An article by Dave Sheingold in today’s Record highlights a trend regarding real estate tax appeals in New Jersey which we have seen develop in recent years, as the real estate market continues to be in flux and droves of property owners have tried to reduce expenses by filing property tax appeals. The message from the towns is simple — don’t expect the road a reduced property tax assessment to be a simple or short one.
As Sheingold’s article mentions, New Jersey towns and municipal tax assessors are resisting the increasing volume of tax appeals by declaring more and more sales of property at “rock bottom” prices as being “non-usable” sales which cannot be considered as comparable sales evidence in prosecuting a tax appeal. In other words, even if your neighbor’s home sold for a low price, don’t expect that you will be able to easily rely upon that sale as a comparable sale in pursuing a tax appeal to lower your assessment, and beware of conditions which may cause the municipal authorities to claim that the sale does not represent an “arm’s length” transaction under normal market conditions.
- Home Prices Falling but Property Taxes Going Up? (taxdebthelp.com)
- Time For A Checkup On Your Property Taxes? It’s Not Too Late! (realestatetaxappealsnj.com)
- Interactive Map Puts Spotlight on New Jersey’s Crushing Tax Burden (realestatetaxappealsnj.com)
- Star Ledger Reports: Finally Some Property Tax Relief! (realestatetaxappealsnj.com)
- Ailing Seller’s Eagerness to Sell Fatal to Buyer’s Tax Appeal (realestatetaxappealsnj.com)