrick and his team of lawyers and tax professionals represent Fortune 100-500 companies in multi-million dollar tax disputes in multiple jurisdictions.
Patrick’s litigation experience includes jury trials and Illinois Appellate and Supreme Court cases and his property tax experience extends to numerous states including California, Georgia, Illinois, Indiana, Iowa, Michigan, Minnesota, New York, North Dakota, Pennsylvania, Texas, and Wisconsin.
Patrick has national specialized expertise 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 litigation experience. As a former prosecutor, Patrick tried 24 criminal jury trials and hundreds of bench trials to verdict.
- The John Marshall Law School, JD
- Loyola University Chicago, BS
- US District Court for the Northern District of Illinois
- Lead team that proposed and secured passage of new legislation affecting Illinois Captive REITs. (2015)
- Worked with Building Owners and Managers Association (BOMA) to determine appropriate capitalization rates to estimate CBD commercial office property values. (2014)
- NAREIM (National Association of Real Estate Investment Managers) (2013)
- Represented a large publicly traded real estate investment fund in connection with transfer/recordation tax, property tax, and mortgage tax issues associated with the repositioning of a $16 billion portfolio of real estate assets located in 47 states and hundreds of counties and municipalities.
- Represented a 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.
- Represented a large 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.
- Represented a 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.
- Represented a 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.
- Secured in excess of a $5.5 million transfer tax refund for a large, publically traded, satellite communication and entertainment company based in Washington DC.
- Represented 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.
- Represented major 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.
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