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Tax Appeal and Real Estate Activity

Governor Murphy signed a new Order extending the deadline to allow property owners to file real estate property tax appeals until July 1, 2020. The usual deadline has always been April 1.

Like everything else at this time, it remains to be seen how this will work out. While the pandemic has caused tremendous havoc amongst all aspects of our economy, real estate in our area has remained strong, Properties are being bought and sold every day. The mortgage interest rates are historically low. Many of the real estate transactions that I have been involved with have developed major problems due to the Buyers (mortgage borrower) losing their jobs and thereby losing their mortgage approval. This has occurred in high end and low end value homes in the Bergen County area.

It has been my experience that it is extremely difficult to convince a County Board of Tax Appeals Commissioners to lower your real estate property tax assessment based solely on current market trends. The County Board Commission and the lawyers representing the Municipality require proof in the form of a significant number of comparable sales in the area to show a market reduction (similar to what occurred in 2008-2010). It may take a few years before the effects of this pandemic show up in real estate tax assessments.

Having said that, as am Elmwood Park New Jersey Real Estate Attorney, I would recommend that you review your tax assessment thoroughly in relation to comparable sales in your neighborhood.

At my law firm, David Scillieri, Esq, I offer my clients the guidance they need through these unprecedented times. With more than 40 years experience and vast knowledge of real estate law , I am committed to assisting clients through all facets of legal matters.