NEW JERSEY PROPERTY TAXES: HOW MUCH SHOULD YOU BE PAYING?
New Jersey 2024 Real Property Tax Assessment Appeals: Are You Paying Too Much?
Many real property / real estate owners in New Jersey may be paying more than their fair share of property taxes. Property tax assessment for 2024 are addressed by sales, rental rates/income approach and subject to appreciation or depreciation. Also, the imposed cap on the annual deduction amount amongst others also has affected real estate values, along with other data used for assessment valuation determination purposes. These are compelling facts and reasons to review property tax assessments now / annually. Current and applicable real property data and appraisals can serve as support and evidence for review and determination as to a formal tax assessment appeal at the County and or State Tax Court seeking to address and possibly reduce property assessment valuation. An assessed value may be considered excessive or discriminatory if proven that the assessment does not fairly represent the true market value standard or within the common level range standard (common level range is plus or minus 15% of the average ratio of the assessed value). Now is an opportune time to determine the fair market value of your property and understand better the likelihood of obtaining a reduction in assessed value from your municipality.
Please call or email us at 856.428.5577 or [email protected] to discuss your real property tax assessment and related factors / matters to then review the likelihood of reducing your real property taxes.
DiMedio Law is a New Jersey Business, Real Estate & Estate Planning/Administration law firm whose practice includes business services, real property / land use matters, and estate planning & administration matters. Contact us at [email protected] or call us at 856-428-5577.
