Tax assessments in Essex County

[bradykp]

Originally Posted by MotoGP

One question regarding the assessment figures: If a new buyer purchases a Montclair home significantly UNDER the newly assessed 2012 valuation, does the township reset that home assessment at the lower purchase price, or does it stay at the higher value?

I'm curious about this since despite the reassessment effort, I'm still seeing quite a few homes listed below their new assessed value.

assessed value is not the same as selling price. but, if it's that out of whack, ask your realtor for comps, look at their assessed values, and determine if you would want to look into appealing the assessment after you purchase. but don't count on it, because assessed value is often not in line with the selling prices.

[manderly6]

Originally Posted by MotoGP

One question regarding the assessment figures: If a new buyer purchases a Montclair home significantly UNDER the newly assessed 2012 valuation, does the township reset that home assessment at the lower purchase price, or does it stay at the higher value?

I'm curious about this since despite the reassessment effort, I'm still seeing quite a few homes listed below their new assessed value.

You have to prove that the assessed value of your house is not right compared to other properties.

Here is a link that explains how someone would fight their assessment.

http://www.nj.com/business/index.ssf...es_is_pos.html

[MotoGP]

Thanks for the replies folks, appreciate it.