Is A Formal Appraisal Required?
After reviewing property information and analyzing market data, we discuss with our clients the viability of a tax appeal. We subscribe to the same data services utilized by expert real estate appraisers which provide comprehensive sale transaction information. Having represented commercial clients owning virtually every property type, we comb our databases and appraisal library for information to support our client’s case. We also consider rental income stream. By that, we mean the rental income for the property under review for possible appeal.
Because we have access to this information, we are often able to negotiate a favorable value reduction on behalf of our clients, sometimes without having to hire a real estate appraiser. If our value position is opposed by a town or jurisdiction, then we engage an appraiser to meet the burden of proof that the property is overvalued.
We work closely with appraisers and review their reports for accuracy. One of the skilled attorneys at Stavitsky & Associates will ensure that the appraisal report conforms to the local rules and statutory requirements, e.g., the approach to value utilized by the appraiser is generally accepted as reliable within that jurisdiction, the appraiser utilizes the appropriate as of value date. For example, for tax assessment purposes, New Jersey’s as of value date is October 1st of the pretax year. An incorrect as of value date or another mistaken assumption could result in dismissal of the appraisal and the tax appeal case.
Is There A Fee To File A Tax Appeal?
Generally, first level appeals to municipal boards have no filing fee requirement. County boards of taxation will levy filing fees based on the assessed value amount. Court filing fees typically range from $200 to $400. Some states, such as Massachusetts, impose a filing fee equal to a percentage of the total assessed value (for properties assessed in excess of $1,000,000).
For more information on Paying For a Formal Appraisal In New Jersey, a complimentary consultation is your next best step. Get the information and legal answers you are seeking by calling (973) 869-5550 today.
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