The assessed value of your property determines the rate of property taxes you pay. In New Jersey, these taxes fund essential services in communities including public schools, fire departments, police forces, street maintenance and public parks.
Commercial property owners and homeowners should assess if their property valuation is too high because no one should pay more than their share.
Evaluate your property assessment annually.
The assessed value of your home or commercial property and the local tax rate dictate how much your bill will be. You might receive your assessment notice separately in the mail or it might be on the tax bill itself. Either way, this is an important number to take note of each year.
Research the recent selling price of similar properties in your area. If you find comparable properties valued at less than the number in your notice, the assessment is likely off.
Appeal your property taxes.
If you notice a discrepancy, you have the right to appeal your property taxes. You have to prove that the assessment issued by the county does not represent the market value or common level range for that type of property. You can file your appeal with the County Board of Taxation in which you reside by filling out the appropriate forms to request a lower property valuation. Since there are deadlines for appeals, make sure to negotiate the amount of property taxes you pay or hire an attorney to help you through this process.
After the county hearing, you have 45 days to file another appeal with the Tax Court of New Jersey to fight the board’s decision.
