As you may know, Paterson conducted a municipal wide revaluation for tax year 2015. A revaluation is a mass appraisal that is supposed to assign true market value to each parcel in the Municipality. Because of the enormous scope of the assignment, a revaluation is susceptible to errors. Therefore it is critical for all property owners to carefully review the assessment set by the revaluation company.
Based on the initial data reported, the ratable base in Paterson has decreased during the revaluation by over 30%. Accordingly the tax rate will increase (estimated tax rate increase is 41% for 2015) because the municipal budget has also increased. This means that even if your assessment was lowered, your annual property taxes may still increase for 2015. It is estimated that many residential property owners will see a decrease in property taxes while commercial property owners will see an increase in their tax burden. Now more than ever commercial property owners must review their assessment to determine if a property tax appeal is warranted. Because Paterson did not complete the revaluation on time, you will have 45 days from the date the City mails the assessment postcard to appeal your assessment for 2015.
The Attorneys at Spiotti & Esposito, P.C. have significant experience with commercial property tax appeals. We will review your assessment for free to determine if a property tax appeal is warranted. Simply email or call the Firm to schedule a telephone or in-person appointment. Call the firm at (973) 396-4444, or you can email us at firstname.lastname@example.org.
The attorneys at the Firm have successfully resolved over 1,000 appeals in Paterson and over 10,000 in the State of New Jersey. Please contact us today for your absolutely free consultation.