Montclair Reassessment Causes Rise In Tax Assessments For Some

 

From The Montclair Patch:

With the decline the housing market, Montclair property owners have filed 3,724 tax appeals since 2007. The appeals reduced the assessed value only on the properties whose owners successfully appealed. With only a portion of properties being adjusted to market value, an unfair shift in the tax burden was created that could only be adjusted through a township-wide reassessment.

Since reassessments adjust properties to market value, the properties whose assessments were closer to market value prior to the reassessment will see an increase in their tax burden….

More at Tax Bills Spark Concern – Patch.com

Similar Articles

Assessing Your Assessemen... Fair to say,  if you are living in New Jersey, you are probably paying more property taxes than you should. The National Taxpayers Union, in fact, estimates
Legislation Would Advise ...   From: NJ Spotlight Letting Property Owners Know They Can Challenge Annual Tax Assessments NJ Spotlight The push to raise awareness for property tax appeals comes as
Tax Appeals In New Provid... From The Independent Press: Among the issues the New Providence Borough Council discussed at its June 25 meeting was a multi-million dollar reassessment of a property in
Comparables As “Ar...   Homeowners I find will often make the often fatal mistake of using distressed sales as comparables, assuming this is allowable. What needs to be understood is
More Judges To Hear NJ Ta... From NJBIZ: For New Jersey's backlog of property tax appeals, more help is on the way….via Tax court getting more judges to help with buildup of cases
Entering the Combat Zone ...   MyCentralJersey.com Assessment appeals — the hearing MyCentralJersey.com We've concluded that it is worth pursuing the appeal and are going forward. We filed our notice with the
Rutherford Plans Revaluat... From NorthJersey.com: Both the state and county have ordered Rutherford to carry out a borough-wide revaluation of all property values to their true market value. And it
Reassessments Hurt Homeow... Due to a high number of tax appeals after a 2008 assessment, Lincoln Park recently completed its reassessment and noted a $149 million drop in value.  In
Washinton Township Appeal... Washington Township officials are planning to have a revaluation of township properties performed due to a large number of tax appeals, but the work will not be
New Jersey Property Tax C...   New Jersey’s highest-in-the-nation property taxes cost 9 percent of household income NJ TODAY Sky-high property taxes continue to be a major problem for New Jersey residents,
Pilot Program AimsTo Cha...   From Lexis Nexis Law Communities: New Jersey Passes Law Affecting the Property Tax Assessment and Appeal Process On February 4, Gov. Chris Christie signed S1213 (the