Many commercial properties have experienced a decline in value over recent years, due to vacant office space resulting from remote working conditions and empty retail space due to shifting consumer preference for online shopping. Despite substantial vacancies and reduction in income, property owners are also faced with rising interest rates on mortgage loans and increased operating costs due to inflationary factors, such as energy, repair, and maintenance expenses. Since New Jersey is one of the highest taxed states in the nation, property tax is a major concern for most commercial property owners, especially in this difficult and uncertain time where the bottom line is being squeezed and properties values are decreasing for commercial properties. Therefore, it is important to know that your property is being fairly and accurately assessed, and that you are not paying too much for property tax.
You may be paying too much for property tax!!
- Is your property over assessed by the municipality?
- Do you disagree with the municipal assessment of your home’s value?
- Were your property taxes substantially increased after a recent renovation?
- Were your property taxes increased after you bought your property for an unknown reason?
- Do you have any negative factors affecting the value of your property?
- Does your property lack updates or require repairs?
- Do you have vacancies or loss of rental income?
- Are your apartments subject to rent control or affordable housing restrictions?
- Are you making a profit or incurring a loss after paying your operating costs?
- Are your taxes too high?
Contact Maria R. Cozzini, Esq., for a free initial consultation
and find out if your property qualifies for a tax appeal.
No Tax Savings, No Legal Fee
Most tax appeals can be handled on a contingent fee basis, so you pay nothing, other than the tax board or tax court filing fee, unless we obtain a tax savings for you. If you prefer, a tax appeal can be handled on an hourly basis.
Maria R. Cozzini, Esq., provides skilled and effective legal representation for property tax appeals.
Maria R. Cozzini, Esq., has successfully represented thousands of taxpayers in residential and commercial tax appeals involving the following types of properties:
- Single Family Homes
- Multi Family Homes
- Apartment Buildings
- Office Buildings
- Medical and Dental Offices
- Retail Buildings and Strip Malls
- Mixed Use Buildings
- Warehouses Vacant Land
- Farm and agricultural properties
- Tax exemptions, including non-profits
Maria R. Cozzini, Esq., has the experience and skill necessary to thoroughly review your property assessment, working with knowledgeable appraisers and real estate consultants. If your property qualifies for a tax appeal, Ms. Cozzini will provide methodical and aggressive representation on your behalf to obtain the most advantageous result for you.
In certain cases, the municipality may file a complaint against a commercial taxpayer to increase a property assessment and taxes. Maria R. Cozzini, Esq. will review the municipality's demand and provide an aggressive and methodical defense so that you do not pay more than your fair share of tax.
Ms. Cozzini has appeared before County Tax Boards throughout the State of New Jersey and the New Jersey Tax Court. She is fully familiar with the intricacies involved with pursuing a tax appeal and the procedures followed by Municipal Tax Boards and the Tax Court of New Jersey.
Chapter 91 Request - Do Not Ignore
Do Not Ignore a Chapter 91 Request for Income and Expense Information, or you may lose the right to a tax appeal. Tax Assessors routinely send Chapter 91 requests to commercial property owners. This request requires the taxpayer to provide income and expense information pertaining to the property. If the taxpayer fails to provide this information, the tax assessor can seek the dismissal of a filed tax appeal. If you are served with a Chapter 91 request, please be certain to provide the requested information, so that you do not forfeit your right to file a tax appeal.
Each property is assessed by the local municipality where it is located. Ideally, a property assessment should reflect the market value of the property. A tax appeal challenges the assessment, not the tax. Reduction in the property assessment will result in a decrease of tax liability and tax savings for you. The lower the assessment, the lower the property tax. Property tax is calculated based upon the assessment. For every $100 of assessment, the tax rate is applied. If the assessment is not correct and exceeds the market value for the property, taxes will be excessive, disproportionate, and unfair. Therefore, it is important to review your property assessment with a knowledgeable attorney to determine if you are paying too much for property tax and whether a tax appeal would be a good option for you.
In most counties, the filing deadline for a regular tax appeal is April 1st. Revaluation or reassessment municipalities have a May 1st filing deadline. The filing deadline for Monmouth, Burlington, and Gloucester Counties is January 15th. The filing deadline cannot be extended, so it is important that you contact us as early as possible so that we can thoroughly review your case and determine if your property qualifies for a tax appeal. Filing deadlines should not be relied upon. Information must be confirmed for your specific property,
Valuation Date For an Appeal
The property assessment should reflect the market value of the property as of October 1st of the pre-tax year. If the assessment exceeds the market value, the property may qualify for a property tax appeal.
The property value is determined based upon review of at least 3 to 5 comparable sales during the preceding 12 month time frame, prior to the October 1st valuation date. Union County will consider sales over a 15 month period. Comparable sales cannot be estate or distressed sales, but must be arms-length transactions. In certain cases, an appraisal will be recommended for optimal results, such as for a larger home with unique characteristics, or a case having substantial savings potential. We can refer you to an appraiser experienced with tax appeals.
Property Record Card
Many factors are used by the municipal tax assessor to determine the property assessment. The municipality maintains a property record card for each property. It is important to review the property record card and determine that the information is accurate, since the property features noted on the property record card are used to calculate the assessment upon which taxes are determined.
STOP PAYING TOO MUCH FOR PROPERTY TAX.
Contact Maria R. Cozzini, Esq. for skilled and effective legal representation with your property tax appeal at (908) 232-2414 or contact us online. We will provide a free property tax assessment and let you know if your property qualifies for a tax appeal.