Even though home prices in New Jersey have fallen, many local governments have failed to adjust property tax valuations. This means many homeowners currently have property tax assessments based on home prices which existed during the peak of the market in 2005 & 2006.
Faced with such inequality, homeowners have a constitutional right to appeal. A successful appeal could potentially save you thousands of dollars.
Determining if you qualify for an appeal involves some basic research. The process involves checking for discrepancies in the math of your taxation board and documenting comparable properties located near you within the same price range that are paying less taxes than you are.
You can certainly do this yourself but it’s far easier with professional assistance from a knowledgeable realtor, such a myself.
Appraisers and attorneys will also appeal tax assessments on your behalf. You should know that appeals boards are frankly more likely to accept data presented by professionals than a homeowner with no experience. In fact, many such third-party cases are being won with a nearly 100% success rate and with larger settlements issued to homeowners.
Should you decide to appeal on your own, however, you’ll need to visit the office of your local assessor for the paperwork you’ll need for your petition. (If you like, I can provide you with the specific MLS sales data you’ll need to submit along with your application.) Keep in mind the deadline for your application is April 1st.
A handy tax appeal calculator can help you determine if you might be eligible for an appeal. This applies your current taxes and the value of your home with what the city assumes your home is worth in the market. Using these numbers the calculator differentiates between the taxes you pay and the cities assessment versus what the payment would be in the true market. You’ll need to calculate this to win an appeals process. If your home falls outside the range of 15% from the actual True Market Value you could win the appeal. (An estimated 50% of New Jersey tax assessments are currently excessive, so there is an excellent chance your own property could be eligible for a sizable tax reduction).
I recommend you take some time to familiarize yourself with the New Jersey appeal process by reading (and “liking”, if you wouldn’t mind) some of the many informative (and regularly updated) posts on my blog.
If you need further assistance, you can email me @ email@example.com or simply fill out the Free Assessment form.
Here are some other tax appeal sites I found for you to browse. Thanks for visiting njpropertytaxappeal.net.
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Property Tax Appeal - YouTube