As a property owner, you are entitled to have your property valued using the fair market value, or what the property would sell for if you put it on the market today. The law says that fair market value is "[what the property would] sell for at a fair and bona fide sale by private contract on October 1" of the prior year. N.J.S.A. 54:4-23.
So the key to a property tax appeal is the market value.
Only a qualified appraiser can offer an opinion in a County Tax Board hearing or in a court about what the market price is today.
The first step toward any successful property tax appeal is to conduct a current appraisal of the market value.
I Don't Understand Why My Assessment Is So Much Lower Than The Price I Paid For My Home?
In a lot of cases, your assessment is based on a ratio. Hoboken's ratio in 2011 is 29.63%. That means that if your property is worth $1,000,000.00, your assessment would only be $296,300.00. With Hoboken's 2011 tax rate of 4.745% you would be paying $14,059.44 in taxes.
Current Market Value: $1,000,000
Assessment Ratio: 29.63%
Assessment: $296,300 (Market Value * Ratio)
Tax Rate: 4.475%
Tax Bill: $14,059.44 (Assessment * Tax Rate)
Wait A Minute, My Property Isn't Worth $1 Million, But My Taxes Are in the $10K-$20K Range!
Many homeowners are overpaying on their property taxes, because of the downturn in the economy. Assessments made in 2005 and 2006 reflect views of the Market Value of a property that are much higher than the Current Market Value of that property today.
Homeowners may be able to save as much as several thousand dollars on next year's tax bill by appealing their assessment.
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