NJ Property Tax Appeals
Nobody likes to pay taxes, but like the old saying goes, “the only things certain in life are death and taxes.” Just because you have to pay taxes, however, does not mean that you can be taxed an unreasonable amount. This is especially true for property taxes, but you might be able to lower your property taxes by using the property tax appeal process.
In recent years, the real estate market has suffered from diminishing values. Despite this, many properties throughout Morris County, northern New Jersey, and other parts of the state have not been reassessed in several years. As a result, many landowners may be paying too much in taxes because of an old and excessive property assessment.
If your property taxes are so high that they are unfair, or if your land has been improperly assessed, our law firm can help guide you through the NJ assessment and property tax appeal process. If successful, this may help lower your annual property taxes.
Can I Appeal My Property Taxes?
In New Jersey, property taxes are based on an assessment of your land and any homes, businesses, or other improvements found on the property. Property taxes are the result of the local budget process and may not be appealed, but the property’s assessment may be. A taxpayer considering an appeal should understand that he must prove that the assessed value of the property is unreasonable compared to a market value standard.
There are specific timelines each year during which a landowner can seek review of his or her property taxes and assessment. Different towns and counties throughout New Jersey may have different deadlines or formalities associated with seeking an appeal.
What is Considered when Appealing?
In order to be successful in your property tax appeal, a judge will consider the following factors:
- The market value of your property the previous year
- The market value of similar properties in the area
- When the property was last assessed
- Whether the property as assessed for more than its market value
- Specific ratios and limits specified by New Jersey law
There are additional guidelines that must be followed for commercial properties. For these types of properties, the law sometimes prohibits business owners from filing an appeal on their own. In these situations, the law requires the appeal to be prosecuted by an attorney licensed to practice law in New Jersey.
Interested in Appealing your Assessment?
Remember: there are deadlines, filing requirements, and fees involved in the assessment and property tax appeal process, so do not wait to get help. If you would like to have one of our lawyers help you with a tax assessment appeal in New Jersey, please contact one of our firm’s real estate attorneys today!