Essex County Property Tax Appeal Lawyers
Assisting Property Owners with Challenging Tax Municipal Assessments
Many multi-family and commercial property owners pay higher property taxes than legally required due to outdated or otherwise inaccurate tax municipal assessments of their properties. The number of inaccurate and inflated assessments increases during downturns in the real estate market. This causes decline in property values that are not fully reflected in the assessment.
The duty to challenge inaccurate assessments, however, rests with property owners, and in some instances tenants and property tax lien holders. When that is needed, our attorneys for real estate and tax matters can be there to help.
How to Successfully Appeal Assessed Property Tax
In order to successfully appeal your assessed value, the taxpayer must prove that the assessed value is unreasonable compared to the current market value of the property. All assessments must be 100% of true market value, or an equalized market value for districts with equalization ratios other that 100%, as of October of the previous year.
According to the New Jersey Legislature's Chapter 123 formula to test the fairness of an assessment, "if the ratio of assessed value to true value exceeds the average ratio by 15%, the assessment is reduced to the common level."
There are strict deadlines, filing requirements and fees involved in the tax appeal process. To file an appeal with your County Tax Board, the appeal must be filed by April 1 or you may be barred from challenging the current year, with some limited exceptions. To this extent, it is incumbent upon you to contact us today to discuss potentially reducing your property taxes.
Handling Tax Appeals of Multi-Family Commercial Properties
At Ehrlich, Petriello, Gudin, Plaza & Reed, Attorneys at Law, we concentrate in appeals of multi-family (2 family +) and commercial properties and work with experienced appraisers and real estate experts to prepare a clear and comprehensive argument based on the unique nature of your property and municipality.
This is extremely important for multi-family and commercial properties. Such properties require a more in depth financial analysis and market review when establishing true market value, or equalized value, depending on the municipality.
We invite you to contact Derek D. Reed to discuss your next property tax appeal.