Thursday, July 20, 2017

Now is the time to change the PROPERTY TAX LAW



If you improve your property the following is typical. In other words if you maintain you home such as new siding, new windows, a patio, you will pay more to the township. This is a negative effect to good neighbors. Taxation should be based on the size of the land and the bas square footage of the house or building. Municipalities would not need to hire consultants to examine the home and charge you more money because you improved the bath room or kitchen or attic. 
Why, why do we need to be assessed for maintaining a property?
The state/ county / municipality knows what is the size of your property. You should be taxed on the size of the property. Nothing more, and the reassessment every ten years, which cost tax dollars, would be a computerized task. The Local high taxes would reduce your value because the town's high taxes would reduce the sale prices across the board and the local politicians would be rewarded or penalized at the polls.

The second problem is the school tax. The major drain on property owners.

Q. When I obtain a Building Permit to improve my property (examples: siding, kitchen or bathroom renovation, construction of a family room or bedroom dormer) when and how will my property assessment be increased?
A. After a representative from the assessor's office inspects the property (in its entirety), the property is assessed at the current market value (as of October 1). The added assessment is the amount of the difference between the old assessment and the value of the entire property at the end of the project, not the amenity itself or cost of the job. The property must be valued from scratch. The result is adjusted to the same valuation date as the date of the last town wide revaluation so that everyone has the same base year for assessment. The assessment is calculated as of October 1 and prorated for the months that it was complete. The completion date is determined by the Assessor according to "readiness for intended use" and not by the date of the final inspection. In cases where it was completed during the prior year, an omitted added assessment bill will also be received. All bills are sent out by the Tax Collector by October 25 and due payable, in full, on the following November 1. The dates for added and omitted added assessments, as well as the time frame in which the bills are mailed out and due payable, are mandated by the State of New Jersey. 

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