Attorney Marshal T. Kizner, member of the Bankruptcy & Creditors’ Rights Group, authored the article Property Tax Revaluations and Your Tax Assessment, which was published in U.S. 1 on September 16, 2015.
The article describes the process several municipalities in New Jersey are going through with local property tax revaluations. “The purpose of a revaluation program is for the municipality to update all tax assessments in order to spread the tax burden equitably within a municipality.” Hamilton Township in Mercer County is one such municipality going through the process, and the new completed assessment will then serve as the foundation for a property owner’s real estate tax bill for the coming year.
Mr. Kizner also provides a list of examples to better understand how the level ratio applies to the revaluation program, whether it be for over, under or fairly assessed property. “A revaluation attempts to correct the unfairness shown in the three examples by bringing each property in a municipality to 100 percent of true value.”
Furthermore, “[i]f a tax payer is upset with the assessed value imposed on the property, he or she has the right to attempt to negotiate a reduction; file an appeal with the County Board of Taxation or file an appeal directly with the Tax Court under certain circumstances.”
You can read the full article my clicking here.
from New Jersey Law Blog http://ift.tt/1jTSl4H
via IFTTT
No comments:
Post a Comment