What is the name of your state (only U.S. law)? NJ
For property tax appeal, the law states that:
“Whenever…the ratio of the assessed valuation of the subject property to its true value exceeds the upper limit or falls below the lower limit of the common level range, it shall revise the taxable value of the property by applying the average ratio to the true value of the property…” (N.J.S.A. 54:51A-6; N.J.S.A. 54:3-22; N.J.S.A. 54:4-62)
Township has agreed to reducing the assessment as part of settlement but they are applying upper limit not average ratio to reduce it, citing they can do that and it is for uniformity. If I fight this in hearing, will it help? or the board goes with uniformity and upper limit which township suggests? My question is what are the odds of fighting to apply the average ratio as law says and winning? Do they take into account additional circumstances?
Thank you.
For property tax appeal, the law states that:
“Whenever…the ratio of the assessed valuation of the subject property to its true value exceeds the upper limit or falls below the lower limit of the common level range, it shall revise the taxable value of the property by applying the average ratio to the true value of the property…” (N.J.S.A. 54:51A-6; N.J.S.A. 54:3-22; N.J.S.A. 54:4-62)
Township has agreed to reducing the assessment as part of settlement but they are applying upper limit not average ratio to reduce it, citing they can do that and it is for uniformity. If I fight this in hearing, will it help? or the board goes with uniformity and upper limit which township suggests? My question is what are the odds of fighting to apply the average ratio as law says and winning? Do they take into account additional circumstances?
Thank you.