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.
Day Pitney Real Estate Partner Steven J. Wernick is featured in the South Florida Business Journal article "28-Story Tower With Over 100 Apartments Planned in Miami."
Day Pitney Florida Offices Managing Partner Manuel Garcia-Linares has been appointed to chair the firm's Litigation department. The news was featured in Miami Today.
Day Pitney Real Estate, Environmental and Land Use practice co-chair Craig Gianetti was featured in Gothamist article "Court Tells Wealthy NJ Town: We'll Decide Where You'll Put Affordable Housing."
Day Pitney Press Release
Day Pitney Litigation Partner Mark Salah Morgan's re-election to the firm's Executive Board and appointment to vice-chair of the Litigation department was featured in NJBiz.
Day Pitney Real Estate, Environmental and Land Use Partner Steven Wernick is featured in the Miami Herald article "The End of Single-Family-Only Home Suburbs? Miami-Dade Zoning Rule Impact Could Be 'Sweeping'."
Day Pitney Real Estate Partners Nicole Magdziak and Thomas Malman represented firm client Kushner, a real estate development and management firm headquartered in New York City, on a multimillion dollar mixed use residential and retail development in the Long Branch, NJ’s Lower Broadway redevelopment zone.
Day Pitney Real Estate, Environmental and Land Use practice co-chair Craig Gianetti was featured in Law360 article "NJ Bill Paves An Aggressive Affordable-Housing Path."
Day Pitney Real Estate, Environmental and Land Use Counsel Joseph A. Ruiz was featured in the South Florida Business Journal article "Local Distillery Proposes Location in Miami-Dade Warehouse."
Day Pitney Alert
Copyright © 2024 Day Pitney LLP, all rights reserved.