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Old 09-17-2007, 10:54 AM
 
21 posts, read 156,163 times
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When you purchase a home in New Jersey, do the property taxes automatically go up? How does that work?
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Old 09-17-2007, 06:42 PM
 
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I don't know about the rest of the state, but in Hudson County the taxes do not change when ownership changes. The yearly property tax rates come out in July, but that affects all property in the county.
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Old 09-17-2007, 08:02 PM
 
Location: High Bridge
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Taxes are based on the assessed value. You can ask for a reassessment if you feel your assessed (different from appraised) value is too high, but this can also work against you if its borderline, so be careful there.

But no, the taxes only change when the property taxes for the town changes, not ownership.
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Old 09-17-2007, 08:24 PM
 
Location: NJ
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Quote:
Originally Posted by CuCullin View Post
Taxes are based on the assessed value. You can ask for a reassessment if you feel your assessed (different from appraised) value is too high, but this can also work against you if its borderline, so be careful there.

But no, the taxes only change when the property taxes for the town changes, not ownership.

dis is correct! lol

i think cali does what the OP is asking - the taxes are based on the purchase price of the house - prop 13 prevents huge tax spikes, so those in homes forever are paying a pittance. i have a friend in san clemente - house worth almost $900K - paying $3200/yr!
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Old 10-02-2007, 02:05 PM
 
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Every year, the town adopts a tax rate. In West Orange, for example, the 2007 rate is 11.39, in 2006 it was 10.6. But we have not had an assessment in at least 3 years - that's how long I've lived in my house. It's based on the assessed value of the house and the tax statement will breakdown the % that goes to School, Municipal and State.
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