Free assistance available for New Jersey homeowners in determining their eligibility for property tax appeals.
Online PR News – 20-April-2013 – Westfield New Jersey – In 2012, according to the Department of Treasury’s Division of Taxation, more than 90,000 residential tax appeals were filed in New Jersey -- the highest since 1992 and more than triple the number filed in 2007.
Spurred by sagging home prices -- along with often inaccurate and outdated assessments – state figures show nearly 60 percent of the appeals filed were reduced or settled – amounting to more than a $32 billion reduction in property assessments.
Peter Jordan, a tax appeal consultant and realtor with Prudential New Jersey Properties in Westfield, New Jersey says that, while New Jersey’s property taxes have always been among the highest in the nation, the meltdown experienced in local markets in 2008 was expected to be accompanied by a significant decline in assessment values.
Instead, he says, homeowners watched surrounding home values decline as assessment values remained the same — or in some cases -- soared.
And while thousands of homeowners have succeeded in obtaining a reduced property assessment, an equal number have failed -- mostly due to what Jordan claims is a lack of understanding as to how the appeal process works.
“Because they were either unprepared or unfamiliar with the requirements for mounting a successful appeal”, he says, “many homeowners routinely find their appeals being denied, leaving them exasperated and angry.”
To make the process easier and less frustrating, Jordan offers homeowners in Union County a free evaluation of their current assessment to determine if may be excessive, as well as advice and documentation needed in order to properly file a petition.
Not everyone, though, he says, should expect to be eligible for an appeal.
“On average,” he says, “only one out of every five properties I’ve examined in Union County I have found were potentially or significantly overassessed.”
Still, in those cases where assessments were deemed excessive and a petition was filed with his assistance, homeowners, Jordan said, succeeded in significantly reducing their assessment and -- by extension -- their property tax bills -- in many cases by thousands of dollars.
“By using a special algorithm and examining comparable sales data, I can advise a homeowner if they have a strong case and should proceed with an appeal – before they’ve invested any valuable time or money.”
Homeowners in Union County interested in a free evaluation of their current assessment can register for Jordan’s service @ njpropertytaxappeal.net.
About NJ Property Tax Appeal:
Founded in 2011 by New Jersey realtor, Peter Jordan, njpropertytaxappeal.net provides homeowners with information and assistance regarding the process of New Jersey tax assessment appeals.