When your municipality values a property you own, that valuation helps determine the tax bill on that piece of real estate.
If you believe that your town or city overestimated the value of your property in New Jersey, you have some recourse available to you.
Appeal your property assessment
Property taxes can significantly impact your monthly budget, so no one wants to pay more than what they believe is appropriate. A real estate owner can appeal the municipality’s property tax assessment through your county’s board of taxation.
Landowners must understand that the burden of proving that their tax bill does not coincide with the true market value of the property rests on them. An experienced attorney can assist you with the appeals process.
Ways to keep your assessment low
If you are considering making improvements to the structure of your home, remember to bear in mind the potential tax implications those modifications could have. In addition, request a copy of your property tax card and review it thoroughly. There is always the potential for error with tax valuations, such as incorrect land acreage or square footage of the structure. Further, you can accompany the assessor as he or she evaluates the real estate. This gives you the opportunity to point out the good and the bad on the property.
With so many bills to worry about, there is no need to overpay for property taxes. Keep track of the changes to your yearly tax assessments and take note of any sharp increases as something to potentially appeal.
