DEADLINE ALERT: Prudent Property Management Dictates Review of Property Tax Assessments!
The New Jersey Tax Appeal Filing Deadline is April 3rd.
In the upcoming weeks property owners will be receiving their annual property tax assessment notices (postcards) from the municipal assessor’s office. Receipt of these assessment notices indicates that the time has arrived to determine whether a tax appeal is warranted for the 2017 tax year. Despite what can best be described as uneven improvement in the real estate market across various commercial segments, the need to carefully evaluate property tax relief opportunities continues as commercial property taxes remain the largest single expense component affecting a property owner’s bottom line. The 2017 tax appeal filing deadline is April 3, 2017, unless a town-wide reassessment or revaluation is in place, in which case the deadline is May 1, 2017.
Consequently, it behooves commercial property owners to review their property tax assessments with experienced professionals now in order to ensure that these assessments are in line with the property’s true value. Because New Jersey law “freezes” assessments for a period of two (2) years, at levels agreed to between property owners and municipalities in resolution of appeals filed with the County Tax Boards or State Tax Court, or alternatively as a result of judgments reached by these bodies on the merits, the tax appeal vehicle can be an effective means of fixing assessments while the market is trending in an upward direction. In addition, because assessments are generally not disturbed until a town-wide revaluation or reassessment program is implemented (usually every 5-10 years) there is a real prospect that a lower assessment achieved as a result of a successful appeal this year could have real lasting value and actually provide savings to taxpayers for many additional years beyond the two (2) freeze years guaranteed by law.
As a result, there continues to be real opportunities for property owners to realize significant tax savings and lock in present values for the foreseeable future. Commercial property owners are therefore encouraged to consult with their real property tax professionals to determine if a tax appeal would be warranted in their particular case in 2017.
Please feel free to contact Carl A. Rizzo at email@example.com or by telephone at (201) 525-6350 with any questions.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.