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Tax Appeals

Are you paying too much in property taxes?  Unfortunately, if you own property in New Jersey, chances are you are paying quite a lot in taxes.  In New Jersey, property taxes are based upon the market value of the property, which is established as of October 1st of the prior tax year.  In some municipalities, the Tax Assessor will perform maintenance programs, or yearly updates to the tax assessment rolls, in order to keep up with changes in property values.  However, many Assessors do not.  In municipalities where the most recent town-wide revaluation hasn’t taken place for several years or more (and/or where some of the individual re-assessments were flawed to begin with), the accuracy of individual property assessments can vary widely.  As a result, some properties may be greatly over-assessed in comparison to the common level ratio of assessed-to-True-Value that should apply.

Every property owner has the right to file an appeal of their property’s tax assessment, in an attempt to lower the assessment upon which their property taxes are based.  This must be done by April 1st of the tax year under appeal (or, by May 1st for municipalities which have undergone a revaluation of assessments).

Do you believe your property may be over-assessed?  If so, you may want to file an appeal, in order to lower the assessment.  If you do decide to appeal your property tax assessment, it is advisable to have an accurate and reliable appraisal performed on your property, in order to establish your property’s market value.  I have performed this type of appraisal on many occasions, and have most often met with success in establishing grounds for a lowering of the property assessment.

Give me a call, at 908-526-1226. Or, contact me by email, so that you can explore all of your options in this regard.