By Kristine Snodgrass, Staff Writer
MONTGOMERY — The township committee has approved the settlement of three residential tax appeals that will reduce the assessments of each of the properties by $100,000 or more.
Falling prices in the real estate market have led to a substantial increase this year in the number of appeals filed in municipalities throughout the area from property owners looking to lower their tax bill.
The settlements, which required the committee’s approval, were reached between the residents and the township after the appeals were filed in the New Jersey Tax Court.
Property owners have the right to file an appeal with the County Board of Taxation, which has a deadline of April 1 each year. In Montgomery there were 70 residential tax appeals filed with the county this year, compared to 58 last year.
However, the cases that were settled Thursday night were filed in the state tax court, which is another, though more costly, option for property owners looking to challenge their assessment.
The appeals first came before the committee in July, when it declined to take action after members expressed concerns about their implication, and fears that they may trigger a slew of tax appeals.
Thursday night, the committee voted unanimously to approve the three settlements following an executive session. There was no discussion of the matter in public session.
The terms of the settlements, which were reviewed by the township’s tax assessor, did not change from July.
The largest decrease in property value was the settlement of Birch v. Township of Montgomery, concerning a property on Fisher Farm Road. The assessment was reduced from $943,700 to $770,000, according to the resolution.
In the second settlement, of the case Dressler/Milledge v. Township of Montgomery, the assessment of a Cherry Hill Road property was decreased from from $887,500 to $752,000, according to the resolution.
And in the final settlement of the case Santangelo v. Township of Montgomery, the assessment of a Deer Path property was decreased from $891,100 to $795,000.
In two of the settlements, the value of the land stayed much the same, while the improvements to the land fell significantly, according to the resolutions. However, in the case of the Cherry Hill Road property, the assessment of the land fell by $118,000 and the improvements fell by just $17,500.
A credit will be applied to the property owner’s taxes from any overpayment in 2009, according to the resolution. Taxes are due quarterly on the first day of February, May, August and November.
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