CAI-NJ Nov. 2021(w)

property assessment of the judgment is frozen for the assessment year and for the next two years, and the municipal- ity cannot increase your taxes except if the property owner has added new improvements to the property. With three tax years that could be resolved in favor of the property owner, the savings from a tax appeal could be substantial. n END NOTES: 1 N.J.S.A. 54:4-1. 2 N.J.S.A. 54:4-1, subds. a, b. 3 Taylor v. Lower Tp. , 13 N.J. Tax 371, 1993 WL 520581 (Tax 1993). 4 13 N.J. Tax 371, 380, 385-386. 5 MSGW Real Estate Fund, LLC v. Borough of Mountain Lakes, 18 N.J. Tax 364, 373 (Tax 1998). 6 N.J.S.A. 54:3-27.

31

N O V E M B E R , 2 0 2 1