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Real Property Tax Assessment Appeal Timeline on the Move!
The deadline to file a commercial or residential real estate tax appeal in most municipalities in New Jersey is April 1st. However, Burlington County, Gloucester County and other counties Appeal Deadline is now January 15, 2022 as many County Board of Taxation has moved up that deadline pursuant to the Alternative Real Property Assessment Calendar Act (P.L. 2018, c. 94) signed into law for New Jersey by Governor Murphy. This past year, countless commercial property owners have experienced a decrease in revenue as they are dealing with tenant vacancies and lease defaults and non-renewals. Given the impacts of the pandemic 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 during since COVID and the economic impacts related thereto.
New Jersey law also sets forth that any “taxpayer” may appeal a property tax assessment, and “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.
An experienced real property and tax attorney can help you evaluate and your assessment review to determine the possible benefit/savings of a tax appeal. Also, we can assist you in determining if your municipality is scheduled for a reevaluation in 2022, thereby extending the filing deadline to May 1, or subject to the more recent January 15 or April 1 deadline.
For further information on Tax Assessment Appeals contact us by phone 856.428.5577 or text 856.272.1954 or email [email protected]