Property tax assessment question
07-08-2005, 12:33 PM
#1
Team Owner
Thread Starter
Property tax assessment question
I just found out that within the next 2 years property taxes will be reassessed in New Jersey. Does this mean that everyones' property taxes are going to more than double? For instance, a house I am looking at is assessed at 160k, the assessment was done way before the real-estate bubble. The property taxes on it are around 7k a year. If I pay over $400k for this house are they going to come and say "hey this house is now worth $400k, you owe 20k a year now"?
07-08-2005, 01:11 PM
#4
Administrator Alumnus
Originally Posted by 95gt
No.
Assessments are, in many areas, limited to how much they can go up per year. Expect them to go up but not double
Assessments are, in many areas, limited to how much they can go up per year. Expect them to go up but not double
My county had a reassessment, and some people got royally raped. Even my Dad's house doubled and it's 34 years old.
Anything is possible.
07-08-2005, 01:29 PM
#5
Originally Posted by Scrib
Well... I wouldn't say that. Certainly, every state is different, but...
My county had a reassessment, and some people got royally raped. Even my Dad's house doubled and it's 34 years old.
Anything is possible.
My county had a reassessment, and some people got royally raped. Even my Dad's house doubled and it's 34 years old.
Anything is possible.
07-08-2005, 01:39 PM
#6
Administrator Alumnus
Originally Posted by VTEC11
You mean the taxes doubled? What was he paying, and how much is the house worth?
Ya, his taxes doubled...
Basically, the whole county was reassessed. And within the reassessment, each town in the county has its tax rate adjusted. After it was all said and done, the county's total property value went from $7.2B to $17.4B.
Bend over!His tax rate, after exemptions is now 2.4%. There has been talk within the state senate to cap every county at 2%. We'll see if that happens.
07-08-2005, 02:01 PM
#7
Team Owner
Thread Starter
Originally Posted by VTEC11
What counties are they going to re-assess, or are they doing all of them? Where did you hear this?
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07-09-2005, 01:13 PM
#8
Got da Internet Goin Nutz
I am sure you saw my post that is similarly related. Talk to your realtor or someone in that county that is familiar with the way the tax assessor works.
My realtor told me that the tax assessor did not have a way of finding out how much I purchased the house for unless I told them. I didn't tell them but they found out somehow anyway. They then attempted to reassess (sp?) my rates based on the amount I purchased for. I protested the reassessment and won.
Hopefully you will have the opportunity to do something similar you just need to do some research and find out how it works in your area. It is good you are paying attention to it now because they could possibly screw you if you let them.
My realtor told me that the tax assessor did not have a way of finding out how much I purchased the house for unless I told them. I didn't tell them but they found out somehow anyway. They then attempted to reassess (sp?) my rates based on the amount I purchased for. I protested the reassessment and won.
Hopefully you will have the opportunity to do something similar you just need to do some research and find out how it works in your area. It is good you are paying attention to it now because they could possibly screw you if you let them.
07-09-2005, 01:52 PM
#9
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Originally Posted by bl^5
My realtor told me that the tax assessor did not have a way of finding out how much I purchased the house for unless I told them. I didn't tell them but they found out somehow anyway. They then attempted to reassess (sp?) my rates based on the amount I purchased for. I protested the reassessment and won.
07-09-2005, 02:24 PM
#10
Team Owner
Thread Starter
Check the thread below. It will show you a site that can tell you the selling prices of homes.
https://acurazine.com/forums/showthr...ghlight=simple
https://acurazine.com/forums/showthr...ghlight=simple
08-02-2005, 10:09 AM
#12
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Central Jersey (parts of ) just went through reassessment this year - had not happened for like 3 years - so everything (value) doubled. Actual taxes did not double but went up like 28%! WTF.
08-02-2005, 10:25 AM
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Originally Posted by fdl
yes, taxes will go up, alot. Thats why they are doing it.
08-02-2005, 02:41 PM
#15
Senior Moderator
Here in MA we proposisition 2 1/2... What that means is that the amount of Tax revenue the town can bring in cannot excede 2 1/2 percent more than the prior year...
So, my assessed value went up, but my tax rate went down this year. I ended up paying about 200-300 more this year then last.
From: http://www.town.dennis.ma.us/dept/prop2.htm
Hopefully NJ has a similiar law in place, or you could be screwed...
So, my assessed value went up, but my tax rate went down this year. I ended up paying about 200-300 more this year then last.
From: http://www.town.dennis.ma.us/dept/prop2.htm
Proposition 2½ is the initiative petition adopted by voters of the Commonwealth of Massachusetts in 1980.
Proposition 2½ contains two limitations on the amount of property taxes a city or town can raise:
The property tax levy (the amount raised) can never exceed 2½% of the full cash value of all taxable property in the city or town. This is known as the “levy ceiling.”
The property tax levy cannot increase from year to year by more than 2½%, with certain exceptions for new growth, or through overrides and exclusions as adopted by the voters. This is known as the “levy limit.”
Proposition 2½ contains two limitations on the amount of property taxes a city or town can raise:
The property tax levy (the amount raised) can never exceed 2½% of the full cash value of all taxable property in the city or town. This is known as the “levy ceiling.”
The property tax levy cannot increase from year to year by more than 2½%, with certain exceptions for new growth, or through overrides and exclusions as adopted by the voters. This is known as the “levy limit.”
08-02-2005, 03:30 PM
#16
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I'm sure that we are screwed, NJ Government = mafia.
08-08-2005, 09:14 PM
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doopstr, here is a good read: http://www.citizens4propertytaxrefor...erty_Taxes.pdf
08-08-2005, 09:56 PM
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Good news is that you are allowed to dispute the new value(atleast in DE). My bud who has 3 rentals did this in the capital & actually made some headway.
If you do not agree with the new assessment, I'd bitch until I was atleast satisfied they heard my complaint. Hey, it's your money...don't let it go without a fight.
If you do not agree with the new assessment, I'd bitch until I was atleast satisfied they heard my complaint. Hey, it's your money...don't let it go without a fight.
08-21-2005, 02:21 PM
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Originally Posted by Msnowdon
In California your taxes are based on what you paid for your home. Why not call the Tax people and ask yourself.
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