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Hey guys, just a few questions for residents. Really looking for basic stats. Appreciate it!!
Is this a sealed bid process, best and final offer like Montclair, where the listing price is a teaser price. Or is Verona a conventional bidding process where you get close to, or at sellers ask?
Regarding taxes, is a reassessment triggered at purchase? Or is there a certain minimum threshold for assessment as a percentage of purchase price, with the millage rate then applied? I.e. a house has an assessment of 500k and sells for 700k, and the 500k gets bumped up to say 85% of purchase.
Is grieving taxes any different in this town? Some succeed, but generally there is pushback? I suppose this goes hand in hand with the above question about having a minimum assessment as a percentage of purchase.
Outside of taxes, does the town mandate any other bills? Trash, sewer, supplemental school tax? If so, any numbers would be helpful.
Does the public elementary school offer prek? If so what is the cost?
Anyone drive to Bay St to catch the train? I am trying to contact them but no one picks up the phone. Do they offer monthly parking for non residents? Is there a long wait list? What is the cost?
If by bus, how long does it take in the morning to get from Sunset/Bloomfield to Port Authority? Assuming we leave at whatever time is required to get to Port Authority around 830 am
So let me get this, you are a Russian and you are asking me if you should enter into a bidding war designed to get you to pay more for the house then the listed value ?
Are you really a Russian ? maybe you one of those Belorussians or maybe yet an Eastern European ? lol..
Hey guys, just a few questions for residents. Really looking for basic stats. Appreciate it!!
Is this a sealed bid process, best and final offer like Montclair, where the listing price is a teaser price. Or is Verona a conventional bidding process where you get close to, or at sellers ask?
Regarding taxes, is a reassessment triggered at purchase? Or is there a certain minimum threshold for assessment as a percentage of purchase price, with the millage rate then applied? I.e. a house has an assessment of 500k and sells for 700k, and the 500k gets bumped up to say 85% of purchase.
Is grieving taxes any different in this town? Some succeed, but generally there is pushback? I suppose this goes hand in hand with the above question about having a minimum assessment as a percentage of purchase.
Outside of taxes, does the town mandate any other bills? Trash, sewer, supplemental school tax? If so, any numbers would be helpful.
Does the public elementary school offer prek? If so what is the cost?
Anyone drive to Bay St to catch the train? I am trying to contact them but no one picks up the phone. Do they offer monthly parking for non residents? Is there a long wait list? What is the cost?
If by bus, how long does it take in the morning to get from Sunset/Bloomfield to Port Authority? Assuming we leave at whatever time is required to get to Port Authority around 830 am
Thanks
I don't know what experience you have with the "sealed bid" process, and while it might be on a case-by-case basis, it's simply seller's discretion. I don't know that Verona is unique and that "most" or "all" of the houses on the market are being offered on a sealed bid basis, but I would find that hard to believe. That said, there are houses on the market in Montclair that are not sealed bid. That much I know as I just made an offer on a Montclair property. As far as the listing price being a teaser price -- I respectfully disagree. It's the price. Period. Just because one or several offers come in above the asking price, or the "bid" price, doesn't mean it's a teaser price. A house is worth what someone is willing to pay. If you think that's too much or overpriced, that's your opinion -- but someone was willing to pay it. It's en efficient marketplace, with supply and demand.
As far as the real estate taxes -- I'll let others get into that with you. However, normally, a sale does not trigger reassessment. Regarding the rest, bump ups, ratables, etc., I suggest you do a lot of research on the topic. Talk to the tax office in town, and an attorney experienced in real estate tax appeals. You need to be educated.
The rest -- keep asking and hopefully some qualified, educated opinions will be offered. Good luck.
Unlike in CA a purchase in NJ does not automatically result in a revised assessment for tax purposes. Towns in NJ will usually wait to do a town wide re-evaluation until they are forced to do so by the County Tax Board. This could be every 10 - 15 years. [An exception is if you remodel / upgrade an existing home - in this case the town can make incremental changes].
In order to reflect variations each town has an official ratio of assessed value to real market value. Theoretically to calculate the current market value divide the assessed value by the ratio. You can check the current assessment and the latest ratio with the town's Assessor. You can usually also find assessments online - check the Essex County Tax Board web site.
There is a very well defined process for appealing (grieving) the assessed value of a property. You don't need an attorney. But you will need recent comps, the assessment and the ratio. There is a simple worksheet to complete to see if you should file an appeal (again check with the County Tax Board). Important note - the town is allowed a +/- 15% leeway! So if the calculated value (assessed value / ratio) is high by 15% you will not likely succeed with an appeal. If the calculated value is more than 15% above the comps you are likely to win a reduction.
You can also call the town's Tax Collector and ask about any / all other tax levies.
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