Very few people are thinking about the assessed value of their property this busy time of year. The deadline for appealing your assessment is April 1, 2012, months away. However, now is actually the best time to discuss a reduced assessment with your tax assessor.
Municipalities are required to submit their “book” of assessed values for all properties no later than January 10 of each calendar year. As a result, the assessor is busy this time of year finalizing the information. You are much more likely to obtain a voluntary reduction in your assessment now, before the assessors finalize their values. If you wait until the Spring, your assessor will likely tell you that the value has been finalized and that you must file an appeal in order to challenge the assessment. This makes it harder to obtain a reduction without going to a full hearing before the County Board of Taxation or a trial in the Tax Court. The full appeal process is much more expensive and time consuming than approaching your assessor now about a voluntary reduction.
We at Del Duca Lewis & Berr will be happy to assist you in attempting a voluntary deduction in your tax assessment. We only require some basic property information and information concerning value (e.g. comparable sales). It is an inexpensive, efficient process and it is much more practical than filing a formal appeal.
If you think you may be over-assessed, now is the best time to approach your assessor with the least amount of expense.