Impacts of COVID-19 on Real Property Taxes in New Jersey
New Jersey property owners should have recently received notice of their 2021 property tax assessments by early February, and many will consider whether the economic impacts of COVID-19 should cause them to seek property tax relief in 2021 due to a decline in their property values. In New Jersey, retail, hospitality, and office properties have likely suffered the most to date, while the market for industrial and residential properties has generally been strong. These changes in the market are likely to continue or become more significant for the foreseeable future, making it possible that property owners may be paying more than their fair share in property taxes, and the filing deadline for 2021 tax appeals in most New Jersey municipalities is fast-approaching.
MROD’s Anthony DellaPelle recently published an article “Impacts of COVID-19 on Real Property Taxes in New Jersey” in the New Jersey Builders Association’s Dimensions Magazine. This article provides some helpful pointers and tips for NJ property owners in determining whether they may be overassessed and, if so, how they may want to proceed in filing an appeal. The article is available here.
For more information on whether you may be overassessed and entitled to a property tax reduction, contact us at firstname.lastname@example.org, or fill out this form on our website.