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Thursday, December 27, 2007
As noted by the New York Times last Saturday on page one, rising tax values are not usually a popular thing, but homeowners tend to accept it, even begrudgingly, when they know the market value of their home is on the rise. However, the minute you think that your local government assessment practices are out of whack with what is happening in the market, you will not accept it.
Citizens know the market is slow if not declining, and they are informed and feel comfortable in challenging their county values. People can’t sell their homes, they have less money, and they don’t understand why the government is asking for more money in a declining housing market.
Although there are a few municipalities in New Jersey that are currently undergoing a revaluation, the clear majority of municipalities are not. This is especially troublesome given the recent turmoil in the real estate market. The municipality’s valuation of your commercial property from several years ago is very likely to be out of line with your property’s October 1, 2007 true value, the day an assessor is supposed to value your property in order to determine your 2008 property tax bill. If you find that your 2008 property tax bill and the assessment that your bill is based upon are not in touch with reality, please remember that in order to appeal your assessment in New Jersey, you must file a tax appeal by April 1st.
Citizens know the market is slow if not declining, and they are informed and feel comfortable in challenging their county values. People can’t sell their homes, they have less money, and they don’t understand why the government is asking for more money in a declining housing market.
Although there are a few municipalities in New Jersey that are currently undergoing a revaluation, the clear majority of municipalities are not. This is especially troublesome given the recent turmoil in the real estate market. The municipality’s valuation of your commercial property from several years ago is very likely to be out of line with your property’s October 1, 2007 true value, the day an assessor is supposed to value your property in order to determine your 2008 property tax bill. If you find that your 2008 property tax bill and the assessment that your bill is based upon are not in touch with reality, please remember that in order to appeal your assessment in New Jersey, you must file a tax appeal by April 1st.
The full New York Times article can be found here:
