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I think I've done my homework but don't know if there's anything I'm missing. I asked my lawyer but it's not something he does. He suggested I do it myself.
I closed on my house Dec. 2019. Purchase price is 650k. Equivalent assessed value is around 750k after dividing my tax assessment by the 2020 common level ratio for my town. This puts me just over the 15% threshold for an appeal. I got really lucky here, if I had paid 3k more, I probably wouldn't qualify for an appeal.
Comps, I have 4. I searched the property tax website and verified that none of them are marked as non-usable.
2 similar ranches to my house (also a ranch), one adjacent to my house the other across the street. Same number of rooms with same finished basements. They sold for 635k and 640k Sep 2019.
The best option for the other comps seem to be 2 split levels about 1/3 mile from my house but in different neighborhoods. They have same number of rooms but no finished basements. Basements are also smaller. Both sold for 630k, on Mar 2019 and July 2019. Would these be considered good comps?
I have downloaded all the pictures from the online property listings and will submit it with my appeal along with a summary statement.
At this point, it's been simple enough. So simple I have myself wondering what's the catch? Law seems to be clear, I think I have a very good chance of getting a 15% reduction on my property tax. Would the tax board give you a harder time if you do it yourself vs having an attorney? I'm in Union county.
I think I've done my homework but don't know if there's anything I'm missing. I asked my lawyer but it's not something he does. He suggested I do it myself.
I closed on my house Dec. 2019. Purchase price is 650k. Equivalent assessed value is around 750k after dividing my tax assessment by the 2020 common level ratio for my town. This puts me just over the 15% threshold for an appeal. I got really lucky here, if I had paid 3k more, I probably wouldn't qualify for an appeal.
Comps, I have 4. I searched the property tax website and verified that none of them are marked as non-usable.
2 similar ranches to my house (also a ranch), one adjacent to my house the other across the street. Same number of rooms with same finished basements. They sold for 635k and 640k Sep 2019.
The best option for the other comps seem to be 2 split levels about 1/3 mile from my house but in different neighborhoods. They have same number of rooms but no finished basements. Basements are also smaller. Both sold for 630k, on Mar 2019 and July 2019. Would these be considered good comps?
I have downloaded all the pictures from the online property listings and will submit it with my appeal along with a summary statement.
At this point, it's been simple enough. So simple I have myself wondering what's the catch? Law seems to be clear, I think I have a very good chance of getting a 15% reduction on my property tax. Would the tax board give you a harder time if you do it yourself vs having an attorney? I'm in Union county.
You run the risk of them not doing anything, or just lowering it like $200.00 a year, or take a harder look at your situation and determine your property taxes need to be increased.
If you really want to do this, I would go have a discussion in-person with the attorney for the township and ask about the procedure. They might be able to tell you if it is worth your time going forward or not, and if you should hire an attorney to represent you in this? It should be a real estate attorney, not just any attorney.
You run the risk of them not doing anything, or just lowering it like $200.00 a year, or take a harder look at your situation and determine your property taxes need to be increased.
Can they just arbitrarily do this or will they have to give a reason?
I say go for it. I did it successfully, but it was a condo, so I had near-exact comparables.
In my county, you get a date to go in and defend your claim if they don't automatically OK it. I went in, and it was interesting eavesdropping on the discussions.
I was the last one there, but not on their list. Turns out my appeal was approved without a challenge but the system was down and I wasn't notified. I didn't complain.
That is encouraging to hear. What county are you in? For me the 15% is about a $2k difference. I have a hard time seeing it get approve just like that.
That is encouraging to hear. What county are you in? For me the 15% is about a $2k difference. I have a hard time seeing it get approve just like that.
Monmouth. Again, I have a condo. My taxes are around $4k. My difference was only around $600, but i was happy to get it. Yours may be bit more complicated. Just make sure you did your homework, because they have.
Do it. Its easy and in many places they assume people will do it and many just don't. I went through it and it was pretty easy. The week of my court date they just called me and said we will lower it.
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