April 1st is almost here…
Have you filed a tax appeal on your over-assessed properties in New Jersey?
Believe it or not, April 1st is right around the corner. And in New Jersey, that means it is time for filing real estate tax appeals for the current tax year.
New Jersey companies and property owners face some of the highest property tax burdens in the nation, thus driving up the cost of doing business in the Garden State. Making matters worse, the federal tax changes set to take effect in 2018 are expected to affect office, retail, industrial, hospitality and multi-family property values in a significant way.
Furthermore, as the economy continues to shift away from traditional brick and mortar retail and vast corporate campuses in suburban areas, many properties have decreased in value and may need to be repurposed and reassessed for property tax purposes. Of course, the converse is also true—in that many areas historically considered blighted or in need of redevelopment have welcomed new construction and development projects in recent years that will soon face increased property tax assessments. In light of these issues, it is incumbent upon property owners and business tenants to review their tax bills to identify potential savings as well as possible risks of future tax increases.