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To Appeal or Not to Appeal?

 

 

 

 

 

Newsletter                                                                                                                               Spring 2014

Upcoming Filing Deadlines

New Jersey

 

* April 1 – all municipalities, and Monmouth County properties assessed more than $1 million.

 
* May 1 – municipalities which completed a revaluation or reassessment.
  
Pennsylvania
  
* March 31 – Allegheny County (Pittsburgh) 
  
* August /September 1 – Most other Pennsylvania counties
  
* 1st Monday in October  – Philadelphia
  
New York
  
Filing deadlines in New York vary greatly depending on the locality. Here are a few:
 
* 4th Tuesday in May

– most towns upstate.
 
* 3rd Tuesday in June – many Westchester County towns

Property Types

 
Archer’s Real Estate Tax Appeal Group has experience appealing many property types, including:
 
* Commercial: office, retail, lab/R&D, apartments, condos & co-ops, hotels & conference centers, corporate headquarters, data centers, hospitals, skilled nursing facilities, assisted living facilities, residential care facilities, shopping malls, bank branches, restaurants, and self storage.
  
* Industrial: manufacturing, warehouse/distribution, oil refineries, pipelines, mills, power plants, industrial complexes, chemical plants, food processing, extruding plants, oil and LNG terminals, lumber mills, and pollution control equipment.
 
* Special: amusement parks, water parks, ski resort, vacant land, farmland, wetlands, cell towers, golf courses, contaminated property, mines & quarries, residential developments, redevelopment projects, and ratio challenges.
  

To Appeal or Not to Appeal?

Property owners are starting to receive their property tax assessment notices for 2014. Owners and tenants responsible for paying taxes can appeal these assessments annually. Filing deadlines for appeals can vary greatly depending on the locality. Accordingly, it is very important to consult the assessment office in your locality, or your property tax professional, to determine the applicable deadlines. Failure to perfect an appeal by the deadline will preclude your ability to obtain relief in most jurisdictions. 

Does Assessment = FMV?

It is critical to understand that your property tax assessment represents a percentage of what the tax assessor claims is the fair market value (FMV) of your property.  This percentage, or equalization ratio, often changes each year.  So even though your assessment may remain the same from year to year, the implied fair market value of your assessment can change.  These ratios are typically different for every locality.  Accordingly, it is crucial to get the appropriate ratio and translate your assessment to its implied fair market value on an annual basis. 
  
Archer’s Real Estate Tax Appeal Group reviews assessments on an annual basis, at no charge, to determine whether property tax appeals are warranted.  The group’s seven attorneys include four former New Jersey Tax Court Law Clerks, a former certified tax assessor, and a licensed commercial real estate appraiser.  

  
For more information on property tax appeals and Archer’s Real Estate Tax Appeal Group, go to www.archerlaw.com or call any member of our practice group at (609) 580-3700.
 
  
 
DISCLAIMER: This advisory is for general information purposes only. It does not constitute legal or tax advice, and may not be used and relied upon as a substitute for legal or tax advice regarding a specific issue or problem. Advice should be obtained from a qualified attorney or tax practitioner licensed to practice in the jurisdiction where that advice is sought.  
  
 
  
  
Haddonfield, NJ 856.795.2121   Flemington, NJ 908.788.9700      Wilmington, DE 302.777.4350
Princeton, NJ 609.580.3700       Philadelphia, PA 215.963.3300    Georgetown, DE 302.858.5151
Hackensack, NJ 201.342.6000   Shrewsbury, NJ 732.741.9944      New York, NY 212.292.4988  
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