If you think your property taxes are too high, you can seek an appeal. In general, New Jersey will adjust your property tax assessment if you prove that it does not represent the common level range standard or the true market value standard for your district.
Review these standards and learn more about requesting a reassessment of your New Jersey property taxes.
Understanding valuation standards
The true market value of your home represents the likely amount it would sell for on the open market, with an equally motivated buyer and seller. Once the tax assessor in your county determines the TMV of your home, he or she multiples that amount by the county tax rate to calculate your annual property taxes.
All properties must fall within 15% of the municipality’s common level range. This number, calculated once a year for each tax district, averages all home sales in the district for that year.
Filing an appeal
To start the process, submit Form A-1 to the County Board of Taxation. You must also include the Comparable Sales Analysis Form, which provides evidence that your property tax assessment does not align with the true market value of similar homes in your area.
The court will hold a hearing to determine whether the property assessment stands or qualifies for adjustment. If the county assessed your property value at $750,000 or higher, you must appeal directly to the Tax Court of New Jersey for a property tax adjustment.
The annual state deadline for filing a property tax appeal is April 1. You have 45 days after receiving your tax assessment form from the state to contest the assessed value of your home.