Local Property Taxes Likely to Increase Due to Budget Cuts at State Level

Property taxes will be higher in 379 New Jersey towns this year according to an article in the Asbury Park Press .  According to the APP, the average property tax bill will be $7,694.  The article highlights how property owners have voiced their frustrations at town council hearings, and how property owners’ frustrations will likely increase following the loss of the Homestead Tax Rebate program.  Town officials stated that they are now trying to do more with less by sharing services or not hiring new employees to fill open positions, while politicians and political observers noted that property tax reform will not be easy because of the number of problems to be addressed.

Increasing property taxes have led to an increase in property tax appeals.  Previous posts on this blog highlighted how towns are borrowing money to refund successful tax appeals , and reassessing properties despite undergoing revaluations.  In order to try and keep real property tax expenses to a minimum, property tax assessments in New Jersey may be appealed each year by filing a petition or complaint on or before April 1 of the year in question.  For further information concerning property tax appeals, visit McKirdy & Riskin’s Property Tax Law Blog.

 The author wishes to acknowledge the assistance of Cory K. Kestner, Esq., of McKirdy & Riskin, PA, in the preparation of this article.