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Added and Omitted Assessments

September 2016

CSG Real Estate Property Tax Alert

As the 2016 calendar year moves into fall season, all property owners are advised to take note of an upcoming real property tax deadline. If a property owner has engaged in a major capital investment or expansion of its property during the past year, they may be subject to an “added or omitted assessment” from their local assessor and they should seek advice concerning a potential tax appeal.

In October of each year, tax assessors file a list of properties assessing new construction or physical alterations to properties that have been completed in that calendar year.

An added assessment is calculated by valuing the property “as improved” and then subtracting the existing assessment. Further, that “full and improved” value becomes the assessment for the following year. The improvement is valued as of the first day of the month following substantial completion of the work. 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 and/or the prior year.

The added assessment and the omitted assessment taxes are due on November 1, 2016. The deadline for filing an added or omitted assessment is December 1, 2016.

If you are interested in exploring a real property tax appeal, Chiesa Shahinian & Giantomasi PC 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, Chiesa Shahinian & Giantomasi, in many cases, will do so, on a contingent fee basis.

For more information concerning property tax appeals, please contact your Chiesa Shahinian & Giantomasi attorney or a member of Chiesa Shahinian & Giantomasi’s Tax Appeal group.

John R. Lloyd | Member of the Firm | 973.530.2098 | jlloyd@csglaw.com

Jill D. Rosenberg
| Member of the Firm | 973.530.2102 | jrosenberg@csglaw.com

Anthony J. Marchese | Associate | 973.530.2165 | amarchese@csglaw.com