Frequently Asked Questions
Frequently Asked Questions regarding real estate tax appeals in New Jersey.
Published in the Asbury Park Press, January 14, 2009
“Q: What is the basis of a property’s assessment?
A: The state Division of Taxation annually conducts a fiscal year sales survey, investigating most property transfers in your municipality, with the local assessor assisting. Every sale is compared with the property’s current assessment to determine an average assessed value for all properties in a municipality. An average ratio is developed from a sampling of sales to represent the assessment level in your municipality. The tax board uses this average ratio of the district in which your property is located to determine the fairness of your assessment.”
Read the full article for a useful summary of common questions and answers about the real estate tax appeal process in New Jersey: