Property Tax Appeal Floodgates Open
Tomorrow’s annual filing deadline for real estate tax appeals in New Jersey is expected to bring with it an unprecedented volume of appeals before County Tax Boards and the New Jersey Tax Court. According to a report in today’s Star-Ledger, approximately 75,000 tax appeals are expected to be filed this year. It is also estimated that more than 30,000 tax appeal cases are now pending in the New Jersey Tax Court, which hears direct appeals on properties with tax assessments in excess of $1,000,000 and also hears appeals from parties who challenge the rulings of the County Tax Boards.
A copy of the report in the Star-Ledger is available here.
It is likely that the volume of appeals will lead to some delay in resolving the cases. Furthermore, reductions in assessments which are obtained by successful petitioners will put even more pressure on local government officials who are already facing shrinking budgets. As government fiscal years wind down and new budgets are proposed, these impacts are all but certain to be felt across the State.
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