The Steps That Every Owner Of A Shopping Center Should Take To File A Tax Appeal
In this article, you will discover:
- The steps to take for a tax appeal in New Jersey, New York, and Pennsylvania.
- Evidence to gather for a successful tax appeal.
- How long it would take to receive a refund.
What Steps Should An Owner Of A Shopping Center In New Jersey, New York, And Pennsylvania Take To File A Tax Appeal?
For all states, the primary data to review is the property’s income and expense information and the rent roll.
In New Jersey, the appeals generally must be filed before April 1st. Your attorney will need to obtain the financials for the full year prior to the appeal to determine whether or not a tax appeal should be filed. Most jurisdictions will request the financial information. For a 2023 appeal, the information will be requested in 2022 for the year end 2021 information. Failure to respond to the request may could result in a dismissal of any potential 2023 appeal.
In New Jersey, you cannot “spot assess”, which means that the assessors cannot unilaterally raise the estimated value. Assessors must go through the appeals process as many towns in New Jersey don’t re-assess annually. Assessors can file reverse appeals to raise the assessment if they determine it is warranted.
In New York, the tax appeal period can vary, ranging from early March to later in the year. Working with a compliance tax appeal attorney who is aware of filing deadlines is crucial so that you don’t miss an opportunity to challenge your assessment in the given year.
Pennsylvania filing deadlines vary by County, Allegheny County, which is the Pittsburgh area, has deadlines from August to October. In Pennsylvania, clients can encounter reverse tax appeals filed by school districts to seek to increase assessed values. The districts can file reverse appeals based on a sale price above the assessment and/or when they consider a property to be under-assessed.
What Evidence Do You Need To Warrant A Tax Reduction In An Appeal Of A Shopping Center?
Having access to information is an essential thing to have…
- It’s crucial to have your property’s income and expenses statement from the year-end before to the next year-end.
- Additionally, you will need the property rent roll year end prior to the appeal.
- Finally, it’s beneficial to have the current rent roll to have a sense of direction the property is going in.
How Long Can It Take To Receive A Refund After A Successful Tax Appeal Of A Shopping Center?
If the appeal has been pending for multiple years, the objective is to make the savings retroactive and get receive a refund. The timing for receiving the refund can depend on the amount of the refund. When a judgment is issued, the taxing jurisdiction typically has 60 days to refund the excess taxes that were paid.
If the refund is sizeable, the jurisdiction may need more time. That is subject to individual negotiation between the jurisdiction and the taxpayer’s representative.
Do I Need A Commercial Property Tax Attorney?
A tax attorney specializing in residential real estate may not be prepared to handle cases for commercial properties. Those lawyers may not understand capitalization rates, income and expense statements, reasonable deductible expenses, and vacancy factors.
Therefore, it’s best to contact a firm like ours, that is prepared to handle your case with expert insight and years of experience.
For more information on Filing A Property Tax Appeal In NY, NJ & PA, a complimentary initial consultation is your next best step. Get the information and legal answers you seek by calling (973) 227-1912 today.