What to do if your property taxes are too high?

On Behalf of | Jul 8, 2024 | Property Tax Relief |

Property taxes in New Jersey are among the highest in the nation. Are your property taxes becoming too big of a financial burden? Those in this situation have a few options at their disposal.

Review your property assessment

First, check your property assessment for errors. Your local tax assessor’s office has a record of your property’s assessed value. Make sure all the details, like square footage and number of bedrooms, are accurate. Mistakes in these details can lead to an inflated assessment and higher taxes.

File a tax appeal

If you think your property’s assessed value is too high, you can file a tax appeal. In New Jersey, the deadline for filing an appeal is usually April 1, but this can vary by municipality. 

When filing an appeal, you will present evidence that shows your property’s assessed value is too high compared to similar properties in your area. The evidence can include recent sales of comparable homes, property condition and other factors affecting value.

Consider property tax relief programs

The state offers several property tax relief programs that can provide financial relief if you qualify. These programs can help reduce the amount of property taxes you owe by offering direct financial benefits such as credits, rebates or tax deferrals. Such benefits significantly lower your annual tax bill and make homeownership more affordable. 

Refinance your mortgage

Another strategy to manage high property taxes is to refinance your mortgage. Refinancing can potentially lower your overall monthly payments, including the portion allocated for property taxes. Here’s how refinancing can help:

  • Lower interest rate: By securing a lower interest rate on your mortgage, you can reduce your monthly payments, freeing up funds to cover property taxes.
  • Extended loan term: Extending the term of your loan can also lower your monthly payments, making it easier to manage your overall financial obligations.
  • Cash-out refinance: If you have significant equity in your home, a cash-out refinance allows you to tap into that equity to pay off property taxes and other expenses.

Consider the costs and benefits before refinancing. Consult with a mortgage professional to evaluate your options and ensure that refinancing will provide the financial relief you need.

Get relief from New Jersey property taxes

Dealing with high property taxes requires a proactive approach. Exploring all available options can help ease the financial strain. If you’re feeling overwhelmed, consider reaching out to a property tax professional to explore your options.

Archives

findlaw-network

Schepisi & McLaughlin, PA BBB Business Review

peer-rated