It’s that time of year again. If you haven't already, you will be receiving your New Jersey Property Tax Assessment postcard from your local tax assessor. Keep an eye open for it – it looks something like this:
If you do not receive a postcard or misplace it, you can contact your municipality for a replacement.
What Does the Postcard Say?
The postcard tells you the assessed value of your property. Your municipality calculates how much you owe in property taxes using your assessment and the local property tax rate. The assessment is just the local tax assessor’s opinion of your property’s value. Because many factors affect a property's value, assessments can often be wrong. When the assessment is incorrect, all property owners (and some tenants) have the right to file an appeal. Your assessment can also be misleading because it may only represent a fraction of the estimated market value.
What if I think my assessment is wrong?
Again, you have the right to appeal your assessment. In fact, you may appeal your property's assessment every year. Therefore, depending on the property's assessed value, you may file an appeal at the County Tax Board or in New Jersey Tax Court. The taxpayer must supply the County Tax Board with sufficient evidence to determine the property's true market value.
Once the Tax Court or County Tax Board determines the property's true value, it must compare the property's true value to the assessed value. Depending on the municipality, it could be a direct comparison, or it could involve using the town’s average ratio of assessed value to true value, which is determined by the New Jersey Division of Taxation for every town, every year.
And don't forget the deadline to file a property tax appeal in most of New Jersey is April 1, 2022.
Here to Help
For almost 15 years, I've worked to reduce my client’s tax assessments. I’ve obtained hundreds of millions of dollars in assessment reductions for my clients. If an appeal is right for you, you will receive my personal attention from start to finish, and I will strive to obtain the best result possible. So, call me with any questions or to receive a complimentary assessment review to determine if you can benefit from a tax appeal.