As ordered by the Morris County Board of Taxation and the New Jersey Division of Taxation, the Town of Morristown has completed its municipal-wide revaluation for the 2024 tax year.
At Skoloff & Wolfe, P.C., the property tax department has been monitoring the Morristown revaluation carefully. Conducted periodically by municipalities, revaluations are intended to equitably distribute the property tax burden. However, revaluations can result in dramatic increases in both assessments and taxes for commercial taxpayers.
“It’s a sound idea in practice, but in reality, some taxpayers experience a dramatic increase in their tax burden,” says David Wolfe, Co-Managing Partner of Skoloff & Wolfe, P.C. “When that happens, and when warranted, we work with our clients to appeal the assessments and mitigate the impact of the revaluation.”
New Property Tax Rate for Morristown
The Morristown Revaluation has been completed and proposed total assessments have been sent to every property owner. As a guide, the notices estimate the property tax rate and the estimated amount of tax the owner will owe for 2024 based on the total ratable base.
Property owners should have received a letter that looks like this.
In the case of Morristown, the revaluation firm estimates that the tax rate declined from 2.906% to 1.426%, a reduction of approximately 51%. This is outstanding news for Morristown taxpayers.
Revaluations and Taxes Owed
Although the property tax rate declined dramatically, many commercial owners experienced increases in their overall property tax bills. At Skoloff & Wolfe, P.C., the tax team is working with property owners whose taxes increased materially as a result of their updated property assessments.
“We’re currently providing counsel to many significant commercial property owners in Morristown,” advises David. “We’re happy to review a portfolio of properties; this an excellent time to take a close look at your assessment and the corresponding taxes owed.”
Revaluations Coming to Roseland and Elizabeth
Other New Jersey municipalities, including Roseland and Elizabeth, are conducting their own revaluations in 2024. Commercial property owners there should be on the lookout for their notices and taxpayers should be vigilant in their review of their assessments. If you have questions about a revaluation or assessment, Skoloff & Wolfe, P.C., would be happy to help. Contact us to review your commercial real estate holdings and potential for a property tax appeal.