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What should I know about a property tax appeal in New Jersey?

On Behalf of | Oct 21, 2022 | Land Use And Zoning

New Jersey is known for its high property taxes. For many, this is beneficial because it is often linked to the school system and the state school system is highly rated across the country. People who either live in the Garden State or are thinking about moving there will need to consider this when they are calculating costs.

For some, the property tax assessment they receive does not seem to be accurate or fair. There are steps to filing for a tax appeal and understanding them to try and get a better rate may require experienced advice.

Essential points about tax appeal hearings

Knowing the details about tax appeals, why they can be initiated and the reasons for which a change might be made to the amount is a key first step. Technically, the appeal is based on the assessment of the property. This means that when the value is determined, it could be questioned. If that is changed, it will have a direct impact on the taxes.

A licensed professional makes the assessment. Since it is primarily based on opinion, there may be ways to question it and have it changed. There are two standards that are used: the true market value and the common level range. There are formulas and if the assessed value is excessive or discriminatory, this could alter it and reduce the taxes. It will be up to the homeowner to show that the value should be changed. A way to do this is to show that the area has had home sales that were less than the assessed value of the person’s home, despite being similar properties.

Taxpayers should think about the market value from October 1, which is the statutory assessment date. They should check whether they have evidence to show that the assessment was inaccurate. The market value must also be considered in relation to the assessment. There are deadlines to file and hearings are always necessary when seeking to appeal.

For reassessments to lower the property tax, legal help can be crucial

People might be under the impression that property tax appeals have little chance of achieving a positive result. However, there are cases where the assessment is found to be inaccurate and people can get their payment reduced. It is possible that there was a mistake.

Having professional assistance that is experienced in property taxes and how municipal tax assessors go about their duties can look at the case, try to find areas where missteps were taken and use that to appeal. Calling those who are experienced in a wide variety of real estate cases and understand the process of appeals and helping homeowners can be essential to achieving a good result and paying less.

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