Tax Appeal Victories In New Jersey Creating Fiscal Crisis

 

From NJ.com:

April 1 marks the last day for New Jersey residents to file property tax appeals. More than 116,000 tax appeals were filed in New Jersey by April 1, 2012, the highest in more than two decades, and it resulted in more than $4.6 billion in reduced assessments in New Jersey municipalities.

While the number of tax appeals this year has yet to be tallied, experts, town and county officials expect the number to be high yet again. And people aren’t only filing appeals in droves, they’re winning.

A Star-Ledger analysis of tax appeal data shows nearly 70 percent of all appeals filed in 2012 ended in either a revised assessment or were settled out of court, the vast majority of which end up as victories for homeowners, experts say.

…More at NJ towns slammed by tax appeals seek relief, but Sandy will only complicate – NJ.com

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