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Old 08-15-2019, 12:45 AM
 
248 posts, read 636,582 times
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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
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Old 08-15-2019, 04:53 AM
 
Location: Princeton, New Jersey
545 posts, read 902,282 times
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Quote:
Originally Posted by meameame12 View Post
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.
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Old 08-15-2019, 09:41 PM
 
248 posts, read 636,582 times
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thanks
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Old 08-17-2019, 11:32 AM
 
1,173 posts, read 1,370,253 times
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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.
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Old 08-17-2019, 01:57 PM
 
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“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.
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Old 08-17-2019, 02:27 PM
 
1,151 posts, read 2,535,069 times
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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?
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