April 1, 2011 Tax Appeal Deadline Looms

REDUCING REAL PROPERTY TAX EXPENSES IN THE CURRENT REAL ESTATE MARKET

As certain sectors of the real estate market in New Jersey continue to be in flux, owners, operators and property managers of commercial, industrial and other investment properties may look to reduce real estate tax expenses by considering an appeal of  their 2011 local property tax assessments.  On or about February 1, 2011, the local tax assessor in every municipality across New Jersey must notify each taxpayer by mail – usually a white and blue post card – of the 2011 assessment on each parcel of real estate in the municipality.

For 2011, local property tax assessments are required to represent the assessor’s estimate of the market value of the property (the so-called “true” value) as of October 1, 2010. Taxpayers are cautioned to note that the assessed value may either reflect (a) the fair market value of the property, or (b) a percentage of the fair market value which can then be applied to a ratio of the assessed value to the market value of properties in the municipality in order to calculate the true value. This average ratio is determined by the State Director of Division of Taxation.

An appeal from the 2011 assessment must be filed on or before April 1, 2011, unless the assessment is the result of a municipal revaluation or reassessment, in which case a later deadline may apply.  Appeals are filed with the local County Board of Taxation, except where the assessment exceeds $1,000,000, where an appeal can be filed directly with the New Jersey Tax Court.

Attorneys at McKirdy and Riskin, P.A., have appeared as counsel of record for both property owners and municipal taxing authorities in numerous precedent-setting cases, involving complex real estate value litigation concerning commercial, industrial, special purpose and residential properties.

Since its founding in 1967, McKirdy and Riskin has concentrated its practice in property tax appeals, condemnation, and eminent domain matters.

For a complimentary evaluation to determine the viability of pursuing a tax appeal on your behalf, or for more information concerning property tax appeals, please contact partner Thomas Olson, Esq., or one of our other tax appeal attorneys at 973-539-8900, or via email at tolson@mrod.law.

Please also feel free to visit our firm’s website for further information.