N.J. Statute Grants Tax Relief to Multifamily Owners Due to Extensive Structural Damage Caused by Hurricane Sandy
December 27, 2012
Since all real estate 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 a property sustained major damage and depreciation.
West Orange, N.J.—Since all real estate 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 a property sustained major damage and depreciation, in accordance with N.J.S.A. 54:4-35.1. To request a tax appeal, owners must notify the tax assessor in their municipality in writing by January 10, 2013.
