Time For A Checkup On Your Property Taxes? It’s Not Too Late!

by: Anthony F. Della Pelle
9 Mar 2012

Owners, operators and property managers of commercial, industrial and other investment properties in New Jersey may look to reduce real estate tax expenses by considering an appeal of  their 2012 local property tax assessments.  By now, the local tax assessor in every municipality across New Jersey should have notified each taxpayer by mail – usually a white and blue post card – of the 2012 assessment on each parcel of real estate in the municipality.

For 2012, 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, 2011. 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 2012 assessment must be filed on or before April 2, 2012, 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.  Our attorneys have obtained millions of dollars of property tax refunds for their clients whose properties have been over assessed.

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.