The deadline to file your commercial or residential real estate tax appeal in most municipalities in New Jersey is April 1st. This past year, many commercial property owners have experienced a decrease in revenue and some are grappling with tenant defaults. Given the impacts of the pandemic, property owners should ensure that their properties remain fairly and accurately assessed.
Owners of high-end residences or commercial properties such as office or retail space, multifamily properties, restaurants and industrial/warehouse complexes, located in New Jersey may be eligible for a decrease in their tax assessments due to the changes in the market over the past year. An experienced attorney can help you evaluate and/or challenge your assessment as well as determine your eligibility status and how to get the best value from an appeal. Additionally, your attorney can inform you if the municipality where you reside is scheduled for a reevaluation in 2021.
Please note: If a property is located in a revalued or reassessed district, the filing deadline is May 1, 2021. Some municipalities have other deadlines, so be sure to verify.