Revaluation Municipalities – Read On… There is Still an Opportunity for Some Owners to Reduce Property Taxes

April 2009Alerts Tax Appeals Practice Alert

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PROPERTY TAX RELIEF
MAKE THE MOST OF THE REAL ESTATE MARKET:
APPEAL INFLATED ASSESSMENTS

In New Jersey, municipal real property tax assessments are subject to the state Constitution’s uniformity clause, so if your municipality had a revaluation for 2009, you may have an opportunity to reduce your property’s tax burden, but you have to act now. Each property should only bear its fair share of the tax burden based on a common method of valuation.

The recent economic crisis has created a downward trend in real estate values. Property owners and existing tenants responsible for property taxes could be paying unfairly high property taxes. An unfair tax burden can be challenged by appealing a property’s assessment. A successful appeal results in a reduced assessment and a reduced tax bill.

PROPERTY OWNERS NEED TO ACT NOW

Notification of 2009 tax assessments were mailed earlier this year and there is still an opportunity to contest assessments in revaluation municipalities. In most instances, the deadline for these municipalities is May 1. See the attached list for the revaluation municipalities and their deadlines.

We suggest that every owner of a substantial residential, commercial, industrial or investment property in New Jersey evaluate his or her property’s tax assessment annually to determine if an appeal is warranted. Lessees who are responsible for payment of real estate taxes, and contract purchasers committed to buying a property, also have standing to file an appeal. In addition to the cost savings, a property tax reduction makes a property more attractive to prospective purchasers.

If you own, lease or manage property in New Jersey, now is an ideal time to consider whether to file a tax appeal. If your clients or business associates own, lease or manage property, urge them to contact our tax appeal lawyers.

FOX ROTHSCHILD HAS A STATEWIDE PRACTICE WITH OFFICES IN ATLANTIC CITY, PRINCETON AND ROSELAND.

For more information or if you have any questions, please contact:

JEFFREY M. HALL, CO-CHAIR
Princeton and Roseland
609.895.6755
[email protected]

ALEXANDER M. WIXTED
Princeton
609.895.6730
[email protected]

PETER M. SARKOS
Atlantic City
609.572.2252
[email protected]