Towns Nationwide Swamped with Property Tax Appeals
Bloomberg Businessweek recently discussed the impact that tax appeals are having on municipal budgets around the country. Towns are facing increased costs with decreasing revenues as property values plummet. According to the article, residential home values are 30% below their 2006 peaks and commercial properties are 43% below their 2007 peak. For more from the Boomberg article, please click here.
Other recent articles on real property tax appeals focus on similar themes:
The Daily Record, “When home prices fall, why don’t taxes?”, December 9, 2010
New American, “States’ Budget Shortfalls: Pressure From Above, Pressure from Below”, December 9, 2010
Asbury Park Press, “Tax Crush: Revaluations hit NJ’s elderly, middle class hardest”, December 9, 2010
New Jersey municipalities are not only dealing with record volumes of tax appeals pending for 2010 and, in some cases, prior years. They will be facing new presssures in coming weeks, as municipal property tax assessment cards for 2011 will be mailed to property owners starting in January. For property owners in New Jersey, 2011 property tax appeals must be filed on or before April 1, 2011. Stay tuned for more announcements relating to the 2011 filing deadline and requirements on this New Jersey 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.
Related Articles
- Tax Appeals Swamp U.S. Towns (businessweek.com)
- Property Taxes Might Increase For Some Greenwich Owners (newyork.cbslocal.com)
- Tax Appeals Force NJ Town To Reevaluate All Property Values (newyork.cbslocal.com)
- Four key reform issues tied to N.J. property tax cap (nj.com)
- Out-of-date property assessments costly (theglobeandmail.com)
