Challenging the tax assessment has become a necessity in many parts of the country. Many municipalities conducted revaluation studies of the properties in their town at the height of the recent real estate boom. Now that property values have declined, and in some cases leveled, many properties may be over-assessed and the property owners, therefore, over-taxed.
Unfortunately, most property owners don't fully understand the process of a tax appeal, or how to gather the necessary data, and go into these challenges unarmed. They may pull some information from the Internet to support their value, but they have no real basis for their claims and allow emotion to drive their actions.
A qualified real estate appraiser can provide an independent, third-party opinion of value, that accurately follows the tax appeal process and provides an impartial basis upon which to start your dispute with your local tax assessor.
Click here to download a PDF that provides an overview of the tax appeal process in New Jersey.
