Residents with structural damage due to Hurricane Sandy have until Thursday, Jan. 10, 2013to notify the township tax assessor, township attorney Lauren Staiger confirmed at Tuesday’s Committee meeting.
New Jersey property taxes are based on the property value on Oct. 1 of the preceding year but when there is material depreciation after that date and before Jan. 10, 2013 and the tax assessor is notified, the tax assessor must value the property as of Jan. 1.
This exception is based on the fair market value of the structure, not the land, Staiger said. There is also a certain percentage of lost for residents to qualify for this.
“You do have to put it in writing. You do have to submit it to the tax assessor by Jan. 10,” she said.
If property owners fail to notify the tax assessor of structural damage, taxes will be based on the Oct. 1 value.
Residents with structural damage should submit a letter to the tax assessor for an adjustment to be made.