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2015 Tax Appeal Workshop Sal Perillo. Tax Assessments are confusing! Understanding the core concepts of a tax assessment: (A) Tax Rate (B)Assessment (C)

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Presentation on theme: "2015 Tax Appeal Workshop Sal Perillo. Tax Assessments are confusing! Understanding the core concepts of a tax assessment: (A) Tax Rate (B)Assessment (C)"— Presentation transcript:

1 2015 Tax Appeal Workshop Sal Perillo

2 Tax Assessments are confusing! Understanding the core concepts of a tax assessment: (A) Tax Rate (B)Assessment (C) Ratio of Assessed Value to true value (D)October 1 valuation date

3 Common Level Range Chap. 123 Galloway Township 2015 Average Ratio90.50 Lower Limit76.92 Upper Limit Assessment = $1,000,000 Equalized True Value = $1,105,000 Common Level Range = 76.92% to % Range $849,996 to $1,158,040 Note: Property has to have a fair market value of less than $849,996 to successfully appeal.

4 Tax Court  18,962 cases filed  15,747 cases disposed of  47,209 cases pending  3,215 Increase in backlog 2013 vs

5 How to prove your case There are several ways to prove Fair Market Value: (A)Cost approach (B)Income approach (C)Comparable sales

6 Beware of Pitfalls (A)Keep your taxes current (B)Chapter 91. Income and Expense Questionnaire (C) Cross Appeals

7 Where and When Do You Appeal All Appeals have to be filed by April 1 unless the Municipality is doing a revaluation or reassessment then the filing date is May 1. (Hamilton, Hammonton, Weymouth, Dennis Township and Upper Township)  County Board of Taxation  State Tax Court

8 You Win----Now what? What happens if you win? (A) Freeze Act (B)Refund or credit (C)Interest

9 Sandy Issues  New Flood elevations and the cost of flood insurance are going to have a tremendous impact on property values in shore communities.  Flood elevation will determine flood insurance and whether you can repair or rebuild or raise.  Flood elevation: 1929 datum v datum  50% destruction based on assessed value of improvements.  Tax Appeals: N.J.S.A. 54: “Material depreciation of structure” between October 1 and January 1, notice to the Assessor by January 10.

10 Farmland Assessment Changes Public Law 2013, Chapter 43 amended the Farmland Assessment Act. Under the law, the Director, Division of Taxation must include with each application an explanation of new changes to program requirements that occurred in the prior tax year and that will affect the year for which the application is filed.  Some key changes under Chapter 43 are:  Beginning in Tax Year 2015, $500 Gross Sales criterion for the first 5 acres is increased to $1,000, except for lands under a Woodland Management Plan, then the Gross Sales requirement remains at $500 for the first 5 acres. Proofs of Gross Sales must be submitted w/each application.  Beginning in Tax Year 2015, where a farm’s acreage is less than 7 acres, a descriptive narrative of the agricultural/horticultural uses, a sketch of their location and the number of acres devoted is required to be submitted w/the application.


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