REDUCING REAL PROPERTY TAX EXPENSES IN A DOWN REAL ESTATE MARKET
APRIL 1, 2009 FILING DEADLINE LOOMS
The recent economic turmoil has taken its toll on certain sectors of the real estate market in New Jersey. Owners, operators and property managers of commercial, industrial and other investment properties may look to reduce real estate tax expenses by considering whether to appeal their 2009 local property assessments.
On or about February 1, 2009, 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 2009 assessment on each parcel of real estate in the municipality.
For 2009, 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, 2008. 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 Taxation.
An appeal from the 2009 assessment must be filed on or before April 1, 2009, 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 $750,000, where an appeal can be filed directly with the New Jersey Tax Court.
If you are interested in exploring your individual property tax assessment and are considering pursuing a tax appeal, McKirdy & Riskin can assist you. Attorneys in the firm have appeared as counsel of record for both property owners and municipal taxing authorities in numerous precedent-setting cases, which involved complex real estate value litigation concerning commercial, industrial, special purpose and residential properties. Since its founding in 1967, McKirdy and Riskin, P.A. has concentrated its practice in condemnation, eminent domain and real property tax appeals.
For a complimentary evaluation to determine the viability of pursuing a tax appeal on your behalf, or for additional information concerning property tax appeals, please contact partner Thomas Olson, Esq. at 973-539-8900, or via email at tolson@mrod.law.
