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New Jersey Suburbs of Philadelphia Burlington County, Camden County, Gloucester County, Salem County in South Jersey
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Old 04-02-2014, 09:04 PM
 
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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?
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Old 04-03-2014, 09:26 AM
 
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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"
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Old 04-03-2014, 06:06 PM
 
Location: Mount Laurel
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Quote:
Originally Posted by lrbarone View Post
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).
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Old 04-07-2014, 05:01 PM
 
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Ask the town assessor what the town ratio is. Assessments do not always equal 100% of true value.
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Old 04-07-2014, 07:08 PM
 
Location: New York, NY
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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.
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Old 04-07-2014, 10:26 PM
 
Location: Mount Laurel
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Originally Posted by kemcnyc View Post
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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