While down the shore for the Thanksgiving holiday weekend, I came across an Asbury Park Press newspaper article that, while focused on Monmouth and Ocean counties, carries weight across the state of New Jersey. The topic- “Towns prepare for tax appeals”
The main points:
"Towns are now bracing for an onslaught of property tax appeals as more homeowners seek lower assessments to keep pace with the declining house market.
Toms River, for example, has budgeted $1 million to fight the coming wave of appeals. Lakewood, which completed a revaluation when the housing market was at its peak in 2006, has spent about $1.5 million in the past two years.
While the overall average sales price in the state dropped 4.5 percent,Monmouth County saw a 6.5 percent decline. Ocean County had a 5.3 percent dip, according to the sales data for single family homes.
Appeals in Monmouth County rose from 936 in 2006 to 1,862 so far this year, according to Matthew Clark, Monmouth County tax administrator.
In Ocean County, tax appeals soared to more than 4,200 this year, from 2,700 in 2007, according to Tax Administrator L. Ozzie Vitusck."
Filing a real property tax appeal in New Jersey is not difficult but it is not a cake walk. I also caution readers that your ability to introduce evidence cannot be based on "my neighbor's house is worth less than mine." An appraiser with experience in tax appeals in your community is a handy ally and the need to hire an attorney should not be discounted.
Click a Guide to Tax Appeals published by the New Jersey Department of the Treasury, Division of Taxation for more technical information about the real property tax appeal process.
Stephen M. Flatow
Vested Title Inc., 648 Newark Avenue, Jersey City, NJ 07306. Tel 201-656-9220. Fax 201-656-4506. Email vti@vested.com
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