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If your property has been destroyed or significantly damaged by the recent storm, you may qualify for a reduction in your assessment for the tax year 2013 under New Jersey law (N.J.S.A. 54:4-35.1), according to an announcement released this afternoon (Nov. 5) by Atlantic County spokeswoman Linda Gilmore. The following requirements must be met:
1. The damage took place between Oct. 1, 2012 and Jan. 1, 2013.
2. The building has been destroyed or made significantly less valuable.
3. You notified your municipality’s assessor before Jan. 10, 2013.
The New Jersey Division of Taxation recommends that you notify the assessor by certified mail, return receipt requested, so that you have proof that your notice was mailed timely. Keep a copy of the notice and any evidence that you submitted for your records.
The Division of Taxation also recommends that you take pictures of the damage immediately, because it is possible that the assessor may not be able to inspect your property in a timely manner. After inspection by the assessor, a determination will be made of the amount of reduction, if any, in assessed value.
If you fail to notify the assessor, the law will assume that your property was not damaged and the only way to receive a reduction in your assessment would be to file a tax appeal by the appropriate deadline (April 1 for most towns, May 1 for towns that have been revalued or reassessed).
If you have any questions, contact your assessor.