Reduce Your Liability In Commercial Real Estate Tax Assessments
At Irwin & Heinze, P.A., we help commercial and income-producing property owners across New Jersey reduce property tax liabilities cost-effectively. Getting commercial, industrial, retail and multifamily residential rental property assessments reduced is a complicated process. All types of properties are affected by different valuation methods. Additionally, tax appeals by business entities must be prosecuted by an attorney admitted to practice law in New Jersey. The only exceptions to this are sole proprietors. All owners of income-producing properties must supply income statements to municipal tax assessors in response to their requests. Even some taxpayers who do not consider their property to be income-producing may fall under this requirement.
- The law requires a response within 45 days of the assessor’s request; it is critical the statements you supply are on time and accurate.
- If you do not respond, any appeal in the next calendar year may be severely limited.
Contact us at 973-380-0375, and we can help you determine if you need to respond and how to do so.
Considerations In Reducing Tax Liability
While revaluations of all property in a given municipality are generally completed on a less frequent basis, reassessments may be completed by the assessor as frequently as once a year.
Additionally, economic conditions such as interest rates, unemployment levels, the ups and downs of the real estate market and the amount of other commercial development in the area can affect the assessment on your property. The difference between the true market value of your property and the current assessed value can be substantial.
A property tax appeal may save you thousands or tens of thousands of dollars in taxes annually.
Property Tax Abatements And Exemptions
Commercial and industrial property may be eligible for exemptions and abatements on structures if an authorizing ordinance has been adopted in your municipality. If you have completed an improvement, conversion, demolition or construction, you must file with the municipal assessor’s office within 30 days. Our attorneys can be instrumental in securing qualifying abatements and exemptions on your commercial property taxes. We can also discuss whether any part of your property qualifies for the tax exemptions available to conservation or recreation land owned by nonprofits or property owned by medical or service.
Contact Us To Learn More About Your Options
We have helped some of the largest corporations, leasing companies and developers in New Jersey save substantial sums on property taxes.
Please call us at 973-380-0375 or complete our confidential online form to request a free case evaluation or schedule a meeting with a lawyer. Our Morris County offices are accessible and centrally located in Chatham. Our firm handles most cases on a contingency fee basis.