What to Keep and Where to Find Them? – Property Tax Records
Some call it the necessary evil. We all know we have to pay for schools, fire departments, police protection, roads, and the list goes on unfortunately. So in the case of an emergency its nice to know our tax dollars are at work and these services would be readily available.
Since tax appeal season in New Jersey is toward the beginning of the year, lowering your property taxes is a perfect New Year's resolution. Toward the end of January of each year, every New Jersey property owner is supposed to receive their annual assessment. That's the little green card that comes from the tax assessor's office. Since all properties within a particular municipality in New Jersey are taxed at the same rate, it is the assessment which differentiates one property owner's tax bill from another and is the real measure of whether a property is being taxed fairly or not. The period in which one can generally appeal an assessment in New Jersey is from the time the assessment is received until April 1 (May 1 if there was a reassessment or revaluation).
Also, keep records of any property you buy or renovate over the years. This will come in handy when the actual value of the property is needed for a particular reason; say taking a loan or selling the property off. It also helps you in claiming the gain from the tax department when the mature period comes.
My advice is that if you disagree with the values set forth by the taxing jurisdiction, then start the process of appeal. Begin by contacting your local assessment office to arrange a meeting with an appraiser from the assessment department to go over your values and data on your property record card.
Lost a Copy? Where to Find Them: Fortunately there are online services that allow you to conduct a current, accurate and quick search and download of information regarding these records. Advancements have alleviated the headache of digging through old dusty files and now you can comfortably come to the rescue from your own home office.
Make sure you use an online search database when looking for Property Tax Records that provides clear and concise information.
Storage Tips: It is of great importance that you devise a good storage system by which you can store your tax records safely and in a way that does not take much of your energy and time. For instance, consider buying a good spring or box file. Pin all the documents and receipts that are relevant to a particular tax record and file them together with it. When the file is full, label on it the range of months of the records in it. Keep these property tax records in one place, say a particular drawer or a specific place that is safe and that you will easily trace. Also, remember to keep these tax records separate from other records or other documents.
As the new year begins, in addition to some of the more difficult goals and changes people contemplate, it may be worthwhile to consider trying to lower your tax bill. It could be one of the easiest and most profitable resolutions you make.
Harris Smith is a writer on personal finance education. Her article tackles the pros and cons of home equity line of credit. Largest provider of Debt Consolidation Solutions.
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