Mastering New Jersey Property Tax Appeals: A Step-by-Step Guide for Homeowners
π New Jersey Property Tax Appeal: A Handy Guide for Homeowners Property Tax Appeal: Knowledge, Preparation and Savings New Jersey is one of the states with the highest property taxes in the US. So if your property assessment is not correct, you could lose thousands of dollars every year. If you feel your home's tax assessment is higher than the true market value, you can appeal it. Mastering New Jersey Property Tax Appeals: A Step-by-Step Guide for Homeowners This guide explains the process in simple language and also tells you ways to appeal yourself. π 1. First: Understand your assessment Every year, your local tax assessor assesses your property. This is the basis on which your tax is calculated. Important words: Assessed Value: The value of your home that the government has set for tax purposes. True Market Value: The price at which your home could be sold in the open market. Equalization Ratio (Common Level Range): Each municipality has a percentage ratio between the av...