The Process

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 New Jersey 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 protected] or simply fill out the Free Assessment form.

Warm Regards,

Peter Jordan

Realtor
Berkshire Hathaway Home Services
New Jersey Properties
215 North Avenue West
Westfield, New Jersey 07090

One comment on

  1. by Philip Marchetti on

    I am selling a commercial property in Chester NJ and purchasing a horse farm that is made up of 120 acres in Long Valley using 1031 exchange. It is 2 residential dwellings that produce rental income, agriculture land that grows hay, and a horse business with several more dwellings to house the horses and facilities to train both indoor and outdoor. The property taxes are current $65k and our neighbor across the street Ort Farms generates approx 1 million in revenue and pays $1200 in property taxes. Before I move too far into this deal I want to know if I can hire your services to appeal the taxes. This will determine if I move forward with the transaction or not. We are buying a business and residential properties all on the same lot and block number. Can someone appeal the taxes if I don’t own the property? The current homeowner will give us permission if we bare the costs . Is this something I can hire your firm to do. We can talk and discuss further. Thank you for your time

    Reply

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