The 2011 Property Tax Environment is Ripe for Appeals and Represents a Real Opportunity for Significant Tax Reductions:
With measurable declines in the real estate market, evidenced by continued high vacancy and historically low rental rates, the pursuit of a real property tax appeal has never been more compelling. In fact, municipalities are again bracing themselves for what is expected to be another tsunami of tax appeal filings. Last year, unprecedented levels of appeals were filed and towns have been left scrambling since. Adjustments to assessment levels were largely in order for 2010 and will continue to be justified in the present tax year. Towns are aware that their property assessments are not in line with the current economic climate and declining property values. It is therefore expected that significant adjustments are either going to occur voluntarily, through compromise, or involuntarily, by virtue of the mandates of Tax Court judgments. Consequently, for those who take action, it is likely that a reduction in assessment and a resulting reduction in taxes will be achieved.
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