Welcome to New Jersey, home to one of the highest property tax rates in the nation. What can you, a business owner, do about it? How can you save thousands of dollars per year? The answer is simple. You should pursue a property tax appeal if the tax assessed value is significantly higher than the fair market value.
What are the grounds for a property tax appeal?
Commercial property taxes must be based upon the property’s actual fair market value. As a business law attorney, I will evaluate whether you have grounds for a successful appeal.
Appraising commercial property value can be very complex. This assessment is the only variable in calculating property taxes that a property owner can appeal. However, before pursuing a property tax appeal, I am sometimes able to negotiate a reduction in the taxes with your municipality.
How are property taxes on commercial properties calculated in NJ?
An assessment must reflect the actual fair market value of the property when equalized using the municipality’s equalization ratio. An equalization ratio equals a property's assessed value divided by its market value. Generally, if the result is not within fifteen percent, the taxes may be lowered on appeal.
The formula for calculating property taxes is set. It includes the tax rate, the equalization ratio and the assessed value, and only the assessed value can be appealed.
What are the deadlines for filing property tax appeals?
April 1st is the most common deadline, but this can vary depending on the municipality.
If you have questions regarding a property tax appeal or are interested in pursuing a property tax appeal, contact this office for a consultation.
The Law Office of H. Benjamin Sharlin LLC
is owned and operated by H. Benjamin Sharlin and serves all of Mercer County, New Jersey and the surrounding areas. Mr. Sharlin is a bilingual Spanish-speaking attorney who vigorously represents the interests of all his clients.
Call (609) 585-0606 or click the button below to schedule an appointment