Added Assessments and Omitted Added Assessments
Assessment Increases for Sewers
Disagreement with Assessment
Final Inspections
Increased Property Assessment
Information About Buying and Selling a Home
Tax Deductions Available
Q. What types of tax deductions are available for Wyckoff residents?
A. There are several tax deductions available to qualifying residents. These include:
| • | Disabled veterans exemption |
| • | Veteran deduction |
| • | Un-remarried widow of veteran deduction |
| • |
Un-remarried widow of disabled veteran exemption |
| • | Senior citizen deduction |
| • |
Surviving Spouse (55 years of older) of existing senior citizen deduction |
| • | Disabled person deduction |
Please see below for qualifying information or contact Tax Assessor's office.
Senior citizens and disabled persons wishing to apply for a $250 deduction in taxes may contact the Assessor's Office for an application. Limitations for income and residency apply.
In order to qualify for the $250 senior citizens deduction you must:
| • |
Have a combined income of $10,000 or less, excluding Social Security or Federal Government Retirement/Disability Pension including Federal Railroad Retirement Benefits or State, County, Municipal Government and their political subdivisions and agencies Retirement/Disability Pension. |
| • | Be 65 years of over |
| • |
Own property in Wyckoff as of October 1 of the pre-tax year |
| • | Be a full-time (legal) resident of Wyckoff |
Veterans, who were honorably discharged and actively served during the following wars may apply for a $250 deduction:
| • | Operation Iraqi Freedom |
| • | Operation Enduring Freedom |
| • |
Joint Endeavor/Guard Mission-Bosnia and Herzegovina |
| • | Restore Hope Mission-Somalia |
| • | Operation Desert Shield/Desert Storm |
| • | Panama Peacekeeping Mission |
| • | Grenada Peacekeeping Mission |
| • | Lebanon Peacekeeping Mission |
| • | Vietnam Conflict |
| • | Korean Conflict |
| • | Lebanon Crisis of 1958 |
| • | World War II |
| • | World War I |
In order to qualify for the Veteran deduction you must:
| • |
Own property in Wyckoff as of October 1 of the pre-tax year |
| • |
Be honorably discharged from active service and have dd-214 papers along with discharge papers |
| • | Have served in one of the conflicts listed above |
| • | Be a New Jersey resident |
All applications for the deductions referenced above may be obtained during regular business hours or by calling 201-891-7000 ext. 114.
Q. Why did I receive a notice from the Assessor regarding assessment increases for sewers?
A. If you installed sewers during 2005 or 2006, you will experience an increase in your assessment in 2007 with regard to the "land" portion of your assessment.
This increase in assessment is NOT what it cost you to install, it is the amount of added (Market) value that the sewers contribute to the total property value. Properties with sewers are more valuable/desirable than those without sewers according to market studies of sales in Wyckoff. Therefore, the land value portion of the property increases to reflect the value added by the sewer installation.
These increases are made "uniformly" pursuant to the laws promulgated for assessment valuation by the Division of Taxation, State of New Jersey.
Q. What are Added Assessments and Omitted Added Assessments
A. It is only logical that an improvement to your home will result in an increased selling price of your home and therefore, your property tax assessment will increase. This will take the form of an added assessment tax bill which you will receive in the mail at the end of October after the improvement is substantially completed for its intended use. This bill shall be payable on November 1, February 1 and May 1 and then the added assessment amount will be included in your annual tax bill received in June for the new tax year. Therefore, just as you planned ahead for this improvement, you should also plan ahead and set aside funds for the added assessment tax bill.
The added assessment is the amount of the difference between the property assessment before the improvement and the value of the entire property after the improvement. It does not reflect the cost of the amenity itself or the cost of the project.
If you did not receive an Added Assessment Tax bill for work completed in the previous year, you will receive an "Omitted Added" Assessment bill in addition to an "Added Assessment" bill the year following the improvement. The original bill will be mailed to your mortgage company, if you have one. You will receive an advise only copy. We recommend that you contact your mortgage company to ensure payment will be made.
Please note, not scheduling a final inspection for your building permit does not delay the added assessment tax bill.
Q. When I obtain a Building Permit to improve my property (examples: siding, kitchen or bathroom renovation, construction of a family room, bedroom dormer or shed 100 square feet and over, etc.) when and how will my property assessment be increased?
A. After a representative from the Assessor's office inspects the property (in its entirety), the property is assessed at the current market value (as of October 1). The Added Assessment is the amount of the difference between the old assessment and the value of the entire property at the end of the project, not the amenity itself or cost of the job. The property must be valued from scratch. The result is adjusted to the same valuation date as the date of the last town wide revaluation so that everyone has the same base year for assessment. The assessment is calculated as of October 1 and prorated for the months that it was complete. The completion date is determined by the Assessor according to "readiness for intended use" and not by the date of the final inspection. In cases where it was completed during the prior year, an omitted Added Assessment bill will also be received. All bills are sent out by the Tax Collector by October 25 and payable, in full, on the following November 1. The dates for Added and Omitted Added Assessments, as well as the time frame in which the bills are mailed out and due payable, are mandated by the State of New Jersey.
Q. Is it true that if I get a Building Permit and the work is complete and I do not call the Building Department office for a final inspection, I will not receive an Added Assessment bill?
A. No. The final inspection by the building department does not determine the date of assessment. The Assessor must value the property when that property is "substantially ready for its intended use", which is determined by the Assessor and may pre-date the date used for the Certificate of Occupancy or the date of a final inspection.
Q. What if I don't agree with the value on the bill?
A. When you get the bill, you are obligated to pay it in full, regardless of whether or not you agree with the assessment figure on the bill. You then have until December 1 of that year to appeal the Added Assessment. After that date, no one will be able to appeal the Added Assessment, even the Assessor. Please note that you do not have to speak to, or meet with, the Assessor prior to filing an appeal. Additionally, your taxes must be paid in full or the case will not be heard in court.
Q. What should I know when buying or selling a home?
A. In order to avoid purchasing a home and later receiving a surprise or unexpected Added Assessment bill for work performed by the prior owner with or without the proper construction permits. Request that your attorney order a "Municipal Tax Search" from the Wyckoff Municipal Clerk. The cost is $10 and it is routinely provided within 2 to 4 days of receipt of the request. This search will provide a listing of any unpaid tax payments, unpaid sewer payments, open building or plumbing permits, and any potential Added and/or Omitted Added tax assessments. This will make you aware of a pending tax increase due to an improvement performed by the prior owner.
Any person selling a home should contact the Construction Office in the lower level of Town Hall to ensure all construction permits are completed, and final inspections performed sufficiently before a scheduled home closing. The phone number is 201-891-7000 ext 304.
If it is discovered that permits and/or Certification of Occupancy have not been obtained, or that there may be an Added Assessment or Omitted Assessment pending, it is suggested that you ask your attorney to address the issue of potential fines or assessments in your closing documents.
Additionally, you should be aware of any tax appeal or other litigation pending for the property. Purchasers of commercial properties should inquire as to whether or not the current owner has complied with the filing requirements for Chapter 91 (Income and Expense) statements. Non-compliance may preclude the purchasers from the appeal process.