N.J. Statute Grants Tax Relief to Multifamily Owners Due to Extensive Structural Damage Caused by Hurricane Sandy

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.