There are ways to have your property taxes lowered, but there are strict deadlines and other requirements to do so. Here is what you need to know:
Tax appeals are a timely event: In New Jersey, all appeals must be filed before April 1st.
Document what your neighbors are paying: The way to prove that your house is assessed too high is to appraise other homes in your neighborhood which sold in a limited time period of October to October of the prior year and to obtain an appraisal from a qualified appraiser for tax appeal purposes. This allows you to definitively prove that comparable, recently sold properties in the same vicinity - with the same square footage and the same amenities - are assessed for less than your property.
Taxes vary from county to county: The property value in any given area may fluctuate over the course of several years. Property taxes are determined using many variables, and each county uses its own formula to determine the fair tax value for every property. Filing a petition of appeal begins at your local county board, which will require the current assessment from your tax bill, supporting evidence such as your neighbors’ recent sale values, appraisals and your requested assessment price.
It pays to consult with an experienced real estate attorney about property tax issues before you act. Experienced real estate attorneys are able to leverage their expertise and experience to obtain reductions where a self-representing client might not. Hiring an attorney to handle your property tax appeal is an investment that pays for itself. To find out more, click here.
Winograd and Schwartz Attorneys at Law, www.winogradandschwartz.com