Here is a scary thought to consider this Halloween season: New Jersey has the highest property taxes in the nation. No Matter How Data Is Crunched, NJ Property Taxes Are Highest, NJBIA, Aug. 20, 2024, https://njbia.org/no-matter-how-data-is-crunched-nj-property-taxes-are-highest/. According to NJ Spotlight News, the average annual property tax bill in New Jersey is approaching $10,000 a year. John Reitmeyer, Average annual property-tax bill tops $9,800, NJ Spotlight News, Feb. 19, 2024, https://www.njspotlightnews.org/2024/02/average-annual-nj-property-tax-bill-near-10000-highest-annual-growth-rate-in-decade/. That is a 3.3% increase in just one year! If this trend continues, average property tax bills will cross the $10,000 mark sooner than later.

With these horrifying figures, New Jerseyans may be wondering if there are ways to lower their property tax bills. Fortunately, there are several! Read on to find ways that can provide you with considerable tax savings.

Apply for New Jersey Property Tax Relief Programs

Below are two programs that have the potential to reduce your property tax burden:

The ANCHOR Program

Many homeowners in New Jersey will qualify for the Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) program. ANCHOR is a property tax relief initiative providing financial assistance to eligible homeowners and renters to help offset their property tax bills. To be eligible for this program, your income must not exceed $250,000. The full list of eligibility criteria can be found here: NJ Division of Taxation – ANCHOR Program.

The deadline to apply is November 30, 2024. That is rapidly approaching! Do not hesitate to apply if you are eligible.

The Senior Freeze Program

If you are a senior citizen or disabled, you should check out the Senior Freeze Program. This program provides senior citizens and citizens receiving Social Security disability benefit payments (not on someone else’s behalf) with property tax reimbursements. Eligible citizens will be reimbursed for property tax or mobile home park site fee increases on their principal residences. Full eligibility requirements can be found here: NJ Division of Taxation – Senior Freeze (Property Tax Reimbursement) | Eligibility Requirements

The deadline to file an application for the 2023 tax year is… October 31, 2024! You read that right, Halloween! If you are eligible for this program, we highly recommend applying. Do not let this opportunity vanish like a ghost!

Filing a Property Tax Appeal

Property owners in New Jersey have the right to appeal their property taxes. This provides the opportunity to save thousands of dollars annually.

Tax assessors use information from a variety of sources to determine your home’s assessed value, which in turn determines your tax bill. If your home has been over-assessed, your property taxes will be much higher than they should be. Filing a tax appeal allows you to dispute the assessed value of your home.

Tax assessors are human, and they make mistakes. But that does not mean that you need to bear the burden of an over-assessment. Hiring an experienced property tax attorney will make the appeal process seamless, from the filing of your complaint to the resolution of your case.

Final Thoughts

While it seems that property taxes have joined the escalator of infinitely increasing expenses, New Jerseyans are not without hope. The tax relief programs mentioned above are worth considering, and filing a successful appeal can lift a tremendous financial burden.

If you are interested in hiring a property tax attorney, consider McKirdy, Riskin, Olson & DellaPelle, P.C. Our attorneys have the knowledge and experience for effective representation and have saved clients thousands of dollars in property taxes over the years.