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Is It Time to Appeal Your Real Estate Tax Bill?
Filing period starts January 1st and one must file by April 1st ... Many home owners now realize the current market value of their homes is less than they once thought. Yet these home owners continue to pay property taxes based on that higher value.
Why pay more than you need to?
Are you thinking of selling? Are you aware higher taxes may also make a property less appealing and affordable to buyers, since higher taxes will increase their overall costs. A smart strategy would be to consider an appeal now.
Evaluating Your Assessment: Appeals are not always successful. Generally one’s assessment needs to be 15% or more over market value to qualify. Assessed is the operative word. One cannot fight the rate, nor the ratio, only the assessment. Taxes are based on market value: the amount a willing buyer would pay a willing seller without duress. However, assessments are generally not reviewed on an annual basis, so a property's assessment will never be 100 percent of market value.
Assessment to Market Value: To compensate, taxing bodies apply an equalization ratio, which is designed to ensure that assessments are relatively equal among different taxing districts to all assessed values. For example, a property worth $100,000 with an equalization ratio of 85 % would be assessed at $85,000. Conversely if values dropped and the drop was recognized a 110% would be assessed at $110,000. Home owners can obtain their equalization ratio from local taxing authorities.
What You Should Do: Get your tax card, Notice of Tax Assessment for 2015 (sent in January); look at your 2014 assessment; Call your town tax assessor and ask for the equalization RATIO, not the rate; Apply the ratio to the assessment! If your home value is lower than the current assessment, you should consider filing a tax appeal
Filing an Real Estate Tax Appeal: Real estate brokers familiar with the area are a valuable resource for this type of information. They may be best able to assist in determining which properties are the best comparables for a particular home. A Form is required to be filed on or before April 1 the sooner the better. All conclusions need to be properly documented with supporting evidence must be submitted prior to the hearing. Final Step: The final step in an appeal is a hearing before the assessment appeal board. Proper preparation is the key to a successful hearing. Be aware of the important points that need to be made in order to prove a lower market value and assessment.
The effort of appealing a property tax bill reduction may prove well worth the time and effort involved.
Berkshire Hathaway Home Services - New Jersey Properties Inc has a team member, Dino Braz, who offers to evaluate your tax situation for potential appeal as a courtesy. That's correct, as a courtesy, no charge to you whether whether you lose or win a $1,000, $2,000 or $3,000 tax reduction. It is service he provides free of charge, he just asks you to think of him when any real estate matter comes up!
Contact him directly by Email ADinoBraz@Gmail.com or by cell 908-285-0263.
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