NJ Real Estate Property Tax in Camden County (sale, assessor)
New Jersey Suburbs of PhiladelphiaBurlington County, Camden County, Gloucester County, Salem County in South Jersey
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Does anyone know if property taxes in Camden county are affected if a property is sold? We are set to purchase a home and the "assessment" is $100k lower than the sale price. Will the sale affect the taxes or cause a reassessment?
Just my opinion... I am not an expert just a guy who got 2 mortgages recently.
Ive never heard of this triggering a reassessment. But this is a unique scenario.
Sorry to already go off on a tangent...
first thing that jumps out at me is... I dont see how you'll get approved for a mortgage unless you put an s-load of money down to be mortgaging well below that assessment price ($100k differential).
If house is selling at 500k and assessment is 400k:
The bank is probably gonna say "We'll lend you 80% of the assessment, or 320,000. You'll need 180,000 down payment for the rest"
Does anyone know if property taxes in Camden county are affected if a property is sold? We are set to purchase a home and the "assessment" is $100k lower than the sale price. Will the sale affect the taxes or cause a reassessment?
Property assessment doesn't change due to a sale and it's not out of the ordinary to see tax assessment value below sale price (market value). Township has been going doing re-assessment around SJ (by town as a whole) to get it close to "market value".
As for bank using assessment value to determine house value? Not likely. When you apply for a mortgage, bank uses an assessor to determine value (not tax assessment value).
I think they have regular assessments.. whether it be annual or bi-annual or whatever.
Not sure if it helps... as I am guessing... but I think that the sale will NOT cause an assessment. that said: the tax cost might jump a bit on their next regular evaluation.
I think they have regular assessments.. whether it be annual or bi-annual or whatever.
Not sure if it helps... as I am guessing... but I think that the sale will NOT cause an assessment. that said: the tax cost might jump a bit on their next regular evaluation.
I doubt any township do assessments bi-annually or even annually.
What people are confused with when they see their annual property change, they see it as re-assessment. That is completely incorrect. Tax rate change from years to years, not assessment value. Township don't have the time to re-assess everyone each year. In some of the town in my County, reassessment was about 20 years ago before they did it again last year.
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