Extensions To File Or Pay Taxes
On July 16, 2004, President George W. Bush declared Burlington and Camden counties in the State of New Jersey a federal disaster area. The disaster declaration allows affected residents in these counties to receive grants to pay for temporary housing, home repairs and other serious disaster-related expenses and provides federal aid for the flood-ravaged areas.
The Internal Revenue Service is also helping qualified affected taxpayers recover financially from the impact of this disaster by granting additional time to file federal tax returns and make tax payments. Affected taxpayers include individuals and businesses located in the disaster area, those whose tax records are located in the disaster area, and relief workers. Such taxpayers are required to self-identify to the IRS as stated in Disaster Relief Notice 1155.
Taxpayers are able to receive assistance from the IRS if the President has declared their area as a major disaster zone and if they had property that was damaged or lost by calling the toll-free number 1-800-829-3676 and asking for a Disaster Assistance Kit. Also, free tax assistance is available at temporary Disaster Recovery Centers located in the Cherry Hill Township Municipal Building, the Burlington County Institute of Technology and Lumberton Middle School Gymnasium.
For New Jersey Gross Income Tax purposes, any qualified affected taxpayer granted additional time to file federal tax returns or make tax payments by the IRS will be provided with similar treatment in New Jersey. (Use the link provided below to view Federal provisions).
Affected taxpayers that have a NJ tax return due between July 12, 2004 and September 20, 2004 will be granted an extension of time to file and pay until September 20, 2004. Such taxpayers are required to identify themselves to the Division of Taxation on their returns and payments by labeling across the top margin in red, “July Flood-NJ.”
Taxpayers may telephone the New Jersey Division of Taxation’s Customer Service Center for assistance at (609) 292-6400 or by e-mail.
For more information regarding Federal Income Tax Relief for Presidentially Declared Disaster Areas, the following two links are on the IRS website.
Real Property Assessments
By law, real property is valued as it exists on the statutory pretax year assessing date and is taxable at that value for the following calendar tax year even where the property suffers a substantial loss in value during that calendar tax year. Therefore, value reductions are not available to flood victims for the remainder of 2004. However, property owners affected by the recent flooding should notify their municipal assessor as soon as possible before the pretax year October 1, 2004 assessment date so that any appropriate value reductions can be made for calendar year 2005.