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What is a Tax Appeal?

On Behalf of | Dec 13, 2021 | Real Estate

For many homeowners in New Jersey, there is some relief available from high property taxes. Homeowners may make application to their local tax assessor to reduce their taxes if their current assessment is higher than what the actual value of the house should be. The tax assessment should be based on market value of the home. A tax assessor may also consider the economy, government services available, environment, geography and location, physical characteristics of the area, and the quality age, construction, and maintenance of the home. The sales price of the property may be considered in assessing the property taxes, but does not, on its own, dictate what the tax assessment will be.

If the tax assessment of a property does not accurately reflect its true value, it may be beneficial to apply for a reassessment through a process known as a tax appeal. The deadline to file a tax appeal may vary from county to county, but is usually due on April 1st.  It is important to know the deadlines involved because they are firm, and even more important to understand the tax assessor’s process and have the resources to convince them of the proper value, because if unreported improvements are discovered, the reassessment may be higher than the current assessment, and it can lead to an increase in property taxes. The decision can be appealed to a higher court, but there are no guarantees as to what that result would be. Once decided, the new assessment cannot be changed for two years.

Petriello Law prepares and submits tax appeals every year throughout New Jersey. Our fees are contingent on the amount we save our clients in the first year, and we only proceed if we think there is a strong case for an appeal, so there is very little risk to our clients. If you think you may be entitled to a reduction of your taxes, you should contact the Petriello Law to discuss a tax appeal today.