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Tax Appeal Contd.

YOU MAY BE ENTITLED TO A SUBSTANTIAL REBATE!

Look closely at your real estate tax assessment statement. The assessment figure on your current Notice of Assessment does not necessarily reflect the true value at which your building and land are assessed and taxed. Real Estate Tax Appeals must be filed by April 1, 2008.

Your municipality's average ratio of assessed value to true value must be known and applied to your assessment. A town assessing real property at, for example, $1 million, but which has an average ratio of assessed to true value of 50%, is really placing a value of $2 million on the property.

To estimate your tax bill, multiply your assessed value by your municipality's tax rate.

Note that your assessed value, based perhaps on the inflated real estate market of the 1980's, may not truly reflect the lower real estate values prevalent today. You have the legal right to appeal this assessed value and may be entitled to a substantial rebate.

Other factors may reduce your taxes. You may also be entitled to a substantial rebate based upon the following factors:

  • Machinery and equipment. Recent legislation and regulations eliminate the assessment of certain machinery, apparatus and equipment used in business or industry.
  • Transfer of title. A recent decision by the New Jersey Supreme Court holds that a town assessor cannot increase an assessment merely because title to the property has been transferred.
  • Wetlands. Imposition of Flood Hazard regulations or denial of a Freshwater Wetlands permit will almost certainly give you a basis for seeking a reduction in your assessment.
  • Legally imposed restrictions. Rent control and Mount Laurel restrictions might very well justify reductions in assessed valuations.
Posted Saturday Dec 20