Nearly Half of New Jersey Residential Homeowners Should Appeal Their Property Tax Assessments, According to Analysis

NEW YORK, Feb. 25 /PRNewswire/ -- As many as 47 percent of New Jersey homes are over-assessed beyond the state's 15 percent buffer, according to a study released today by property tax expert Adam Berkson.  Using assessment and sales data provided by the state, the study compared New Jersey "equalized" property tax assessment information to an estimated market value as of October 1, 2009.

The study also noted that while the National Association of Realtors has indicated that home values have fallen 10-15% across New Jersey from 2008 to 2009, the average equalization rate, the mechanism used by New Jersey to reflect market adjustments, has only changed by 1.2%.

"New Jersey homeowners may not think they will end up saving money by appealing," said Berkson. "But according to a survey we conducted of our users in 2009, approximately 70% of homeowners were successful in achieving savings by appealing their assessments -- mostly through settlements averaging over a thousand dollars a year."  

Most homeowners only have until April 1, 2009 to file this year's property tax appeal – the deadline is May 1 in municipalities that have been reassessed this year.

To help New Jersey homeowners determine whether they should appeal, Berkson has launched EasyTaxFix.com (www.EasyTaxFix.com), where the owner can easily and quickly determine the likelihood and degree to which his or her home is unfairly assessed.  The homeowner can take that information to an appraiser and/or an attorney to launch an appeal, or simply download completed forms and detailed instructions on how to file an appeal directly with local and county tax offices.  The latter service is available for nominal $79 fee.  

ABOUT EASYTAXFIX.COM

Adam and Jeff Berkson founded EasyTaxFix.com in 2008.  The user-friendly, web-based service uses a unique methodology for analyzing existing property value and tax information to assist homeowners in completing a property tax appeal application. EasyTaxFix.com is currently available statewide in New Jersey and in select counties in California, Washington, Arizona, Illinois and Florida.

SOURCE EasyTaxFix.com