By: Jack Nash | Senior Manager, Property Tax
The 2024 real estate tax assessment appeal deadline for commercial and industrial properties in the State of New Jersey is April 1st. This deadline is applicable for filings to the State Tax Court. Most Invoke clients and prospects are filed to the court level given the higher assessment values of the properties we represent and based on our experience with the properties we’ve reviewed overall, we can expect most appeals filed to take place at the court level this year.
An attorney is required to file appeals to the court level in New Jersey. Along with our experienced valuation experts, Invoke Tax Partners has close relationships with attorneys that we recommend and work with based on property location, characteristics, and use. While an attorney is necessary for legal aspects of the appeal, our property tax consultants are very involved when it comes to the valuation component and are integral in achieving maximum reductions. In the vast majority of cases, tax assessment appeals are not a legal dispute, but are more of a valuation dispute. Our New Jersey property tax consultants consist of former assessors, certified appraisers, statisticians, and other experts in the valuation of real estate.
Our unique method is opposite of the typical approach taken by tax appeal attorneys in New Jersey. We begin our appeal strategy with a confidential desktop valuation of the property using an income capitalization approach and/or sales comparison approach to value. We then compare it to the equalized market value assigned by the assessor. If a discrepancy is identified, we have a discussion with property management and if possible complete a building walkthrough to confirm our findings. Once we determine we have an appealable value position, we then recommend the best attorney given the variables laid out above. Once filed, Invoke Tax Partners continues to take the lead and provides the valuation evidence to the attorney for representation to the assessor and the court.
We have found over the years that this tried-and-true approach and the teamwork between the attorney and Invoke is the best way to approach an assessment appeal in New Jersey. Contact Invoke Tax Partners’ local office, led by 30-year property tax expert Jack Nash, for a complimentary review of your New Jersey portfolio to ensure your assessment strategy and legal team are best suited for the types of assets being valued.
