Deadline looms for filing property tax appeals

Almost everyone knows that April 15th is tax day but did you know that April 1st also has tax significance? In the state of New Jersey, April 1st is the deadline for filing a property tax appeal. New Jersey boasts some of the highest property taxes in the country and this is the time to challenge your assessment if you believe it to be inflated.

How do your property taxes impact your federal income tax return? When you file your federal income tax return, due April 15, the amount you may deduct for state and local taxes is capped at $10,000. The average property tax rate in New Jersey is 2.44%, substantially above the national average of 1.08%.

If your home is valued at the state average, about $349,000, then you’ll come in under that cap. However, if your house and land are valued above the average, about $415,000, then you will exceed the federal tax cap. For example:

  • For a property assessed at $500,000, you would owe approximately $2,200 more in taxes;
  • For a property assessed at $750,000, that number jumps to approximately $8,300 in additional tax liability for your real estate.

The assessed value of your property, by law, is presumed to be accurate. When you appeal your taxes, it’s incumbent on the property owner to show that the assessed value is “unreasonable” or “inaccurate.” With his years of experience in the property tax appeals process, James Foerst, principal at Spector Foerst & Associates, has the expertise to help you make your case.

If you believe the assessed value of your property exceeds the fair market value, the first step is to complete our complimentary preliminary assessment form for a free email evaluation.

Don’t wait! The deadline for filing your appeal is April 1. Don’t miss out on the possibility of reducing your property tax bill.  


Posted on March 18, 2020