The value of many properties in New Jersey have dropped in the past decade and therefore have become overvalued. If the property value decreases, owners may be entitled to a reduction in property assessment which results in decreased taxes.
Under the laws of the State of New Jersey, municipalities are to reassess all properties at least once every ten years. As the assessment ages, an equalization ratio is applied to yield a present value of the property. In order to lower property taxes, the owner must prove that the assessed value is unreasonable compared to the current market value of the property. All assessments must be 100% of true market value as of October of the previous year and “if the ratio of assessed value to true value exceeds the average ratio by 15%, the assessment is reduced to the common level.”
Every property owner has a right to file a property tax appeal. The attorneys at Sobel Han will ensure that your appeal is successful by:
- Confirming the market value from the previous year;
- Obtaining credible evidence of the market value;
- Determining if the property was assessed in excess of its market value, and
- Determining if the ratio exceeds the upper limit of the common level range.