Due to the major property damage caused by Hurricane Sandy, many are faced with value assessments that are no longer accurate. There is a provision of law that could lead to lower assessments but there is a deadline to take action.
Under NJ law, property value is assessed based on the condition of the lot and buildings as of Oct 1st for the following tax year. So 2013 property tax bills will be based on the value of the property as of Oct 1, 2012.
However, State law contains a provision which states that a property with a building or other structure that has been destoryed by a storm between October 1st and December 31st can have teh assessment reduced to reflect the depreciation in value for that property. Property owner must provide notice to assessor before Jan 10, 2013. The assessor must then base the assessed value of the property according to it's conditiona as of Jan 1, 2013.