Added and Omitted Assessments
CSG Real Estate Property Tax Law Alert
As the 2017 calendar year begins to draw to a close, all property owners are advised to take note of upcoming real property tax deadlines. If a property owner has engaged in a major capital investment or expansion of its property, or plans to do so in 2018, the property owner should seek advice concerning a potential tax appeal, as the assessor may impose an “added or omitted assessment.”
In October of each year, all tax assessors file a list of properties that allows them to assess new construction or physical alterations to properties that have been completed in that calendar year.
The added assessment is calculated as the value of property “as improved” minus the existing assessment, and the full “improved” value becomes the assessment for the following year. The improvement is valued as of the first day of the month following substantial completion. The added assessment is prorated for the number of full months remaining in the tax year.
An omitted assessment is an additional assessment that by error was not placed on the property at the proper time. The omitted assessment can be made for the current year or the prior year.
The added assessment and the omitted assessment taxes are due on November 1, 2017. The deadline for filing an added or omitted assessment is December 1, 2017.
If you are interested in exploring a real property tax appeal, CSG is experienced in the prosecution of commercial, industrial and multi-residential properties, as well as special use properties and hotels. We will be pleased to undertake an initial analysis to determine the potential merits of a tax appeal on your particular property. If you decide to appeal, CSG, in many cases, will do so, on a contingent fee basis.
For more information concerning property tax appeals, please contact your CSG attorney or the authors listed below.
John R. Lloyd | Member of the Firm | 973.530.2098 | firstname.lastname@example.org
Jill D. Rosenberg | Member of the Firm | 973.530.2102 | email@example.com
Anthony J. Marchese | Associate | 973.530.2165 | firstname.lastname@example.org