Balancing act for North Jersey towns, residents as tough times give rise to tax appeals
MARCH 29, 2014, 11:38 PM LAST UPDATED: SATURDAY, MARCH 29, 2014, 11:40 PM
BY MARY DIDUCH
STAFF WRITER
THE RECORD
As a deadline to file tax appeals looms Tuesday, municipalities in North Jersey are facing another wave of property owners asking for a break — and another round of worries about a dwindling tax base.
Tax appeals from residents and business owners remain high for the third straight year, a new normal that indicates the slow economic recovery still has people watching their expenses closely.
Outdated property assessments are partly to blame. But homeowners are also more savvy about the appeals process, experts say. Most have nothing to lose, save the nominal filing fee.
And big businesses are becoming serious about slashing spending by routinely filing annual appeals — even taking towns, like Woodcliff Lake, to court — to pay a smaller share.
All this has led some towns to face budget shortfalls or issue debt as they scramble to dig deep for refunds. For many officials, it’s a balancing act as they struggle to rein in costs and keep property taxes — some of the highest in the nation — down.
