Tax appeals are filed by April 1 every year for the previous tax year. Your assessment should be dependent on your market value, so if you purchased your property in or before October, and your calculation shows that you are over-assessed, it’s a great time to file an appeal.
Your tax assessment may seem low, because New Jersey tax assessors use what is called an
“equalization rate” to set the assessment number. The rate is a percentage that when applied to your assessment equals what the town or city believes your market value is.
So for example, your assessment may be $100,000, but if your equalization ratio is only 50%, that would mean the town actually believes your property is worth $200,000. If you just purchased for $150,000, you are over assessed and have a great case for an appeal.
We work with great tax appeal attorneys and we’re happy to have them provide you with a free analysis of your eligibility for a tax appeal.