When Should You Appeal Your Property Taxes

Performance Property Real Estate Question

Q: Gerald, my neighbor said we can challenge our property taxes to get them lowered–is that true? How does that work? Jimmy, Montclair, NJ

A: Yes, you can appeal your property taxes in either the Tax Court of NJ or your County Board of Taxation–there is an annual deadline to file a property tax appeal which normally falls around the 1st of May. A successful property tax appeal will demonstrate that your property’s assessed value is higher than your home’s current market value. You should do an analysis to determine your property’s realistic eligibility for a property tax reduction because the municipality where your property is located has the right to file a counterclaim to seek to increase your assessed property value. The moral of the story is that filing a property tax appeal can actually work against you so make sure you do your homework before you make the decision to file a property tax appeal. Thanks for your question, Jimmy.

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