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Old 09-12-2019, 12:31 AM
 
184 posts, read 81,234 times
Reputation: 309

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Quote:
Originally Posted by GiantRutgersfan View Post
Tax assessment of the house I bought is $27,000 more then the sale price. Purchase price is in the mid 400s. If taxes were lowered to the sale price, I would be saving roughly $730 a year.

Do I have a viable case and is it worth doing?
I spoke to an attorney last year regarding a property tax appeal. He explained the process to me and told me that it doesn't work like that. He said I had to find several comparable comps that recently sold in my area with similar square footage that sold for lower than my tax assessment. There were no comps that were in my favor therefore he said I would be at risk of actually getting an increase in my taxes instead of a decrease if I were to appeal it. So you have to do your research on recently sold homes. Honestly, if you were to only save $730 though that really isn't much and I wouldn't even bother to attempt it unless it would be a few thousands which my cousin actually won his appeal a few years back.
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Old 09-12-2019, 01:10 AM
 
1,082 posts, read 3,270,156 times
Reputation: 495
It’s crazy when you consider the amount the OP would save yearly on property taxes is what people in other states pay for the full year!
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Old 09-13-2019, 10:02 AM
 
Location: NYC
13,786 posts, read 9,287,919 times
Reputation: 15246
My town has posted that avg property taxes went up only $500-700. Because if they up it by $1-2k people will be dumping their houses and leaving. NJ and NYC is at a tipping point. If they don't do something about reducing the taxes in a few years the tax liability begin to sting really bad.
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Old 09-15-2019, 08:19 PM
 
Location: New Jersey
462 posts, read 920,984 times
Reputation: 326
Quote:
Originally Posted by Busch Boy View Post
It’s crazy when you consider the amount the OP would save yearly on property taxes is what people in other states pay for the full year!
This is why there is a mass exodus OUT of NJ.. I was seriously considering Florida but after hurricanes.. I may try NC or Tx but no family down either of those states which is why I am still here
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Old 09-16-2019, 02:34 AM
 
Location: Mid-Atlantic
26,155 posts, read 24,918,074 times
Reputation: 32423
Quote:
Originally Posted by SonorityGenius View Post
This is why there is a mass exodus OUT of NJ.. I was seriously considering Florida but after hurricanes.. I may try NC or Tx but no family down either of those states which is why I am still here
LOL. Every vacancy is filled by someone who just got a job there.
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Old 09-16-2019, 02:51 PM
 
Location: Montclair, NJ
473 posts, read 1,015,345 times
Reputation: 152
https://www.state.nj.us/treasury/tax...t/ptappeal.pdf

https://www.state.nj.us/treasury/tax...apter123.shtml
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