Cut Your Property Taxes Now!

As Hoboken and the surrounding area real estate prices have fallen over the last couple of years, property taxes have moved higher, sapping money out of home owners monthly budgets.

As a result of the lower property values, it’s likely that lots of condos, single family and multiple family homes in the area may have overvalued tax assessments which means that those homeowners (you?) may be paying more in property taxes than what may be necessary.

So what can you do?  File a tax appeal with your local tax assessor!  However you must  file your tax appeal before the April 1st deadline.

How do you know if you would qualify for a lower tax assessment and property tax?

Basically the New Jersey legislature has a formula to test if your assessment is fair or not.  The easiest way is to hire a local real estate attorney to assist in determining if you would qualify for a tax appeal.  The over the phone consultation is free,   If it’s highly likely that you’ll benefit from an appeal and want to move forward, an average filing fee of $25 will be needed.  Your attorney will typically charge a one time fee equaling around 1/3 of your successful tax appeal yearly savings plus some out of pocket expenses such as an appraisal.  

So for instance if they save you $3000 per year, their one time fee would be $1000 plus out of pocket expenses.

Remember that the tax assessor will not automatically reduce your property tax.  You must appeal them AND you must do so by April 1st to qualify for this years property tax reduction.

Several of my real estate clients have filed successful appeals and have saved thousands of dollars.  I hope you can too.

For more info or a referral to the attorneys that my clients have used to file their appeals, email info@InvestHoboken.com

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