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I have recently purchased a brand new apartment from the developer with a significant discount (35% to be exact). However, the amount of property tax I paid at closing was based on the asking price, not the purchase price. I was told that it was already too late to adjust the value this year (2008) but I can appeal the amount for next year. Is this an easy thing to do or should I ask my attorney to take care of this? I am sure would be a fee if I ask him to appeal for me. Any thoughts or idea would be appreciated. Thanks.
I meant Anyone - not anyway. Sorry.
Last edited by balancesheet; 10-08-2008 at 03:00 PM..
Reason: typo
UKOK has, but FYI, you can't just solely use your property as a comp - you have to have at least 3-4 comparables (in your case, probably other homes in the development), and you have to prove you are overvalued by at least 15%. in morris county, the window of comps is october - october of the previous year - so for an 09 reval - your comp period is oct 07 to oct 08. i unsuccessfully appealed, and part of the reason was i used comps from early 08 when the window closed oct 07.
My brother did it. Not sure of the entire process but he was successful in the end. They came to assess his home while he was on vacation and couldn't let them in. They just noted that every single sf of the house including attic and basement were finished and charged him accordingly. When they came back to reassess after the 'protest', he showed them the house and the value dropped. I think he save $1500/year or so.
I wouldn't get a lawyer. Just go to your building department and ask them how to protest the tax assessment.
Come to think of it, when my brother (same house) bought the house many years ago, they also assessed it too high. He just showed them how much he paid for it and that was enough for them to lower the assessment. Wow, he's reducing his costs with that house, huh? lol
UKOK has, but FYI, you can't just solely use your property as a comp - you have to have at least 3-4 comparables (in your case, probably other homes in the development), and you have to prove you are overvalued by at least 15%. in morris county, the window of comps is october - october of the previous year - so for an 09 reval - your comp period is oct 07 to oct 08. i unsuccessfully appealed, and part of the reason was i used comps from early 08 when the window closed oct 07.
good luck.
Yep, what she said!
What county did you buy in? There should be some pretty specific stuff on your county website on how to appeal. You will have 45 days from around April 1st next year to appeal. They will take into account your purchase price as long as it's an "arm's length" transaction (you don't know the guy you bought from) but you'll also need other comps. Ask your realtor to give you all the closed listings for the last year for condos that are comparable to yours.
Thank you all for the reply. I purchased in Bergen county and directly from the developer (a public company). The asking price was so over priced so I was able to cut the price by 35%, although I later found out that some of my neighbors did pay the price. I believe the time frame is the same (October to October).
Thank you all for the reply. I purchased in Bergen county and directly from the developer (a public company). The asking price was so over priced so I was able to cut the price by 35%, although I later found out that some of my neighbors did pay the price. I believe the time frame is the same (October to October).
you might have a tough time then, especially since your neighbors paid list. do some investigating though first, won't hurt. you can use other comps, but the township will come back with their own assessments, which I can guarantee will be the ppl who paid full price.
Update: I was able to reduce the assessed value of my apartment down by 22% after representing myself at the County court. Should I appeal to the State court to get it down to the 35% I actuall paid? I am not sure if I can do better but the difference is about $2,000 a year. Any thoughts?
I was able to reduce my taxes by a big bunch in Sussex County. By going down town with the comps and showing what neighbors sold for, what they paid and what I was paying. The township did it for me without going to court. A reduction of about 1500 dollars per year.
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