Wells Reit II-80 Park Plaza, LLC v. Director, Division of Taxation

KUSKIN, J.T.C.

Plaintiff seeks a refund under N.J.S.A. 46:15-7.4 of tax in the sum of $1,475,000 that it paid pursuant to N.J.S.A. 46:15-7.2 in connection with its purchase of an office building property. The tax imposed by N.J.S.A. 46:15-7.2 is commonly referred to as the “mansion tax.” Defendant, Director of the New Jersey Division of Taxation (“Director”), contends that no refund is payable because, as a result of a price change effected by an amendment to the purchase agreement, the agreement was not “fully executed before July 1, 2006” as required by N.J.S.A. 46:15-7.4. Both parties have…