Justin McCarthy Authors Article, "Big Changes for Monmouth Property Tax Assessments"
July 30, 2013
![]() For Monmouth County and any other counties taking part in the pilot program, the law revises the relevant statutory dates for the assessment real property and for appealing those assessments, in the following ways:
The Act also grants a county tax board the power to compel a municipality within to implement a revaluation or reassessment of all real property within the municipality. If the municipality fails to complete the compelled revaluation or reassessment in a timely manner, the county tax board may contract for the revaluation or reassessment at the municipality’s cost. It is important to note that property taxes and the tax rate are the result of the local budget process and may not be appealed. It is the municipality’s assessment on your property that is subject to appeal. A taxpayer considering an appeal should understand that they must prove their assessed value is unreasonable compared to actual market value of their property. By law, the municipality’s assessment is presumed to be correct. To be successful, this presumption of correctness must be overcome in order to achieve an assessment change. If you believe your property is over-assessed, you should act immediately to determine whether the assessment set by the municipality is the actual full and fair market value of your property. Please contact our office for a free consultation regarding your property’s value, an assessment of the chances for a successful appeal and the potential costs versus savings in conducting such an appeal. |
Posted in: Land Use & Development Law, Real Estate, Tax and Tax Appeals