5 Tips for Lowering Your NJ Real Estate Property Taxes

How NJ real estate property owners can save themselves time and stress over high property taxes

 

Property taxes can be a burden and a headache for any NJ real estate homeowner. Most often, they increase steadily over time, and even when your mortgage is finally paid off, your taxes are still due in full each quarter. On a positive note however, there are some things that can be done in an attempt to have your property taxes reduced.

Read on to learn some simple tips any homeowner can follow to lessen the burden when tax time comes around.

Request Your Property Tax Card

Few NJ real estate homeowners know that they are able to receive a copy of their property tax cards from their local tax assessor’s office. In doing this, they are provided with information that the municipality has gathered about the property over a period of time. The card includes information about the size of the lot, the precise dimensions of the rooms, and the number and type of fixtures located within the home. Also, there may be some information regarding any improvements or special features the property might have. Any issues you may have with the information on this card should be immediately addressed with the tax assessor who will either correct the mistake or re-evaluate the property.

Research Your Neighbors

As stated before, information about your home is available at the local town hall. In addition to this information, homeowners are also entitled to information about other home assessments in their area is also available to the public. It is important to review comparable homes in the neighborhood and general statistics about the municipality’s evaluation results. Many times, you are able to find inconsistencies that could lower your taxes, such as the square footage of the homes, which should be called to the attention of the tax assessor.

Do Not Build on the Property

Any structural changes to a home or property will increase your NJ real estate property taxes. Examples of this include a pool, shed, deck, or any other permanent fixture that is added to your home will increase your tax burden. While keeping this in mind, homeowners seeking to build any type of additions on their home should research and consider how much their taxes will increase. They can obtain this information by contacting their local building and tax departments.

Limit Your Home’s Curb Appeal

Town tax assessors must adhere to a strict set of guidelines pertaining to the evaluation of NJ real estate property. However, this assessment has a certain amount of subjectivity, such as in the situation in which homes are more or less appealing. It is important to keep in mind that your property is essentially being compared to your neighbors' during the evaluation process, as well as others in the general vicinity. You should avoid doing anything to improve the look of your property before the assessor arrives for the evaluation appointment. This includes any new kitchen or bathroom items or improvements that can affect the value of your home.

Do Not Deny the Assessor Access to Your Home

Although you do not have to allow the assessor into your home to complete an evaluation, not doing so will lead him or her to assume certain improvements have been done to your home to increase its value, resulting in a higher tax bill. In fact, many municipalities have a policy which states that in the instance that a homeowner does not grant a tax assessor admittance into their home, the assessor will automatically assign the highest value possible for that type of NJ real estate, whether or not it is reasonable. Many homeowners allow the tax assessor to wander about their homes unsupervised during the evaluation process, which can be a mistake. Some assessors will only see the improvements made in a home and overlook the fact that other features are out-of-date or in need of replacement. In order to prevent such a situation, you should walk through your home with the assessor and be sure to pay attention to the things in your home both good and bad which will result in a fair evaluation.

 

The real estate market is changing rapidly and expanding into new avenues almost daily. Sometimes it can be very difficult to find the answers you need on a specific topic or issue. In times like these, you need a real estate professional who will provide valuable information and trustworthy advice. For more information on NJ real estate, call us today or click here to be connected with one of our top real estate specialists.