Property Tax Assessment - Appeal? (Toms River: sales, real estate, 2009)

[Irish Eyes]

Hi,

We just moved to New Jersey last year and I'm a first time homeowner so I'm not sure what this is about or what to do. I'm hoping someone else has some experience.

We got a letter informing us that our property value had been reassessed. There was a pamphlet with the letter explaining that it doesn't necessarily mean your taxes will go up (ha!) because the way they calculate the tax will also change. AND if we want to appeal or have any questions - call the township. Now I got a card from the assessor's office showing our new assessed value - of course it does not say what the new taxes will be. If I want to appeal I have to do so by May 1.

I have no idea how they arrived at this new value - no one ever contacted us or inspected our property. Our only changes have been done legally with permits (fence and paver patio that shouldn't affect taxes). We called the real estate agent we bought the house through and he said that since the new assessed value is less than what we paid for the house it likely will not make our taxes go up.

In NYC (and when we bought this house) the assessed value of property has never been anywhere near what you could actually GET for the property. The new assessed value is more than twice the value that is on our property tax bill for 2008- July 2009. It says on the card from the township "Do not multiply last year's property tax rate by the current year's assessed value to determine taxes for the current year".

I have no idea if I need to appeal this. Can I hire someone to do an independent appraisal? Is this standard? Help!

[mattjd]

Originally Posted by Irish Eyes

Hi,

We just moved to New Jersey last year and I'm a first time homeowner so I'm not sure what this is about or what to do. I'm hoping someone else has some experience.

We got a letter informing us that our property value had been reassessed. There was a pamphlet with the letter explaining that it doesn't necessarily mean your taxes will go up (ha!) because the way they calculate the tax will also change. AND if we want to appeal or have any questions - call the township. Now I got a card from the assessor's office showing our new assessed value - of course it does not say what the new taxes will be. If I want to appeal I have to do so by May 1.

I have no idea how they arrived at this new value - no one ever contacted us or inspected our property. Our only changes have been done legally with permits (fence and paver patio that shouldn't affect taxes). We called the real estate agent we bought the house through and he said that since the new assessed value is less than what we paid for the house it likely will not make our taxes go up.

In NYC (and when we bought this house) the assessed value of property has never been anywhere near what you could actually GET for the property. The new assessed value is more than twice the value that is on our property tax bill for 2008- July 2009. It says on the card from the township "Do not multiply last year's property tax rate by the current year's assessed value to determine taxes for the current year".

I have no idea if I need to appeal this. Can I hire someone to do an independent appraisal? Is this standard? Help!

I've heard several complaints about this and I really don't know what they are going to do about it...I assume nothing. Normally the appeals process is pretty easy and the assessment isn't usually off by that much to begin with. However, we now have TONS of people living in homes where the value has dropped a significant amount and will expect to see a reassessment, but how will that get done with so many people appealing? It would take a heck of a long time to manually go out and reassess all these properties. They could either use the stimulus to reduce property taxes until they can get this huge mess fixed (yeah right!) or they will do nothing and have a huge wait list for appeals and drag their feet forever. I wouldn't be too optimistic about a speedy appeal, but go ahead and contact the county assessment office anyway.

[Irish Eyes]

But the thing is - how do I even know if I should appeal? I have no idea how they're going to calculate the taxes. AND I don't know what the assessed value is. The amount never seemed to make sense before you know? I mean you pay 300 or so for a house and the assessed value is 115k. It seems like the assessed values are closer to real life - what you'd GET for a house but the way the tax is calculated is also changing. I realize taxes are going to go up but I can't do double.

[Obrero]

You can't do anything without finding out the new tax rate first. Most towns have it online on the town website or you can call your borough hall on Monday. I wouldn't panic yet. Our town just got reassessed and my taxes went down $100.

Your posts are confusing because you first say you don't know what the assessed value is and then you say you got a card with the assessed value......

[Irish Eyes]

I'm sorry - I know what they're saying the new assessed value is but it is so different that the original amount I'm just thrown. I have no opinion myself of what it should be - that's why I don't know if I should appeal. I'll call and as the tax rate. I wanted to arm myself with a little info first before calling there.

[mattjd]

Originally Posted by Irish Eyes

I'm sorry - I know what they're saying the new assessed value is but it is so different that the original amount I'm just thrown. I have no opinion myself of what it should be - that's why I don't know if I should appeal. I'll call and as the tax rate. I wanted to arm myself with a little info first before calling there.

Take a look at the online assessment website. You should be able to look up the values of your neighbors homes and their tax rate. See if it is comparable to yours. If your homes are similar, but yours is valued way higher, you should call and ask what's up with that.

NJ Property Search

[Obrero]

Originally Posted by Irish Eyes

I'm sorry - I know what they're saying the new assessed value is but it is so different that the original amount I'm just thrown. I have no opinion myself of what it should be - that's why I don't know if I should appeal. I'll call and as the tax rate. I wanted to arm myself with a little info first before calling there.

I'ts ok...it's so confusing. Like I said you should be able to find the new tax rate on your town website without waiting to call. Your new value might be way lower or higer than what you have now and the taxes can stay pretty much the same.

[dmccauley]

First I have to tell you you don't appeal the amount your going to pay in taxes per year. What you are doing is appealing the assessed value. Is the assessed value on your home comparable to market values in your area? Look at the break down, is your land assesed the same as your neighbors (it should be if its the same size lot), if not appeal it if its lower then shut up :-),now compare the improvement value. When a town has had such a change in the ratio that homes are assessed at vs. selling for and this ratio is at 50% its mandatory that a reval is done. This means that the tax rate goes down but the property assessments go up. Its usually a wash for the homeowner.

[hrjersey]

As state, you have to find out what the "new" tax rate is supposed to be.

I can give you an example. I live in Toms River. All our homes were reassessed. My house went from $165K to $539K. The tax rate went from 3.3 something to 1.323. So my taxes "only" went up about $1500/yr. Then I was able to meet with someone who reviewed my tax card with me. There were some errors (they showed an extra bedroom and bath that I don't have). So they reduced the assessed value to $489K. Now I have to file for a formal hearing. The only 2 comps in my area were on the market for over 6 months and both were bigger upgraded homes and sold for around $400K.

I will have to pay for an appraisal and try to find additional comps. Then I go before the County Tax Board. I know a lot of people in my neighborhood are up in arms. We seem to have taken the brunt of the increases.

Good luck!

[dmccauley]

Originally Posted by hrjersey

As state, you have to find out what the "new" tax rate is supposed to be.

I can give you an example. I live in Toms River. All our homes were reassessed. My house went from $165K to $539K. The tax rate went from 3.3 something to 1.323. So my taxes "only" went up about $1500/yr. Then I was able to meet with someone who reviewed my tax card with me. There were some errors (they showed an extra bedroom and bath that I don't have). So they reduced the assessed value to $489K. Now I have to file for a formal hearing. The only 2 comps in my area were on the market for over 6 months and both were bigger upgraded homes and sold for around $400K.

I will have to pay for an appraisal and try to find additional comps. Then I go before the County Tax Board. I know a lot of people in my neighborhood are up in arms. We seem to have taken the brunt of the increases.

Good luck!

Everyone should look at their property record card in the assessors office, even if its a pain in the butt. I was charged for having a fireplace, it was the chimney for the furnace. I was also charged for having a finished basement, which it wasn't. You could use the comps for the bigger homes, because they are recent sales and use it to your own advantage to show bigger home lower price. Also compare your neighbors new assessment to yours like I said if they are the same homes, lot size and sq footage they should be very similar in assessed values. Good Luck