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What is the “Corridor”?

Even if a property is over assessed after applying the average ratio, you must still apply the “upper limit” ratios to see if you have a case. Homeowners must not only prove that their property is over-assessed, it must be over-assessed by a statutory percentage. For example, generally if you can only prove that your $500,000.00 assessment should really be $499,000.00, you do not have a good case and your assessment will most likely remain at $500,000.00. A different ratio must be applied for each municipality, to find the “corridor” that must be proven in order to win your case. Find the corridor using this formula:

Actual Assessment/Upper Limit Ratio = True Market Value of your Assessment

You can find the ratio for your town here: http://www.state.nj.us/treasury/taxation/lpt/chapter123.shtml

2022-09-08T21:39:44+00:00
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