By Fredrick P. Niemann, Esq. a New Jersey Property Tax Appeal Attorney
Take a look at Atlantic City as an example. The economic recession and the loss of gamblers to neighboring states, Atlantic City casinos are fighting back and appealing assessment telling the taxman they’re not worth as much as the city thinks they are.
All 12 casinos have appealed their tax assessments over the past three years, and most have already received back millions in property-tax savings. Good for them. No one should get ripped off by the government.
City officials are whining they’re losing big, since the challenges leave their projections of how much they’ll get in tax revenue in jeopardy.
“The effect is the loss of revenue, which in turn affects the financial status of the city,”
The economic meltdown drove down property values and chased away tourists, to competing casinos in New York, Pennsylvania, Delaware and Maryland.
State law determines how to figure out how much property is worth, basing property tax assessments on a combination of factors: income, recent sales of comparable properties and the cost of construction.
But municipalities say the process is too subjective, allowing casinos to constantly challenge. They’re asking the state to change the rules to make it easier for casinos and the city to predict how much they’ll be charged.
Contact me personally today to discuss your New Jersey property tax appeal. I am easy to talk to, very approachable and can offer you practical, legal ways to handle your property tax appeal concerns. You can reach me toll free at (855) 376-5291 or e-mail me at fniemann@hnlawfirm.com/.