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Hurricane Sandy and Property Taxes

By Assemblyman Dave Rible

Due to the major property damage caused by Hurricane Sandy, many are faced with value assessments that are no longer accurate.  Even though this may not affect you directly, please feel free to pass this information along to friends, families, and neighbors that may find this useful.

Under current State law, property value is assessed based on the condition of the lot and the buildings as of October 1st for the following tax year.  In other words, the 2013 property tax bills are based on the value of the property as of October 1st, 2012

However, State law contains a provision which states that a property with a building or other structure that has been destroyed by a storm between October 1st and December 31st can have assessment reduced to reflect the depreciation in value for that property.  The landowner must provide the assessor with notice prior to January 10, 2013.  The assessor must then base the assessed value of the property according to its condition as of January 1, 2013.

Only 9 weeks remain to provide this notice to municipal assessors.

As for the November 1st property tax bill (fourth quarter 2012), a property taxpayer must pay that bill in full by November 10th to pay the fourth quarter bill.  Also, a municipality may pass a resolution that establishes a zero percent interest rate for tax payments made after November 10th.

 

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Posted: November 10th, 2012 | Author: | Filed under: Dave Rible, Hurricane Sandy, Property Taxes | Tags: , , | 3 Comments »

3 Comments on “Hurricane Sandy and Property Taxes”

  1. uh oh said at 9:43 am on November 10th, 2012:

    This is actually a huge problem. All the reductions in the affected towns will have a couple of effects, none good.

    1)The tax base decreases, which means the remaining homes will share a bigger burden of the town’s budget.
    2) The towns will have additional costs. It will take ages for aid to be paid, so budgets will go up, taxes will go up.
    3) Even unaffected towns will see tax increases; County and regional school taxes will go up huge. The county will have to write-off Union Beach, Keyport, Highlands, Sea Bright, Monmouth Beach and parts of other towns, like Rumson, everyone else will have to bear the burden as the County budget gets spread around.
    4) Regional school districts, like Shore Regional, no money from Sea Bright or Monmouth Beach, WLB will get creamed.

    It will be a mess.

  2. brian said at 12:49 pm on November 10th, 2012:

    We in Milhous’s Amerikka—and especially here in the Buffoon State—are so fu%^ed it’s impossible to guage the enormity of it.

  3. Totally & Permanently Ripped-Off said at 12:56 pm on November 10th, 2012:

    The taxpayers of New Jersey are paying higher taxes because Assemblyman David Rible is receiving a disability pension that he does not deserve.