WEST ORANGE, NJ-Every owner of an apartment building that sustained damage in Hurricane Sandy needs to act immediately to take advantage of a special period when eligibility for tax relief is determined, said Gary D. Gordon, a partner of Feinstein, Raiss, Kelin & Booker.
The deadline for requesting a damage-related tax appeal is January 10.
“Hurricane Sandy caused unprecedented destruction – and subsequent material depreciation – of property across New Jersey after the normal assessment period ended,” said the West Orange-based tax-appeal specialist. The value of all real estate is ordinarily assessed as of October 1 for the next tax year - and Hurricane Sandy struck on October 29.
However, state officials have granted an exemption to owners whose property was damaged in the superstorm to file a written appeal by the January date.
“Even if a property did not sustain damage in the hurricane, now is also the time to determine whether a 'traditional' appeal would warrant a real estate tax reduction,” Gordon noted. “In-depth evaluation ensures that a property remains competitive in today's marketplace.”
State and federal officials have also released flood hazard maps for ten coastal New Jersey counties, aimed at guiding businesses and property owners as they rebuild from Sandy.
The maps recommend building elevations that owners should use in reconstruction to make their properties less vulnerable to future storms.
The new flood maps, available at www.region2coastal.com, cover municipalities in Atlantic, Bergen, Burlington, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean and Union counties.
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