Real Estate NJ: Pandemic's full impact still unclear, prompting a measured approach to property tax appeals
John R. Lloyd was featured in a Real Estate NJ story exploring the pandemic's impact on New Jersey's property tax appeal environment and commercial real estate valuations. In the article, he outlines sector-specific implications, as well as an outlook for COVID-era cases in the State's tax court.
“The tax assessment system is supposed to move more like an ocean liner than a speedboat,” John notes. “It is designed not to be whipsawed by severe market forces, so the court will look for stabilization, and the way they accomplish that is that they’ll look for two to three years of economic performance to judge where the market is for purposes of tax assessment."
To read the full article, please visit Real Estate NJ's website.