Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New Jersey
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 05-03-2009, 10:50 AM
 
32 posts, read 90,403 times
Reputation: 15

Advertisements

Hey Guys,

How doo real estate taxes get calculated? I believe for new condos, they are based on purchase price. Is it the same on existing condo? As everyone on this forum knows, NJ real estate taxes are crazy, even when compared with NYC!!!
Stay dry today!

Thank you!
Reply With Quote Quick reply to this message

 
Old 05-04-2009, 05:05 PM
 
32 posts, read 90,403 times
Reputation: 15
Any inputs guys?
Reply With Quote Quick reply to this message
 
Old 05-04-2009, 05:18 PM
 
1,552 posts, read 4,633,997 times
Reputation: 509
For existing homes (including condos) it probably varies by locality, but I believe that real estate taxes are based on the last assessed value, not the most recent sales price. "Assessed value" is really only useful for the town's tax calculation, it doesn't give you any info about the value of the property today (although it's a useful measure of relative home values across homes assessed at the same time).

For any existing home/condo you're looking at, you should be able to find out exactly what the assessed value is, but more importantly, exactly what the annual property taxes are.
Reply With Quote Quick reply to this message
 
Old 05-04-2009, 06:14 PM
 
Location: Central New Jersey
1,289 posts, read 6,098,143 times
Reputation: 300
In the state of NJ property taxes are based on the assessed value. In states like Florida, sales prices comes into play but in NJ, our property taxes have nothing to do with sales price. What you have to do is run comps on similar condo units to see their property taxes. You can do this at your local county clerks office or ask a realtor friend you know.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New Jersey
Similar Threads

All times are GMT -6. The time now is 09:47 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top