Commercial and Residential Property Tax Appeals in New Jersey
When it comes to real estate taxes, many property owners in New Jersey are paying too much. This problem applies to commercial and residential property owners. A slowing economy and a depressed real estate market can often lead to an over assessment. If you are interested in reducing your New Jersey real estate taxes, please contact us or call us at (856) 546-1350 to schedule a free and confidential consultation.
By February 1st, each municipality sends each property owner a tax assessment for the year. The municipal assessment also gives the amount of taxes that were payable on the property for the previous year. After the equalization ratio is applied, the assessment should reflect the fair market value of the property as of October 1st of the preceding tax year.
The assessed value of the property determines the property tax obligation for the year. If the municipal assessment of the current value of your property is too high, the property tax is too high and you are entitled to a property tax reduction. However, you are only entitled to a reduction if you act and file before the deadline.
Unless there is a municipality wide property tax revaluation, real estate tax appeals must be filed in New Jersey on or before April 1, 2013. Now is an opportune time to determine the fair market value of your property and whether you could reduce your property taxes. To review your specific matter it is helpful to your assessment information as well as any efforts to sell and or any counter offers.
Typically, our firm handles real estate property tax appeals on a contingent fee basis where our fee is a percentage of the property tax reduction we are able to achieve. For clients who prefer, we also handle these matters on a hourly fee basis. If your appeal is successful the municipality cannot change your assessment for three years unless there is a change in the property or a revaluation.
With less than two months to file a claim now is the time to vale your property to determine if a property tax appeal is appropriate in your case. We can help with obtaining a preliminary property valuation. Contact us or call (856) 546-1350 now to schedule your confidential and free consultation.