Significant Property Tax Savings Possible via Professional Review and Appeal

02.04.2014

Commercial and residential property owners will receive their property assessment cards on or about February 1, 2014, and they will have until April 1, 2014 to file a tax appeal (except for Monmouth County residents whose filing deadline has passed.) During this short time frame, it is wise to review your real property assessment to ensure that you are not paying more than your fair share of property taxes. Genova Burns LLC works closely with property appraisers early in the tax appeal process to evaluate a property owner's likelihood of successfully prosecuting a tax appeal claim.

A representative sampling of our successful property tax appeals in years past include the following outcomes:
  • Commercial property owner for whom we secured a $3 million dollar property assessment reduction resulting in a tax savings of approximately $99,000.00 for the property owner;
  • On behalf of a cooperative housing complex located in Essex County, we secured a reduced property assessment from over $40 million to approximately $35 million, resulting in a yearly tax savings of over $130,000.00; and
  • Commercial property owner in Ocean County for whom we secured a reduced property assessment from $14 million to approximately $7 million, resulting in a yearly tax savings of over $108,000.00.

All real property in the State of New Jersey is valued on a yearly basis for the purposes of taxation, which is known as the property assessment.  The assessment of property is an analysis of the amount for which your property would sell during an arm's length transaction.  This analysis may have been performed recently, where the municipality has performed a municipal wide revaluation of property, or it may have been performed years ago when the market was in a significantly different place.

Full Article: Significant Property Tax Savings Possible via Professional Review and Appeal For more information, please contact Bruno Genova, Esq. or Lisa A. John, Esq. at taxappeals@genovaburns.com or call (973) 646-3261.