Many property owners in New Jersey are paying more than their fair share of New Jersey Real Estate Taxes as a direct result of market activity, the economy and other factors, such as inflation, recession, property sales and perceived property appreciation or depreciation, all of which can affect real estate value data and adjustments used for assessment determination purposes. Should you be interested in how your property assessment (value) is determined and in reducing your real estate property assessment and taxes, please contact me to schedule a consultation.
What is a Real Estate Tax Assessment?
By February 1st, each New Jersey municipality is required to notice owners of real estate within the municipality of the tax assessment for the property for that current year, and also the amount of taxes that were payable on that property for the preceding year. The assessed value of the property is the basis for the municipal calculation of the property tax owed on the property. If the municipal assessment of the current value of your property is wrong, you may be paying more than your fair share of real estate taxes and you may be entitled to a reduction in your assessed value and, consequently, the amount of real estate taxes you are required to pay.
How Can I Tell If My Property May Be Entitled To Assessment Reduction
By contacting me to schedule a consultation, we can discuss your past and current property assessments and the Country or State processes to determine if you may be eligible for a property assessment and tax reduction.
Although the deadline for filing real estate tax appeals is on or before April 2, 2018*, now is an opportune time to determine the fair market value of your property and the likelihood of obtaining a reduction in assessed value from your municipality.
*(except in taxing districts where a municipal-wide revaluation or municipal-wide reassessment has been implemented, the deadline to file the appeal is May 1, 2018).