RISMEDIA, March 12, 2009-A property tax analytics expert warns that 500,000 or more New Jersey homeowners may lose an average savings of $1,919 by failing to file their tax appeals by April 1.
Researcher Adam Berkson of EasyTaxFix.com said that as many as 29% of New Jersey homes-an estimated 722,000 residential properties-appear to be over-assessed beyond the state’s 15% error margin. But anecdotal reports show that, with the 2009 deadline looming for most properties, only a fraction of affected homeowners have filed appeals so far.
Berkson’s research indicates that Ocean County has the highest percentage properties that are over-assessed, at 45%. Atlantic County and Sussex County have high percentages of over-assessment at 35% and 34%, respectively.
Among the municipalities with at least half of properties over-assessed by more than the state’s 15% error margin are Teaneck (50%), Carteret (50%), Eatontown (51%), Lakewood (53%), and Hamburg (76%).
Berkson warned, “Many homeowners, when they look at their property tax bill, do not actually understand the relationship between their property’s assessment and its market value. Therefore it’s more likely that they won’t realize it if they are being over-taxed.”
Berkson advised every New Jersey homeowners to begin by visiting www.EasyTaxFix.com. Users of the site can quickly determine for free whether their property is over-assessed. The information provided can be used as the basis for an appeal. If interested, for a nominal $49 fee, the homeowner can download a completed appeal form and detailed instructions on how to file an appeal directly with local and county tax offices. EasyTaxFix.com is the only place on the Web where New Jersey property owners can download a completed property tax appeal application.
Most homeowners only have until April 1, 2009 to file this year’s property tax appeal-the deadline is May 1 in municipalities that have been reassessed this year.
For more information, visit www.EasyTaxFix.com