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 toovercome this hurdle of a mechanical error, you must check for accuracy, or otherwise apply for anabatement.2. Sometimes the fair market value (FMV) of your property is lower than the recorded assessment. TheFMV 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 computedon 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 issimilar. 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. Theauthorities 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 propertytax 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 nextyear’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 ratioshould be a hundred percent. This ratio is volatile based on time and the real estate industry.