Reassessments are required and must be approved by the County Board of Taxation and the Division of Taxation State of NJ. Homeowners that do not believe their new assessment is reflective of the property’s full and fair value may file a tax appeal subject to the following information:
Valuation postcards will be mailed sometime after Nov. 1. The valuation postcard shows the 2023 and 2024 assessed values. If you do not believe the 2024 assessed value is reflective of the market value, the reverse side of the card instructs you how to file a tax appeal. The filing dates for a 2024 tax appeal are from Nov. 15 to Jan. 15, 2024. Note the filing deadline on Jan. 15 is 4 p.m.
In the appeal, you must provide support of your opinion of value showing the tax board the market value of the property as of Oct.1 of the pretax year. To proceed with a tax appeal, all taxes and municipal charges up to and including the first quarter of the tax year must be paid. As the appellant, you must present credible evidence supported by fact, not assumptions or belief. The most credible evidence is at least three sales of other properties of a similar type in your neighborhood.
The standard measure of property value is true value or fair market value, that is, what a willing, knowledgeable buyer would pay a willing, knowledgeable seller on the open market at a bona fide sale as of the statutory Oct.1 pretax year assessment date.
When considering filing an appeal:
- What was the market value of your property on the preceding Oct. 1, the statutory assessment date?
- Can you support your opinion of market value with credible evidence?
Deadlines to remember:
- Tax appeals are on property values only, not taxes, and must be filed by Jan. 15 of tax year or 45 days from date of bulk mailing of assessment notices, whichever is later.
- All evidence must be submitted to the assessor and tax board at least seven days prior to the hearing.
Note:
- The assessed value can possibly be higher or lower if the interior data was estimated or the inspection was refused. The validity of the market value depends on the collection of accurate data. Be sure to request an interior inspection on your appeal if your property was estimated or you refused the inspector at the door.
- If the county board of taxation feels your assessment should be higher, they have the right to increase your assessment. When you file an appeal, the board will require the assessor’s office to perform an interior inspection.
The assessor for Mantua is available to answer questions or concerns Monday through Friday from 9 a.m. to 4:30 p.m.
