Expert Advice When You Need It Most
Posted about 3 years ago. Applies to New Jersey, 10 helpful votes, 0 comments
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Understanding The Importance Of Your Property Tax Assessment And Your Right To Appeal The Assessment If It Is UnfairSince the annual real estate taxes billed by a municipal tax collector in New Jersey connection with a parcel of property are the direct product of the assessed valuation of the property, it is important to have the assessment properly reviewed each year to determine whether or not the assessment is accurate and fair based upon applicable law and relevant standards and criteria. The review of the annual real estate tax assessment is particularly necessary when, like now, the economy is in a state of deep decline and property values are eroding and/or plummeting in many areas of the State. Such review will disclose, for example, whether or not the annual tax assessment is too high and should be appealed by the applicable deadline - which deadline is generally April 1st. 2
Benefits Arisng From A Successful Real Estate Tax AppealA successful real estate tax appeal will cause a reduction of the annual assessment upon the property for the year under appeal - and also potentially for up to two (2) years following that year under New Jersey’s so-called “Freeze Act”. This, in turn, will result in reduced annual taxes on the property for such year(s); or, in other words, real tax savings to and for the party having the tax payment obligation. Additional ResourcesThe "New Jersey Tax Appeals" website provides and includes includes website links to many governmental and other sources of information applicable to the real estate assessment and tax appeal process in New Jersey. Find Ethics LawyersRelated Searches |