WESTFIELD — In 2011, according to the Department of Treasury’s Division of Taxation, more than 68,000 residential tax appeals were filed in New Jersey — the highest since 1992 and more than triple the number filed in 2007.
Spurred by sagging home prices — along with often inaccurate and outdated assessments – state figures indicate nearly 60 percent of the appeals filed were reduced or settled – amounting to more than a $32 billion reduction in property assessments.
Peter Jordan, a realtor with Prudential New Jersey Properties in Westfield, claims that despite such successes, many homeowners remain hesitant about challenging their own assessments, and are often intimidated by what they perceive as a “hopelessly mystifying and complicated process.”
To help demystify the process, Jordan will host a free, educational seminar entitled “How To Appeal NJ Property Taxes – And Win!” at the Greater Union County Association of Realtors in Westfield at 7 p.m. on Wednesday, Dec. 5. Guest speakers include appraiser Robert Priscoe and tax attorney, Stephen Severad.
“As loudly as homeowners grouse about property taxes, relatively few – around 2.5% — are ever compelled to take any real action towards appealing their assessments,” says Jordan. “Last year In Westfield, for example, fewer than 500 homeowners filed appeals. And yet, nearly 90% of those appeals were successful.”
Though Jordan doesn’t guarantee everyone will qualify for an appeal, he offers a free assessment to every homeowner attending his seminar.
“Using some basic mathematical formulas and by examining comparable sales, I can help a homeowner predetermine whether or not their assessment valuation is excessive, and if he or she would financially benefit from filing an appeal.”
For more information — and to register for the Westfield seminar on Dec. 5 — visit Jordan’s website at njpropertytaxappeal.net.
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