During the next several weeks, New Jersey real property taxpayers will receive their annual green postcards indicating 2009 assessments. The period to file a challenge to a 2009 assessment runs from February 1 to April 1, 2009. The April 1 deadline may, however, be adjusted to the later date of 45 days from the bulk mailing of the green postcards.

It is the amount of the assessment -- not the tax amount -- that can be challenged. A taxpayer may be entitled to a reduction if the assessment (after applying the municipality's equalization ratio) is more than 15 percent higher than the fair-market value as of the valuation date, October 1, 2008. A prerequisite to filing an appeal is the payment of all taxes and other municipal charges through the first quarter of 2009. Failure to respond to a tax assessor's prior request for income and expense information makes a tax appeal subject to dismissal, regardless of the appeal’s merits.

Assessments greater than $750,000 may be challenged directly with the Tax Court of New Jersey or filed with the applicable County Board of Taxation. Ballard Spahr attorneys are available to review the merits of New Jersey retail, office, industrial, and multifamily property assessment challenges. Please contact any attorney in the Real Estate Department for more information.

Copyright © 2009 by Ballard Spahr LLP.
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This newsletter is a periodic publication of Ballard Spahr LLP and is intended to alert the recipients to new developments in the law. It should not be construed as legal advice or legal opinion on any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own lawyer concerning your situation and specific legal questions you have.

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