New Jersey 2016 Tax Appeal Season is Here......
Towns
and boroughs in New Jersey will soon begin sending property tax bills for year
2016. As has been widely reported, the
state of New Jersey has some of the highest property taxes in the entire
country. Many owners now owe more for their property than it's worth (also
known as being underwater). Also, although the real estate market is trending
upward, a number of property owners still have not recovered from the recent
decline in market value.
Property tax appeals in New Jersey are governed
by New Jersey Statutes, Title 54 Taxation. Appeals for any property
(residential, commercial, agricultural and industrial) with an assessment that
exceeds $1,000,000 have the option of filing with the County Board of Taxation
or directly to the Tax Court. Properties assessed at less than $1,000,000 are
required to first file an appeal with the County Board of Taxation. Following
an unfavorable ruling, an appeal of the Board's judgment is then filed with the
Tax Court who will provide a review of the Board's decision. The filing
deadline for appeals before a County Board of Taxation or the Tax Court is
April 1, 2016 or May 1, 2016 for towns undergoing a reevaluation.
Generally speaking, a property owner who can
prove that their "true value" of property is more than 15% over that
municipality's average ratio is legally entitled to a reduction. The 2016
average ratios for all New Jersey municipalities can now be found online.
For example, an Englewood property assessed at $800,000 would need to prove a
market value of approximately $710,000 or below to argue for a reduction.
Evidence of market value is usually established through the preparation of an
appraisal and testimony of an appraiser in order to rebut the municipality's
assessment.
The Taylor Law Firm is thoroughly prepared to
help owners through the upcoming property tax season. We partner with
experienced appraisers ready to assist any owner, no matter the property type,
in establishing a "true value" that will result in lowering
assessments and taxes. Contact us to schedule an appointment for a no cost
analysis of your particular situation.
Steven E. Taylor, Esq.
Taylor Law Firm, LLC
