How type of property affects valuation?

The Tax Court, in deciding whether or not a taxpayer did, in fact, receive a tax assessment notice, will inquire into how sophisticated the taxpayer is, whether or not the taxpayer keeps a log of all the mail that the taxpayer receives (something that most businesses do not even do), and the credibility of the taxpayer. It is all but impossible for a taxpayer to prove to the Tax Court that the taxpayer did not receive the tax assessment card. This is because if the evidence supplied by the taxpayer is just as believable as the evidence supplied by the municipality, then the court will deem the evidence in “equipoise” and the taxpayer’s case will be barred as being untimely filed.

Consequently, http://www.valssa.com.au it is imperative if you do not receive the tax assessment card in the very near future, that you immediately contact your tax assessor in order to determine what your current assessment is for your property. Once you are armed with this information, then you can begin the process of comparing your assessment to what the market value of your property was on October 1, 2008, and whether or not you should file a property tax appeal.

A Letter from New Jersey Senator Robert Singer (R-30) and New Jersey Senate Republican Leader Tom Kean (R-21) was recently sent to New Jersey Governor Jon Corzine which urged a statewide reassessment of homes. At first blush, such a proposal seems to violate the New Jersey Constitution’s Uniformity Clause (art. VIII, sec. 1, para. 1(a)), as the proposal would irrationally treat residential and commercial properties differently. Nonetheless, it is a novel concept and one that only underscores the dire financial crisis of the current real estate market.

Declines in home values have resulted in a disparity between the market valuations of homes in New Jersey and the valuations at which those homes are assessed for the determination of property taxes.

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