Property taxes question (Glen Ridge: sales, home sales, buying)

[meameame12]

Hi,

NJ property tax question - when buying a house, is property tax reassessed after closure or after first year? ive seen some houses that are below value in property tax, and some houses that are a little high - around 25k+.

Thanks

[Kiru]

Originally Posted by meameame12

Hi,

NJ property tax question - when buying a house, is property tax reassessed after closure or after first year? ive seen some houses that are below value in property tax, and some houses that are a little high - around 25k+.

Thanks

They are reassessed town-wide so that could be just after closing or years later.

[meameame12]

thanks

[pinkydapimp]

It depends on the town. Some reassess the following year. Others may not reassess until a town-wide reassessment. I would look at home sales over the last few years in the same area and how the taxes changed for your best gauge.

[JaRuss01]

“Spot assessment” it technically illegal. HOWEVER...Some towns also view MLS photos (which are public record) and basically give you a ‘virtual inspection’ to ding you for previous improvements they are unaware of. Usually this would happen if the purchase price is really out of whack with the assessed value. They look in and wonder why it sold so high. Especially if the town is overdue for a town wide reassessment....This happened to me and many others in my specific area. But cant speak to towns outside montclair/Glen Ridge. I would say it’s pretty rare outside of those two towns.

[zhelder]

I posted this once before but, since the topic has come up again, I’ll give it one more try..,

How does a town determine assessed value on new construction? My assessment is significantly less than my purchase price, as it is for nearly everyone who purchased in my community. However, I know some of my neighbors have assessments a bit higher than mine for houses that aren’t as upgraded. How is something like this possible?