October 1st and NJ Property Taxes

When discussing property taxes in New Jersey, October 1st is a very important date for homeowners. This is the date used by most NJ towns when calculating the assessed value of a home. This assessment determines how much homeowners must pay in real estate taxes the following year.

My Assessment is TOO HIGH and so are my Property Taxes

If your home is overassessed, then you may be paying too much in property taxes. For most homeowners, their tax rate is a fixed percentage of the assessed value of the home. The local tax assessor is usually responsible for setting this value and considers factors such as the property’s fair market value. Higher assessed values result in higher tax bills.  This is why it is very important to pay close attention to your tax bill and assessment when they arrive in the mail each year.

Can I Lower my Property Taxes?

In some cases, you may be able to have your property taxes lowered through an appeal process. When appealing, however, a homeowner does not directly challenge his taxes or tax rate. Instead, the homeowner is actually challenging the assessed value of his or her home. If the assessment is unfair according to the formulas in the law, then a homeowner has a good chance of reducing his taxes.

How Do I Challenge My Assessment?

The appeal process is subject to strict deadlines, and it is governed by a New Jersey law that tests the fairness of the assessment. If a deadline is missed, the homeowner will not be able to contest his assessment until the following year. Because of these deadlines and other formalities, it is often best to have a lawyer help you when challenging an assessment.

Tagliente & Shah, LLC, has helped clients lower their property taxes and handle other residential real estate matters. Our attorneys can help you determine whether you should file a tax appeal before actually filing. Please contact us if you would like to discuss your home’s assessment or property taxes.

Leave a Reply

Your email address will not be published. Required fields are marked *

*