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LOWER YOUR NJ PROPERTY TAXES
OUR TAX REDUCTION
SERVICE AGREEMENT __________________________
TAX APPEAL
PRE APPROVAL
SAMPLE
YEARLY NJ TAX CARD
SAMPLE
YOU MAY BE
ENTITLED TO A SUBSTANTIAL REBATE!
YOUR RIGHT TO TAX APPEAL
PROPERTY TAX APPEALS CAN
SAVE MONEY
NJ
STATE GOVERNMENT WEBSITE
NJ ASSOCIATION OF COUNTY TAX BOARDS
MUNICIPAL TAX
RATES & RATIOS
A GUIDE TO TAX APPEAL HEARINGS
NJ TAX FORMS
NJ DIVISION OF TAXATION
__________________________
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New Jersey Property
Tax Reductions
Residential & Commercial Properties
Call for commercial property
pricing.
NO Reduction / NO
Consulting Fee
NJ Property Realty Services
LLC can pre-determine if you
qualify for a property tax appeal, then perform the services necessary for the initiation of your tax
appeal process. Services may include the performance of an independent real
estate appraisal, the completion of forms and documentation, and the
appearance before the appropriate government tax authority.
You will have the final say on
whether to proceed or withdraw your application.
Interested
in our services? Please provide us with a copy of your
yearly tax card (See
example) along with an
estimate of your property's current value.
NOTE:
NJ
Property Realty Services LLC IS NOT AN ATTORNEY NOR OFFERS LEGAL ADVICE OR
LEGAL REPRESENTATIONS. All Appraisals are performed through a state licensed
third party appraisal company with experience in Tax Appeals.
Please call: 973-509-9505 Ext.10
email:
taxappeals@NJProperty.net
Below we have provided a free service for
you to check MLS home sale prices in you area
YOU MAY BE ENTITLED
TO A SUBSTANTIAL REBATE!
Look closely at your real estate tax assessment statement. The assessment
figure on your current Notice of Assessment does not necessarily reflect the
true value at which your building and land are assessed and taxed. Real
Estate Tax Appeals must be filed by April 1of any given year. However some
townships and cities may extend the deadline due certain circumstances.
Your municipality's average ratio of assessed value to true value must be
known and applied to your assessment. A town assessing real property at, for
example, $1 million, but which has an average ratio of assessed to true
value of 50%, is really placing a value of $2 million on the property.
To estimate your tax bill, multiply your assessed value by your
municipality's tax rate.
Note that your assessed value, based perhaps on the inflated real estate
market of the 1980's, may not truly reflect the lower real estate values
prevalent today. You have the legal right to appeal this assessed value and
may be entitled to a substantial rebate.
Other factors may reduce your taxes. You may also be entitled to a
substantial rebate based upon the following factors:
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Machinery and equipment. Recent legislation and
regulations eliminate the assessment of certain machinery, apparatus and
equipment used in business or industry.
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Transfer of title. A recent decision by the New Jersey
Supreme Court holds that a town assessor cannot increase an assessment
merely because title to the property has been transferred.
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Wetlands. Imposition of Flood Hazard regulations or
denial of a Freshwater Wetlands permit will almost certainly give you a
basis for seeking a reduction in your assessment.
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Legally imposed restrictions. Rent control and Mount
Laurel restrictions might very well justify reductions in assessed
valuations.
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YOUR RIGHT TO A TAX APPEAL.
You Have The Right To
Appeal Property Taxes Every Year
Under New Jersey law, a taxpayer feeling aggrieved by the assessed valuation
of real property may appeal that assessment. In order to bring an appeal,
taxes and all other municipal charges must be current up to the first
quarter of the year and a petition must be filed with your County Tax Board
or the New Jersey Tax Court no later than April 1st.
We do the work.
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One obvious reason for
filing a real estate tax appeal is to obtain a lower assessment on your real
property and thereby save significant tax dollars. An equally important
reason to keep taxes low is to help maintain the value of the property
making it more saleable in the event that the tax appeal is successful.
It would be wise to review the assessment on the property each and every
year to see whether a tax appeal is warranted. The problem is that most
owners of industrial, commercial and apartment properties, as well as
tenants under a net lease, are not aware that they may be prime candidates
for successful tax appeals even after looking at their new assessment.
For obvious political reasons, many tax assessors discriminate against
non-residential properties. Studies published each year by the New Jersey
Division of Taxation prove this point clearly. Furthermore, although all
municipalities in the state are supposed to assess real property at 100
percent of fair market value, these studies show that only a handful, in
fact, do. Indeed, few property owners are even aware of the actual
assessment/true value ratio in their municipality.
Property owners often feel that their property is worth an amount equal to
the assessment on the property. This misconception leads owners to overlook
the different ratios of assessed value to true value applicable in each of
the assessing districts of New Jersey and to overlook the fact that these
ratios generally decline each year. For example, if a property worth one
million dollars this year is located in a municipality with a 60 percent
ratio, it should be assessed at $600,000 this year. If that ratio drops to
54 percent next year, its assessment should be $540,000. If the ratio drops,
but the assessment remains high, it may be time for an appeal.
Because of the inherent desire to keep residential taxes low, the
revaluation of all property within a municipality may increase the
possibility of over-assessment on the larger commercial and industrial
parcels. Other factors that
may lead to an assessment error includes environmental contamination,
easements, traffic adjustments, & zoning changes.
Tax appeals on assessments of less than $750,000 must first be filed with
the county tax board. Taxpayers with assessments in excess of $750,000 are
allowed to file an appeal for direct review of their property’s assessed
valuation by the Tax Court of New Jersey, without first filing an appeal
with the local county tax board. This not only saves on filing fees and
costs, but also expedites the appeal process. A complaint for direct review
may include - in separate counts, separately assessed - contiguous
properties in common ownership, in the same or different taxing districts,
providing that the assessed valuation of one of the separately assessed,
contiguous properties exceeds $750,000.
If the taxpayer prevails in securing a tax appeal judgment reducing its
assessment, the so-called "Freeze Act" binds the municipality for the years
covered by the tax appeal plus two additional years, subject to two
exceptions. The first exception is a complete revaluation of all real
property in the municipality, while the second exception is proof by the
municipality of a substantial increase in the property’s value (such as an
addition qualifying as an added assessment, a condominium or cooperative
conversion, a subdivision or a zoning change). These exceptions aside, the
assessment is frozen at the reduced level, at the taxpayer’s sole option.
Thus, if a taxpayer wishes to appeal for a further reduction during the
freeze period, he or she is free to do so.
The foregoing points are merely intended to scratch the surface of this area
of the law. However, it should be clear that there is a tax for the informed
and a separate higher tax for the uninformed. This should also help to
explain why the sophisticated property owner should have his tax assessment
reviewed by competent counsel every year to determine whether a tax appeal
is warranted.
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The filing deadline for tax appeals each year is April 1st.
Please call:
973-509-9505 Ext.10
email:
taxappeals@NJProperty.net
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