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Hurricane Sandy Resources: Home Owner Tax Relief

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For tax questions about your particular state and situation, please contact ETP member Surekha Vaidya at (732) 727-5009.

Hurricane Sandy has caused a lot of property damage for some of us here in New Jersey.  Our prayers are with those of you particularly badly affected. If you or any of your friends and neighbors have been less than fortunate and were not saved with minimal damage like we did, here is some help from the State of NJ legislature.

Please read the following to see if it can help you or your friends and family members, reduce your property taxes for 2013.

Usually all property tax assessments are done as of October 1.The property tax for the following year (2013) is based on this assessment.The following statute may help you reduce your 2013 taxes in case you have suffered property damage due to Hurricane Sandy.

New Jersey Statutes – Title 54 Taxation – 54:4-35.1 Material depreciation of structure between October 1 and January 1; determination of value

When any parcel of real property contains any building or other structure which has been destroyed, consumed by fire, demolished, or altered in such a way that its value has materially depreciated, either intentionally or by the action of storm, fire, cyclone, tornado, or earthquake, or other casualty, which depreciation of value occurred after October first in any year and before January first of the following year, the assessor shall, upon notice thereof being given to him by the property owner prior to January tenth of said year, and after examination and inquiry, determine the value of such parcel of real property as of said January first, and assess the same according to such value.
You should take advantage of this statute if you have suffered a loss.

Here is what you should do . . .
Write to the tax assessor stating that you have suffered property damage as a result of hurricane Sandy after October 1, 2012.  This has resulted in reduction in your property value.  As specified in New Jersey Statutes – Title 54 Taxation – 54:4-35.1, you are requesting that the tax assessor reassess the property, to take into account this recent loss, so that your property tax can adjusted for this loss in value.

Remember that this letter requesting reassessment has to be received by the tax assessor before January 10, 2013.
Why wait till January 10, 2013? Do it now!!

Please feel free to contact us by email if you have any questions or need assistance.Please give your contact no so that we can call you.

Please contact Surekha and Kumar Vaidya
Contact Info (732) 727-5009
or by email EncoreCPA[AT]optimum[DOT]net

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