Property Tax Appeal Time: April 2009
There was a great article in the Star Ledger (Nov. 23) business section that was all about challenging your property taxes. Before filing for an appeal (before April), you will need to find out your town’s average tax ratio, which can be found at “Reducing property taxes possible, but not likely” – NJ.com. Divide your homes assessed value by your town’s average ratio. This number is what the town feels is your “market value.” Remember that the township has a 30% “cushion” — which is equal to plus or minus 15% of the average ratio. If you can show that your assessments exceed the town’s average ratio by more than 15%, then you probably have a case. You will need to show recent comparables (at least 3) that are in your general neighborhood. If you are within the 15%, you will probably not have a case.
Good luck!
Martha McDonnell
Lois Schneider Realtor
