PROPERTY TAXES TOO HIGH ?
Q. If you were asked, "are your property taxes too high", how would you answer?
A. While New Jersey homeowners, on average, pay the highest property taxes in the country, the
answer to this question really depends on whether your property is assessed too high. If your
property is properly assessed, comparable to what your neighbors are paying, then even if your
taxes are high, they are not too high. If, however, your assessments are higher than comparable
properties, then you are paying more than you should.
Q. How is the assessment determined?
A. All taxable property in your town is assigned a value by the local Tax Assessor, which should refect
the actual market value of your property, multiplied by a percentage ratio*, and every town has it's
own ratio. To determine if the assessed value of your home fairly reflects it's market value, you
have to divide your assessed value by your town's ratio. If this number doesn't reflect what properties
like yours are selling for in the current market, then you have the basis for a tax appeal.
Q. When is this value determined?
A. On October 1st of the prior year, so for 2014, the value determination date is October 1st, 2013.
Q. When is the tax appeal filing deadline?
A. Tax appeals must be filed by April 1st of the tax year, or 45 days from the date the bulk, home
assessment notices are sent by the Municipality. Whichever is later. If the entire municipality is
revalued or reassessed, the filing deadline is extended to May 1st, of that year.
To learn more about filing a tax appeal, check with your Municipal Tax Assessor, to determine the town
percentage ratio, hearing dates, and depending on the size of your appeal (simple or complicated)
whether or not you should be represented by counsel.
*known as Chapter 123 ratio
Legacy Realty Group, Edison, New Jersey
732.744.0400
A. While New Jersey homeowners, on average, pay the highest property taxes in the country, the
answer to this question really depends on whether your property is assessed too high. If your
property is properly assessed, comparable to what your neighbors are paying, then even if your
taxes are high, they are not too high. If, however, your assessments are higher than comparable
properties, then you are paying more than you should.
Q. How is the assessment determined?
A. All taxable property in your town is assigned a value by the local Tax Assessor, which should refect
the actual market value of your property, multiplied by a percentage ratio*, and every town has it's
own ratio. To determine if the assessed value of your home fairly reflects it's market value, you
have to divide your assessed value by your town's ratio. If this number doesn't reflect what properties
like yours are selling for in the current market, then you have the basis for a tax appeal.
Q. When is this value determined?
A. On October 1st of the prior year, so for 2014, the value determination date is October 1st, 2013.
Q. When is the tax appeal filing deadline?
A. Tax appeals must be filed by April 1st of the tax year, or 45 days from the date the bulk, home
assessment notices are sent by the Municipality. Whichever is later. If the entire municipality is
revalued or reassessed, the filing deadline is extended to May 1st, of that year.
To learn more about filing a tax appeal, check with your Municipal Tax Assessor, to determine the town
percentage ratio, hearing dates, and depending on the size of your appeal (simple or complicated)
whether or not you should be represented by counsel.
*known as Chapter 123 ratio
Legacy Realty Group, Edison, New Jersey
732.744.0400
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