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Added and Omitted Assessments

October 24, 2013

As the calendar year begins to draw to a close, 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 2014, 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. 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, 2013. The deadline for filing an added or omitted assessment is December 1, 2013.

Wolff & Samson PC is experienced in the prosecution of commercial, industrial and multi-residential properties, as well as special use properties and hotels. If you are interested in exploring your individual real property tax appeal, 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, Wolff & Samson, in many cases, will do so on a contingent fee basis.

For more information concerning property tax appeals, please contact:

Jill D. Rosenberg | Member of the Firm | (973) 530-2102 | jrosenberg@wolffsamson.com
John F. Casey | Member of the Firm | (973) 530-2017 | jcasey@wolffsamson.com