April 1st Is Property Tax Appeal Deadline

While everybody knows that April 15th is Tax date, few know that in New Jersey April 1st is the deadline to appeal your property taxes. If you miss that date you will have to wait another year to file.

New Jersey which has some of the highest property tax in the nation adopted a formula known as chapter 123 in 1973 to test the fairness of an assessment. The way to reduce your annual property tax bill is to prove that the assessed value used to calculate your tax is excessive.

Tax Appeal Date Is April 1st

Homeowners who believe that their home assessment is higher than market value have the right to appeal the assessment. Since property taxes are based on the assessment used by the town a lower assessment – if the appeal is accepted – will result in o the lowering of that property’s taxes. An assessment is not an exact science, and therefore, the law provides for tolerance of plus/minus 15% of market value.

Assessments are assumed – by law – to be correct. For an appeal to be worthwhile, the difference between what you believe your home is worth and its assessed value needs to be meaningful and exceeding the tolerance. To win an appeal you must be able to support your argument with facts, not assumptions or beliefs. The best The best evidence would be recent comparable sales of other similar properties.

The appeal process can be handled alone or, by using an attorney on a contingency base. The contingency can run 30%-%50% of the savings.

If you are considering an appeal and need recent sales or referrals to help you with your appeal contact us at 201.341.4765 or click here