Instructions for Form HWP-2 Aggregate Decline in True Value of Eligible Vacant Land - New Jersey

This document contains official instructions for Form HWP-2 , Aggregate Decline in True Value of Eligible Vacant Land - a form released and collected by the New Jersey Department of the Treasury.

FAQ

Q: What is Form HWP-2?A: Form HWP-2 is a form used in New Jersey to report the aggregate decline in true value of eligible vacant land.

Q: Who needs to fill out Form HWP-2?A: Property owners in New Jersey who have eligible vacant land and experienced a decline in its true value need to fill out Form HWP-2.

Q: What is considered eligible vacant land?A: Eligible vacant land refers to parcels of land that meet specific criteria set by the state of New Jersey.

Q: What is the purpose of Form HWP-2?A: The purpose of Form HWP-2 is to report the decline in true value of eligible vacant land, which can potentially result in a reduction in property taxes.

Q: What information do I need to complete Form HWP-2?A: To complete Form HWP-2, you will need information such as the property owner's name, address, parcel number, and details about the decline in true value.

Q: When is the deadline to submit Form HWP-2?A: The deadline to submit Form HWP-2 is typically on or before January 10th of the year following the year in which the decline in true value occurred.

Q: Are there any fees associated with filing Form HWP-2?A: There are no fees associated with filing Form HWP-2.

Q: What happens after I submit Form HWP-2?A: After you submit Form HWP-2, the tax assessor will review the information and determine if a reduction in property taxes is warranted based on the decline in true value of the eligible vacant land.

Q: Can I appeal the decision made based on Form HWP-2?A: Yes, if you disagree with the decision made based on Form HWP-2, you have the right to appeal the decision through the tax appeal process in New Jersey.