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Old 01-30-2009, 06:49 AM
 
169 posts, read 622,741 times
Reputation: 54

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The town I'm looking in reassessed their taxes and land/home values in 2006 (peak). The house is in Bergen County - Hasbrouck Heights.

The house was built in 1940 and has 1566sq feet (3bdrm 1.5bath, finished basement, LOT 50x140), and the tax assessed value is 441k (2006 by the town). I believe I can get the house for 475k, asking price is 539k

The inside is COMPLETELY redone and they didn't skimp on ANYTHING. They said they made these improvements 3 years ago. It's also important to note that I would need to change NOTHING and it has EVERYTHING I am looking for.

My question is: What do I make of the tax assessment? Is this a system of the variables above (sqfeet, bdrm, baths, year built) or do you think they took into account the upgrades?

I need to move fast on this so any, and all help is appreciated.

For what it's worth:
Zillow ZESTIMATE: 447.5k
Cyberhomes Estimate: 410k
Estimate Range: $369,417 – $472,033 (Cyberhomes)
Last sale Price: 227.5k in 1995
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Old 01-30-2009, 07:08 AM
 
Location: Stewartsville, NJ
7,577 posts, read 19,985,580 times
Reputation: 1246
Quote:
Originally Posted by itznin View Post
The town I'm looking in reassessed their taxes and land/home values in 2006 (peak). The house is in Bergen County - Hasbrouck Heights.

The house was built in 1940 and has 1566sq feet (3bdrm 1.5bath, finished basement, LOT 50x140), and the tax assessed value is 441k (2006 by the town). I believe I can get the house for 475k, asking price is 539k

The inside is COMPLETELY redone and they didn't skimp on ANYTHING. They said they made these improvements 3 years ago. It's also important to note that I would need to change NOTHING and it has EVERYTHING I am looking for.

My question is: What do I make of the tax assessment? Is this a system of the variables above (sqfeet, bdrm, baths, year built) or do you think they took into account the upgrades?

I need to move fast on this so any, and all help is appreciated.

For what it's worth:
Zillow ZESTIMATE: 447.5k
Cyberhomes Estimate: 410k
Estimate Range: $369,417 $472,033 (Cyberhomes)
Last sale Price: 227.5k in 1995
The taxes will probably stay at what they are at now. My only concern would be..did the homeowner's get permits for the improvements? If they didn't...they will have to and then once that's done, the tax assessor may reassess the house resulting in higher taxes on the property.
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Old 01-30-2009, 07:12 AM
 
169 posts, read 622,741 times
Reputation: 54
Quote:
Originally Posted by wileynj View Post
The taxes will probably stay at what they are at now. My only concern would be..did the homeowner's get permits for the improvements? If they didn't...they will have to and then once that's done, the tax assessor may reassess the house resulting in higher taxes on the property.
I will find out about the permits... I don't want the taxes to rise obviously... but I want to try and figure If I'm getting a good deal here at 475k, no other house has sold on this street in the past year.
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Old 01-30-2009, 07:30 AM
 
Location: Stewartsville, NJ
7,577 posts, read 19,985,580 times
Reputation: 1246
Quote:
Originally Posted by itznin View Post
I will find out about the permits... I don't want the taxes to rise obviously... but I want to try and figure If I'm getting a good deal here at 475k, no other house has sold on this street in the past year.
Are you working with a realtor? If so, they should be able to get you "comps" for that area?
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Old 01-30-2009, 07:32 AM
 
Location: Warren County and loving it!
5,079 posts, read 7,252,094 times
Reputation: 2557
I'm fighting my assessment. Mine was reassessed in 2006 and I can't even get what it was assessed at....
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Old 01-30-2009, 07:32 AM
 
Location: Stewartsville, NJ
7,577 posts, read 19,985,580 times
Reputation: 1246
Also..227.5 in 1995 - homes typically double in 10 yrs. which would bring it to 455 not including the upgrades... In my opinion..475 may be about right?
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