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Old 03-18-2019, 08:14 AM
 
6 posts, read 18,330 times
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Hello, I am a first time homebuyer, considering putting an offer on a house in Cranford, and am trying to figure out what property taxes will be. The listing for the house shows the property taxes for 2018. They seem low though based on the asking price for the house and what we would pay for the house. Is the property tax determined by the sales price we pay? If so, what is the formula for calculating this? (ie, what is the property tax rate for Cranford?)


Thanks in advance for any help!!
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Old 03-18-2019, 08:39 AM
 
Location: NJ
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Property taxes are not based on sales price. They are based on the town wide assessment. What you'll want to do is find out when is the last time Cranford did a town wide reassessment. If it has been many years then you could be hit with an adjustment during the next reassessment period.
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Old 03-18-2019, 01:36 PM
 
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Taxes are public knowledge, which means they're on the Zillow (or other real estate search) page for that address. So type in the address and you'll find out what the taxes were this year and the past 5 years or so.

In Cranford they're based on lot size and home amenities. Three bedrooms and two baths are going to have higher taxes than one bedroom and one bath, for example. The sales price has nothing to do with it.
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Old 03-19-2019, 03:08 PM
 
Location: union county, nj
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if it was renovated in the last year, you may not have the updated taxes available on Zillow, etc.
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Old 03-19-2019, 03:40 PM
 
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The property taxes are not calculated by the sales price you pay.

Property taxes are calculated by multiplying the town's general tax rate by the assessed value of the property. The assessed value is a value assigned by the town tax assessor.

You can find assessed values of properties in this database:

https://tax1.co.monmouth.nj.us/cgi-b...t=1301&mode=11

According to the below, Cranford's 2018 general tax rate is 6.402%.

https://www.state.nj.us/treasury/tax...tr/Union18.pdf


You can plug in any Cranford street address here, and find the property taxes billed through 2019 so far:

https://wipp.edmundsassoc.com/Wipp/?wippid=2003
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