It’s the Merry Month of May for the Hudson Farm Club. It owns 1,074 acres of Hopatcong’s farmland and pays $3,721 in County and Municipal taxes. Why isn’t Hudson Farm farming this farmland? Because, Hudson Farm is not only a for profit sports club it is also a Class 3 Bermuda domiciled reinsurer and this farmland is being used as a real estate assets for their capital portfolio of IAT Reinsurance Ltd. (According to 2013 tax records) IAT – Hudson Farm is receiving State exemptions because these properties are classified as QFARM property. Simply put IAT – Hudson Farm is in the business of growing capital not crops and it has been resourceful doing this by exploiting New Jersey’s agricultural tax exemptions.
Should a Class 3 Bermuda domiciled reinsurers be treated as farmers and be given state Farmland tax breaks?
The only things growing on Hudson Farm are tax free money trees for Bermuda Domiciled reinsurers.
