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By all accounts, 2021 should be a very good year for property owners to consider appealing their New Jersey real property tax assessments, depending upon the type of property they own. All property in New Jersey is valued for tax assessment purposes as of October 1 of the pretax year, which is October 1, 2020. The type of properties that would typically be appropriate for consideration are properties valued on an income approach to value (i.e., rental properties), based on rental income and vacancy rates where income has dropped and vacancies have increased. Also, any property that has been forced to remain vacant or partially vacant due to market forces, government edicts or orders should be considered. Properties where landlords have granted rent concessions to tenants are also potential targets. Examples include:
Residential (other than rental where rents are not being paid), affordable housing, warehousing and industrial properties (unless diminution of value can be proven by environmental contamination or some other impairment) are less likely to have been impacted by the pandemic, government orders and resulting economic impacts, and therefore they may not be as successful in a tax appeal.
The deadline for appealing most assessments in excess of $1 million is April 1, 2021, and for those districts that have instituted revaluations or reassessments, the deadline for such appeals is May 1, 2021. Owners can appeal property tax assessments, as can tenants who pay taxes as part of their rent.
For more Day Pitney alerts and articles related to the impact of COVID-19, as well as information from other reliable sources, please visit our COVID-19 Resource Center.
COVID-19 DISCLAIMER: As you are aware, as a result of the COVID-19 pandemic, things are changing quickly and the effect, enforceability and interpretation of laws may be affected by future events. The material set forth in this document is not an unequivocal statement of law, but instead represents our best interpretation of where things stand as of the date of first publication. We have not attempted to address the potential impacts of all local, state and federal orders that may have been issued in response to the COVID-19 pandemic.
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