Réduisez vos impôts fonciers en NJ avec une réclamation!
Table of Contents
- 👋 Introduction
- 💡 What is a tax appeal?
- 📋 The process of a tax appeal
- 🎯 How to know if you're a good candidate for a tax appeal
- ⏰ Timeline for filing a tax appeal
- 🔄 Frequency of tax appeals
- ⚖️ Pros and cons of filing a tax appeal
- 💰 What can buyers expect after closing on a new home?
- ❓ Frequently Asked Questions about tax appeals
- 📞 Contact information and resources
👋 Introduction
Welcome to Homes by Banda! In this article, we will explore the topic of property taxes in the state of New Jersey and whether you may be paying too much. We are joined by Ellie Fink, a renowned expert in tax appeals, who will guide us through the process and provide valuable insights. So, let's dive in and discover if a tax appeal is the right choice for you!
💡 What is a tax appeal?
A tax appeal is a process that allows property owners to challenge the assessed value of their homes in order to potentially lower their property taxes. While commonly referred to as a "tax appeal," it is important to note that the focus is actually on determining the fair market value of the property. If your property is overvalued, a successful appeal can lead to a reduction in your tax assessment.
📋 The process of a tax appeal
The process of filing a tax appeal is relatively simple and straightforward. Typically, you need to file an appeal between February 1st and April 1st, although there may be exceptions. Evidence, such as comparable sales, needs to be submitted to prove that the value of your property is lower than the assessed value. This evidence is reviewed during a hearing before the county board, and a judgment is issued based on the evidence presented. If successful, your assessment will be lowered, resulting in a decrease in property taxes.
🎯 How to know if you're a good candidate for a tax appeal
Determining whether you're a good candidate for a tax appeal depends on various factors. If you recently purchased a property for less than the assessed value, you are likely a good candidate. Additionally, if you have obtained a recent appraisal or have reasons to believe that your property is overvalued, it may be worth considering a tax appeal. Consulting with a professional like Ellie Fink can help assess your eligibility and chances of success.
⏰ Timeline for filing a tax appeal
To ensure a timely tax appeal process, it is crucial to plan ahead. The valuation date for tax appeals is October 1st of the prior year. Therefore, any time after October 1st is an opportune moment to start thinking about a tax appeal. Early action, ideally after October 15th, gives you the best chance of success.
🔄 Frequency of tax appeals
In New Jersey, property owners are allowed to appeal their assessments every single year. However, the frequency of successful appeals may vary depending on previous outcomes. If you were successful in the past, the likelihood of success in subsequent years may decrease. Conversely, if you were unsuccessful, there is no limitation on filing another appeal. Keep in mind that a successful appeal can also trigger the "freeze act," which prevents the town from raising your assessment for a three-year period.
⚖️ Pros and cons of filing a tax appeal
Before deciding to file a tax appeal, it's important to consider the pros and cons. On the positive side, a successful appeal can result in a significant reduction in property taxes. However, there is a filing fee involved, and the process requires time and effort. Additionally, there is a slight possibility that the town may argue for an increase in assessment if they believe the property is under-assessed.
💰 What can buyers expect after closing on a new home?
Buyers often wonder about the impact of property taxes after closing on a new home. If the purchase price is higher than the assessed value, the town is not allowed to raise the assessment based solely on the purchase price. However, they may find other reasons to adjust the assessment. It is also essential to consider whether the town is conducting a revaluation, as it can affect the assessment and align it with the market value. Buyers should consult assessors or lawyers for a better understanding of their specific situation.
❓ Frequently Asked Questions about tax appeals
Q: Is there a downside to filing a tax appeal?
A: While there is a filing fee and time investment involved, the potential benefits of a reduced tax assessment often outweigh the drawbacks. However, it is essential to be aware that the town could argue for an increase in assessment if they believe the property is under-assessed by a significant margin.
Q: How often can I appeal my property taxes?
A: Property owners are allowed to file tax appeals every year. However, the frequency of success may vary, and previous outcomes can impact the likelihood of success in subsequent years.
Q: Can property taxes go up after closing on a new home?
A: Generally, the town is not allowed to raise the assessment based solely on the purchase price. However, there are other factors that can affect the assessment, such as property revaluation or significant improvements made to the property.
📞 Contact information and resources
For more information about tax appeals and expert advice tailored to your situation, feel free to reach out to Ellie Fink:
- Phone: [insert phone number]
- Email: [insert email address]
- Website: [insert website URL]
Remember to consult professional advice before making any decisions regarding your property taxes. Additional resources and assistance can be found on Ellie's website, [insert website URL].
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