Fundamentals Of Conducting A New Jersey Tax Appeal SOME BASIC REASONS BEHIND NJ PROPERTY TAX APPEAL The vital reasons why you must appeal your property taxes in New Jersey are listed below. 1. Very often there is a possibility of a mistake in value assessment or property measurements. In order to overcome this hurdle of a mechanical error, you must check for accuracy, or otherwise apply for an abatement. 2. Sometimes the fair market value (FMV) of your property is lower than the recorded assessment. The FMV of a property can be determined through a reviews of current sales or with an expert appraisal. 3. Your assessment needs to be in sync with the assessment of properties which are alike. Even if your property is correctly assessed, but it does not match a similar property, your property taxes will be computed on the basis of the similar property. THE PROCEDURE OF NEW JERSEY TAX APPEAL Every area or locality has varied processes for tax assessment; however the basic process for appeal is similar. There are a few simple ways you can regulate and reduce your property taxes in New Jersey. A. VISITING LOCAL MUNICIPALITY 1. You need to review your property tax card on which the assessor computes the property details. This is a public document which anyone can obtain in the city hall or county assessor’s office. 2. You must review copies of property tax cards of those properties which are similar to yours. The authorities must furnish you with such tax cards, though they’ll charge a fee. 3. Get The Property Tax Abatement Application. 4. You must keep in mind the information mentioned below, and raise them every time you obtain property tax cards. These pointers are also answers to frequently asked questions. a. Firstly you need to be well-versed with what the tax rate is. It is the dollar rate which is subject to next year’s budget and the value assessed by the municipality. b. You also need to know what the present equalization ratio is. On a re-evaluation of properties, this ratio should be a hundred percent. This ratio is volatile based on time and the real estate industry.
c. Yet another frequent query regards deadlines for abatement on a local level as well as on a state level. A crossed deadline could be detrimental to your case/appeal. Ensure that you are aware of the filing deadlines so that you can put forth your appeal for abatement of taxes. B. SCRUTINIZE YOUR TAX CARD Thoroughly go through your tax card and ensure that it reflects all the required information, and also go through everything in detail to avoid discrepancies. C. THOROUGHLY INSPECT THE COMPARABLE SALE CARDS TO ENSURE THAT THEY ARE ASSESSED EQUITABLY TO YOUR PROPERTY. Make a comparative analysis of your property, rooms, bathrooms, area with around four to five other properties in the locality (with the help of the local assessor’s website) and furnish this list on the assessor’s demand. D. OBSERVE LOCAL /RECENT SALES Be very well-versed with all property transactions and sales going on in your locality with the assistance of a realtor. Determine the sale price and valuation of property resembling yours. This analytical study will help you reiterate and strengthen your appeal.
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