NJ Property Tax Appeal
The legal process by which a NJ property owner challenges their property's assessed value at the County Board of Taxation or NJ Tax Court. An appraisal is typically the key evidence used to support the appeal.
In New Jersey, property taxes are based on assessed values determined by the municipal tax assessor. If a property owner believes their assessment is too high, they can file an appeal with the County Board of Taxation (deadline: April 1 or May 1 in revaluation years). For properties assessed over $1 million, appeals go directly to the NJ Tax Court. A current appraisal showing market value below the assessed value is the strongest evidence for a successful appeal. The appraiser must be prepared to testify and defend their value opinion. Tax appeals are a significant practice area for NJ appraisers.
Related Terms
Market Value
The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus..
Assessed Value
The value assigned to a property by the local tax assessor for property tax purposes.
NJ Board of Real Estate Appraisers
The state regulatory body under the NJ Division of Consumer Affairs that licenses, regulates, and disciplines real estate appraisers in New Jersey.
More in NJ-Specific
View allNJ Appraiser Licensing Tiers
New Jersey's four credential levels for real estate appraisers: Licensed Trainee, Licensed Residential, Certified Residential, and Certified General.
NJ Continuing Education Requirements
CENew Jersey requires licensed and certified appraisers to complete continuing education hours every two-year renewal cycle, including a mandatory USPAP update course and NJ-specific law module..
Equalization Ratio (Chapter 123 Ratio)
The ratio of a municipality's average assessed values to average true market values, published annually by the NJ Division of Taxation.
Supervisory Appraiser
A Certified Residential or Certified General appraiser who supervises a Licensed Trainee appraiser, providing mentorship, training, and oversight.