Doctors: It is not too late to file a property tax appeal if you believe that your commercial property or your home is being taxed for more than its fair market value. The deadline is April 1, 2019! Gallagher Campanella LLC is poised to assist you on this often-overlooked key area that may affect you, even in your personal lives! Whether you feel that your primary home, vacation home, or commercial or residential investment property is being over taxed, a tax appeal may be the appropriate course of action for you. Property tax assessments in New Jersey are determined by the fair market value of the property as of October 1st of the previous year. In other words, a 2019 tax appeal is based upon the value of the property as of October 1, 2018.
Many homeowners look at their tax notice and wonder why the assessment does not reflect what they believe to be the fair market value of their house and property. This is because New Jersey applies the “Chapter 123 property assessment test,” which is a ratio applied to the fair market value of the property in calculating the assessment. It is best to consult attorneys who can explain the Chapter 123 ratio and assess whether or not you may have a viable appeal.
If you have a viable appeal, it is recommended that you work with experienced attorneys to properly obtain an appraisal that is admissible for the tax appeal and to either negotiate a settlement with the municipal tax assessor or to represent you before the County Tax Board.
Contact Gallagher Campanella LLC, at (973) 998-8494, today for more information!