The deadline to file a commercial or residential real estate tax assessment appeal in most municipalities in New Jersey is April 1st. However, in Burlington County and Gloucester County the Appeal Deadline is January 15 (however based upon the 2024 federal holidays, January 16 is the deadline). These County Boards of Taxation have moved up that deadline pursuant to the Alternative Real Property Assessment Calendar Act (P.L. 2018, c. 94). The past few years some commercial property owners have experienced decreases in revenue as they are dealing with tenant vacancies and lease defaults and non-renewals as well as other maintenance and compliance matters. Given the impacts of that and evolving economic climate, both commercial and residential property owners should ensure that their properties remain fairly and accurately assessed.
Based upon same, property owners (i.e. office or retail space, multifamily properties, restaurants, industrial and warehouse/storage complexes) may be eligible for a decrease in property tax assessment due to the changes in the market over the past years as well as economic impacts related thereto. New Jersey law also sets forth that any taxpayer may appeal a property tax assessment, and a “taxpayer” includes property owners, tenants, mortgage holders, tax sale certificate holders and contract purchasers. Any property owned by a corporation or other entity must be represented by an attorney admitted to practice law in New Jersey.
We are experienced with real estate and real property matters in general to include tax assessment matters and can help you evaluate your assessment to determine the possible benefit/savings of a tax assessment appeal. Also, we can assist you in determining if your municipality is scheduled for a reevaluation in 2024, thereby extending the filing deadline to May 1, or subject to the more recent January 15 or April 1 deadline.
For further information on Real Estate / Real Property Tax Assessment Appeals
contact us by phone 856-428-5577 or text 856-850-3900 or email [email protected]
We look forward to working with you!
DiMedio Law is a New Jersey Business & Real Estate law firm whose practice includes business services, real estate and real property matters, and also trusts & estate planning and estate probate and administration matters. Contact us at [email protected] or call us at 856-428-5577.
DISCLAIMER: This advisory is for general information purposes only. It does not constitute legal advice, and may not be used and relied upon as a substitute for legal advice regarding a specific legal issue or problem. Advice should be obtained from a qualified attorney licensed to practice in the jurisdiction where that advice is sought.