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12-21-2007, 09:12 AM
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Senior Member
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Join Date: Oct 2007
246 posts, read 174,565 times
Reputation: 136
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Re-values and the dropping prices of homes
Do you think our towns that did re-evaluation during the past year going to correct the re-val to show current values?
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12-21-2007, 09:46 AM
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Forever a Yankee
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Join Date: Mar 2007
Location: North Jersey
6,077 posts, read 4,149,370 times
Reputation: 1696
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Quote:
Originally Posted by casper324
Do you think our towns that did re-evaluation during the past year going to correct the re-val to show current values?
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what and lose taxes!!! |
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12-21-2007, 10:01 AM
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Senior Member
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Join Date: Feb 2007
Location: NJ
6,609 posts, read 5,745,715 times
Reputation: 1378
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Quote:
Originally Posted by casper324
Do you think our towns that did re-evaluation during the past year going to correct the re-val to show current values?
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no.. it's done every 10 years so one could make the argument that during the run-up the towns were "losing" money.
when a reval is done, the tax rate is adjusted as well, so even if they did, theoretically the taxes shouldn't vary much. |
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12-21-2007, 04:45 PM
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Senior Member
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Join Date: Mar 2007
570 posts, read 582,706 times
Reputation: 185
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You can contest it if you want. My brother did that and took $1300 off his yearly taxes. If you can show them why your home is priced too high, they'll listen.
In my brother's case, he wasn't home when they did the assessment and they just assessed it at the highest possible amount. So when they actually came into the house to see it, they agreed it was priced too high. They had originally 'assumed' it had a finished attic, which it didn't and a few other things.
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12-21-2007, 05:00 PM
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"Ad astra per aspera"
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Join Date: Aug 2007
Location: West Cardassia, NC
2,115 posts, read 1,396,202 times
Reputation: 751
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Quote:
Originally Posted by NewJersey?
You can contest it if you want. My brother did that and took $1300 off his yearly taxes. If you can show them why your home is priced too high, they'll listen.
In my brother's case, he wasn't home when they did the assessment and they just assessed it at the highest possible amount. So when they actually came into the house to see it, they agreed it was priced too high. They had originally 'assumed' it had a finished attic, which it didn't and a few other things.
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That's the only way to beat the curse of a re-val.
You can bet that if your house went from $300K to $200K in a couple of years that if re-assessed your marginal tax rate would change. If it was $2 per $100 it would probably go to $3 per $100 or knowing how things operate in NJ to $3.50 to cover all the pay raises for municiple employees. Rarely, after a re-eval do taxes get cheaper! |
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12-21-2007, 06:41 PM
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Senior Member
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Join Date: Dec 2006
4,801 posts, read 2,365,068 times
Reputation: 1293
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Not if it translates into less money for the political machines to waste. No way, no how.
These are the good times.
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