Saturday, March 14, 2009
REAL ESTATE PROPERTIES REASSESSMENTS AND APPEALS
The reassessment program results in the estimation of the fair market value of all of the properties in Ocean City, New Jersey.
The sole purpose of property assessments is to estimate a fair market value of each property, thereby equitably distributing real estate taxes.
The estimate of the current fair market value of properties was as of October 1, 2007, and will become the tax assessment for the 2009 tax year.
The reassessments need to be scrutinized by the property owners and below is the process for appeal.
The Ocean City, New Jersey website, www.ocnj.us is available for more information.
Ocean City property taxpayers who decide to formally appeal the new property assessment can appeal to the Cape May County Board of Taxation.
An appeal must be received (,not postmarked,) by the County Board of Taxation on or before April 1, 2009 or 45 days from the date the bulk mailing of Notification of Assessment is completed (1/31/2009), which ever is later.
A taxpayer will have 45 days to file an appeal upon issuance of Notification of Change of Assessment.
Should the assessor fail for any reason to mail or deliver a Notification of Assessment or a Notice of Change of Assessment,the Cape May County Board of Taxation may, upon the written application of the taxpayer and with the approval of the Director of the Division of Taxation, grant a reasonable extension of time to file an appeal.
Generally, a minimum of three to five comparable sales are required to substantiate an appeal.
If the assessed value exceeds $750,000, you have the option of filing your appeal directly with the Tax Court. Information for filing a complaint with the Tax Court may be obtained by contacting the Tax Court of New Jersey at P.O. Box 972, Hughes Justice Complex, Trenton, New Jersey 08625.
Interested taxpayers should contact the Cape May County Board of Taxation, 7 North Main Street DN 303, Cape May Court House, New Jersey 08210, regarding appeal-filing procedures, filing fees, representation, etc. at 609-465-1030.