New Jersey Property Tax Appeal

New Jersey Property Tax Appeal

In New Jersey, property owners are required to pay taxes based on the fair market value of their home. However, the state of the economy and an unstable housing market make it difficult to determine the fair value of your home. If you feel your taxes are too high because your home’s property appraisal is higher than its current value, an attorney can help you through the appeal process. An attorney can file a property tax appeal on residential and commercial real estate. Tax appeals can also be filed for industrial properties and vacant land.

New Jersey Property Tax Assessment

Property owners in New Jersey will begin to receive tax assessments on or around February 1st of each year. Assessments are sent via a postcard from the municipality tax assessor. According to NJSA 54:4-23, the assessment should reflect your property’s fair market value as of October 1 of the previous tax year.

New Jersey Property Tax Appeal

Filing an Appeal in New Jersey

Taxpayers may be able to reduce their property tax payment, but only if their tax appeal is filed properly. To determine whether a tax appeal will be appropriate in your situation, it is important to understand how the process works. When you hire a New Jersey attorney to help you with your tax appeal, you will receive all the information you need to determine whether filing an appeal is in your best interest.

A court may reduce a property owner’s assessment if it can be proven that the assessed value is excessive, unreasonable, or discriminatory. Under New Jersey law, a property owner’s assessment is assumed to be correct. It is a taxpayer’s attorney’s burden to overcome the presumption of correction to have the tax assessment reduced.

New Jersey Property Tax Appeal Process

When property tax appeals are taken to court, it’s important to remember an attorney is appealing the assessed value of your home; and not your actual taxes. The amount of taxes you are required to pay is determined by municipal and county budgets and the assessed value of your home. In court, an attorney will argue that your home’s value is over-assessed, which makes your property taxes higher than they would be if your home’s value was assessed properly.

If your property’s value is assessed at less than $1 million, an attorney will bring your appeal in front of the County Board of Taxation (in the county where the property is located). Property tax appeals over $1 million can be heard in the County Board or New Jersey tax court.

Contact John L. Schettino, LLC

John L. Schettino, LLC is ready to help you with property tax appeals. He will explain everything involved in property tax appeals. Each case is reviewed, and as a client, you are advised whether an appeal is appropriate for your legal situation. If a property tax appeal will save you money, John L. Schettino will work with home appraisers to see if the assessed value of a home can be reduced. Appointments can be scheduled by calling 201-575-4963 today.

Residential and Commercial Real Estate