New Jersey municipal and county tax assessors begin review of real property tax assessment values and valuations on and after October 1 of each year, based upon prior years sales and other data. Now is an opportune time to begin review of current assessments and other data relating thereto for your properties assessed value potential impacts. Once some level of data and other evidence is obtained, a business determination of how to proceed with obtaining a formal appraisal dated October 1st as well as other supporting/sales data, to support negotiations and potential resolutions with assessing authorities. Whether commercial, industrial, retail, investment/income producing or residential, all real estate transactional data prior to October 1st can be relied upon for assessment review and analysis for adjustment. An alternative strategy is to await the finalized assessment valuation issued/noticed to property owners after the new year, typically in late January. The real estate data/appraisals can also serve as support and evidence for all formal tax assessment appeals at the County or State Tax Court seeking to reduce property assessment valuations. Call us at 856.428.5577 to discuss your property assessments and about reducing your real estate taxes.
DiMedio Law is a New Jersey Business & Real Estate law firm whose practice includes property tax and planning matter. Contact us at [email protected] or call us at 856-428-5577.