Property Tax Appeals
New Jersey Property Tax Appeals Attorneys
In tough economic times, property owners consider filing a tax appeal to help reduce and control expenses. In general, property values in New Jersey have dropped in this past decade of recession, and now many properties have become “overvalued.” Taxpayers may be entitled to a reduced property assessment resulting in decreased taxes.
A local budget process establishes property taxes and this cannot be appealed, but a property owner may appeal their property assessment. To launch a successful appeal, the taxpayer must prove that the assessed value is unreasonable compared to the current market value of the property. All assessments must be 100% of true market value as of October of the previous year. According to the New Jersey Legislature’s Chapter 123 formula to test the fairness of an assessment, “if the ratio of assessed value to true value exceeds the average ratio by 15%, the assessment is reduced to the common level.”
An Einhorn Harris real estate attorney will ensure that your appeal is successful by:
- Confirming the market value from the previous year;
- Obtaining credible evidence of the market value;
- Determining if the property was assessed in excess of its market value, and
- Determining if the ratio exceeds the upper limit of the common level range.
There are deadlines, filing requirements and fees involved in the tax appeal process. Consult one of our real estate attorneys to find out if you may be eligible for a property tax reduction through the process of an appeal.
Given the complexities of Property Tax Appeals in New Jersey, we advise you to contact one of our experienced real estate attorneys at Einhorn Harris today. We handle real estate issues throughout New Jersey.
Contact us today at 973-627-7300.