Notice of property tax assessment has been mailed and you should have received yours by now. If you disagree with the assessed value, you have until April 1 to appeal.
As a Barnegat homeowner, it’s important to understand the difference between the ‘Tax Value’, usually referred to as the government ‘Assessed Value’ and the bank ‘Appraised Value’ when trying to determine the ‘Fair Market Value’, which presumably is what your home would sell for today.
For a free, instant market valuation of your home, go to Barnegat Home Values. To be clear, market valuation and the tax assessment can be very different.
To get a monthly, no cost, report on local real estate conditions go to Barnegat Market Insider and sign-up. Again, there can be significant differences between the 3 ‘values’, but especially in Tax Assessed Value vs. Fair Market Value.
New Jersey law requires that you pay property taxes based on the fair market value of your property. If your property has been valued too high by the municipal assessor, you are paying too much.
If your property's assessed value is less than $1 million, you are required to bring an appeal before the County Board of Taxation in the county in which the property is located. If the assessed value is above $1 million, you have the choice of bringing the property tax appeal before either the county board or the tax court of New Jersey.
It is important to remember that the appeal is of the assessed value of your property, not an appeal of your taxes, which are determined on the basis of the municipal and county budget. The argument on appeal is that the property's value is over-assessed and is thus not representative of the property's true market value as of October 1 of the preceding year.
Basic Filing Information
- (a) Your appeal must be received (not merely postmarked) by the Ocean County Board of Taxation on or before April 1 of the tax year, or 45 days from the date the bulk mailing of Notification of Assessment is completed in the taxing district, whichever is later. An appeal received after the close of business hours (4:30 P.M.) on April 1, or 45 days from the date the bulk mailing of Notification of Assessment is completed in the taxing district, whichever is later, is untimely filed and will result in dismissal of the appeal. If the subject property lies within a taxing district where a municipal-wide revaluation or municipal-wide reassessment has been implemented, your appeal must be received (not merely postmarked) by the county board of taxation on or before May 1 of the tax year. If the last day for filing an appeal falls on a Saturday, Sunday, or legal holiday, the last day shall be extended to the first succeeding business day.
- (b) A taxpayer will have 45 days to file an appeal upon issuance of a Notification of Change of Assessment.
- (c) Should the assessor fail for any reason to mail or deliver a Notification of Assessment or a Notification of a Change in Assessment, the Ocean County Board of Taxation may, upon the written application of the taxpayer and with the approval of the Director of the Division of Taxation, grant a reasonable extension of time to file an appeal.
- Click here for the Tax Appeal Form
For more information go to: Ocean County Tax Appeals.
Karl Hess & Keller Williams Shore Properties provides expert real estate services to residential buyers and sellers in Southern Ocean County. Contact us today for more information on Ocean County Real Estate and for professional assistance navigating this complex home market.
As always, thank you for your time and feel free to get in touch if you have any questions. Karl Hess, Keller Williams Shore Properties - #1 Real Estate Office in Ocean County