NEW JERSEY—Multifamily property owners may be eligible for a tax adjustment if a property sustained major damage and depreciation as a result of Hurricane Sandy. To request a tax appeal, owners must notify the tax assessor in the municipality in writing by Jan. 10, 2013.
Since all properties are assessed based on their value as of October 1 of the pre-tax year, and Hurricane Sandy struck on October 29, owners may be eligible for a tax adjustment if their properties sustained serious damage as a result of the storm.
“Hurricane Sandy caused unprecedented destruction – and subsequent material depreciation – of property across New Jersey after the normal assessment period ended,” said Gary D. Gordon, partner of West Orange, N.J.-based Feinstein, Raiss, Kelin and Booker LLC. “N.J.S.A. 54:4-35.1 addresses this, enabling owners to seek a tax appeal and relief in 2013. Owners are well served to take advantage of this exception immediately, as the deadline is rapidly approaching.”