Please note that, in light of Governor Murphy's recent "stay at home" order in New Jersey due to the COVID-19 pandemic, McLaughlin & Nardi, LLC's attorneys and staff are working remotely at this time. However, we are still ready, willing, and able to address all of your individual and business legal needs. Please contact us by phone at (973) 890-0004 or email at info@esqnj.com. We are committed to providing the same high level of legal services that our clients have come to expect over the years. Thank you.

Articles Tagged with “real estate tax”

Published on:

New Jersey law N.J.S.A. 54:4-35.1 allows property owners to request reduced property tax assessments for property damaged as a result of Superstorm Sandy. This law was enacted in the response to a severe Nor’easter which hit New Jersey 1962. That storm caused significant property damage and there was no basis in the law for property tax relief for the affected tax payers. This year, that law is being used to assist property owners who have sustained significant property damage. The statute provides in part:

…When any building or other structure which has been destroyed, consumed by fire, demolished or altered in such a way that its value has materially depreciated, either intentionally or by the action of storm, fire, cyclone, tornado, or earthquake, or other casualty, …the assessor shall…after examination and inquiry, determine the value of such parcel real property as of…January 1, and assess the same according to such value.

Usually, when a homeowner files a property tax appeal, the appeal is based on the fair market value of the property on October 1st of the preceding year. Superstorm Sandy hit the coast of New Jersey on October 29, 2012, devastating communities and causing property damage in the United States which has been estimated to exceed $71 billion.

This law is very limited in that it only assists homeowners who have sustained damage between October 1st of the previous year and January 1st of the current tax year. It also requires notification of the assessor by the property owner before January 10 of the current tax year. If a homeowner notified the assessor and filed the appropriate form with supporting documentation prior to the January 10th deadline, the municipality will investigate and issue an assessment.
Continue reading

Published on:

Thumbnail image for tax appeal.jpgA common question is how can property taxes be lowered? The answer is to file a tax appeal. In the current depressed real estate that the value of your home is often dramatically lower than the town has assessed it and you should appeal that assessment. In this economic climate, this is important to explore. A property tax appeal can drastically reduce your property tax payments. You can only appeal your tax assessment, i.e. the value the town assigns your property; you cannot lower your property tax rate.

To evaluate whether your property tax assessment is too high, first determine the fair market value of your property. Recent sales of similar properties in your neighborhood provide a good idea. Then you “equalize” your assessment to the fair market value of your property using your municipality’s “equalization ratio.” The equalization ratio is used to adjust for town-wide market fluctuations over time. Apply the equalization ratio to your assessed value to find the value the municipality has determined is the fair market value of your home (the “equalized market value” – this is usually not the same as the unequalized assessment in your tax bill). If the fair market value of your property is more than 15 percent less that the equalized market value, you should move forward with a tax appeal.
Continue reading

Contact Information