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$180k was the value when it was assessed... to accommodate the rise in taxes, the rate went up. When they reasses, at (lets just say) $360k, the tax rate will be cut in half.
Market value <> current assessment. They have nothing to do with each other :P
See, now call me ignorant, but when I talked to our towns Taxation office they told me "If I were you, I'd get out before we reasses, because you will go through the roof."
See, now call me ignorant, but when I talked to our towns Taxation office they told me "If I were you, I'd get out before we reasses, because you will go through the roof."
maybe in YOUR particular circumstance (like what happened to me), but there will be people in your town that will be doing the happy dance because the amount of revenue doesn't change.
It's only because my town has not been reassesd in a long time
well here's what you need to do! Let the weeds grow...let the windows get filthy..pull a few shingles off the roof... really mess up the outside of the house. Do this before the assessor comes..it'll work like a charm!
See, now call me ignorant, but when I talked to our towns Taxation office they told me "If I were you, I'd get out before we reasses, because you will go through the roof."
Well apparently they don't understand math. Unless, for some reason, there are significant improvements that would raise your RELATIVE value by comparison to other homes, reassessment should have NO impact on your total tax dollars, as a new tax rate applies.
I'm going to say they probably have trouble with math
before the reval mine wasn't much more, and i have a "new" house.
what's your rate on assessment? I think ours is 2.1 on 100% Assessment. Which worries me if we ever get reassessed. I'm currently at price paid plus the improvements that required permits - $453,100.00. Oh and folks..it's always best to fib about how much improvements are going to cost you
This question couldn't have come at a better time. I am also being reassessed here in Central Jersey. I am on one income and single mom and can't really afford much of an increase.
My house:
Almost 100 yrs. old, bought it 2 years ago, owners died and it was bought by a company that put new siding, new kitchen (just basic- nothing very costly) and new bathroom (just new- again nothing very costly- I think they must've gotten permits for it all. All I did was put new hardwood floors in Living room and dining room and painted some of the rooms. The house is less than 1000 sq. ft. My house is no where near the value of other houses. Should I be worried? I can't imagine that the taxes will go up THAT much.
Purchased for 225k, taxes 3800 or so.
I received a letter last month that they would be assessing inside and outside of the house. Should I really clean it up alot for higher value or mess it up for lower value (house and taxes value)? ahahah Not sure which is better.
what's your rate on assessment? I think ours is 2.1 on 100% Assessment. Which worries me if we ever get reassessed. I'm currently at price paid plus the improvements that required permits - $453,100.00. Oh and folks..it's always best to fib about how much improvements are going to cost you
was 3.5 @ ??% assessment (not sure of what %)...now it's 1.9x (can't remember x) at 100%.
was 3.5 @ ??% assessment (not sure of what %)...now it's 1.9x (can't remember x) at 100%.
Then you are setup nicely for an appeal. Why the change? did they say? Or are they preparing for a huge influx of appealers
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. I get the low value..high rate gig... but 180K sounds low for Bergen Co.
