Category: New Jersey Property Tax
Property Tax Exemptions in New Jersey for Nonprofits, Religious Institutions, and Schools
New Jersey law provides real estate tax exemptions to certain nonprofit organizations, including religious institutions, educational entities, and other charitable organizations (each referred to here as an “Eligible Entity”). To obtain such an exemption, an Eligible Entity must complete and submit an Initial Statement Claiming Property Tax Exemption (the “Application”)…
New Jersey Lawmakers Tweak Property Tax Relief Programs
New Jersey Property Tax Programs Tweaked by Lawmakers Background: New Jersey Senate Bill 3693/Assembly Bill 4706 (the “Bill”) was signed into legislation by Gov. Phil Murphy on November 1, 2024.[1] The Bill focuses on implementing the new Stay NJ property tax relief program and impacts several other state property tax…
NJ Real Property Tax Assessment Appeals
Many New Jersey property owners believe their property tax assessments cannot be challenged. They can be. Property assessments hinge on the tax assessor’s calculation of the market value of a property, and often such calculations may not be accurate or reflective of current market value. Tax assessors are in control…
New Jersey Property Tax Assessment Appeals
Many New Jersey property owners believe their property tax assessments are uncompromising. The truth is property assessments are not. Property assessments hinge on the tax assessor’s calculation of the market value of a property, and often such calculations may not be accurate or reflective of current market value. Tax assessors…
New Jersey Supreme Court tackles issue of real estate taxation of private businesses on public properties
Gourmet Dining, LLC, is a “for-profit” business entity that had entered into a management agreement with Kean University to operate a “high-end” restaurant called “Ursino” on Kean University property. The Gourmet Dining business is on University property and, as a state school, it is operated on property owned by the…
Consider Prepaying 2018 Property Taxes by December 31, 2017
The Tax Cut and Jobs Act (the “Act”) limits the deduction for state property and income taxes to $10,000 per year starting in 2018. Many taxpayers will be over that just for NJ income taxes and will get no benefit from paying property taxes going forward. If that is the…
October is the Right Time to Consider Property Assessment Appeals
October 1 is the time of year the fair value of property is assessed for the following year, providing essentially the “snapshot” of fair value for the 2018 property assessment. Additionally, municipal budgets for the next tax year are typically set in December, making this time of year particularly opportune…