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Lets say a property in Camden County is for sale. Lets say the property is assessed at $300k. I believe the township then determines the property taxes by simple math. $300,000 * (some tax rate) = $alot.
Lets say the house sells for LESS then the assessed value. Lets say $250k. Can you get your property taxes lowered and if so how?
Do you go to the township? The county?
Any past experiences or first hand knowledge welcomed.
Lets say a property in Camden County is for sale. Lets say the property is assessed at $300k. I believe the township then determines the property taxes by simple math. $300,000 * (some tax rate) = $alot.
Lets say the house sells for LESS then the assessed value. Lets say $250k. Can you get your property taxes lowered and if so how?
Do you go to the township? The county?
Any past experiences or first hand knowledge welcomed.
Yes, you can appeal the value of your property. It is done through the county and I will tell you that they try to make it as difficult as possible to reduce the number of people appealing.
I know Morris County just recently had a deadline where you can appeal. You fill out some paperwork and you have to prepare a list of comps validating your claim to reduced value. They recommend using sales instead of just houses on the street, although you can do both.
Yes, you can appeal the value of your property. It is done through the county and I will tell you that they try to make it as difficult as possible to reduce the number of people appealing.
I know Morris County just recently had a deadline where you can appeal. You fill out some paperwork and you have to prepare a list of comps validating your claim to reduced value. They recommend using sales instead of just houses on the street, although you can do both.
Sales instead of houses on the street?
I assume you mean comparing houses on your street assesed values compared to yours.
My logic is when I buy a house and if the purchase price of that house is lower than the assesed value I figure that sales agreement alone should be a nice bullet for my arguement. But I suspect they don't want to give up $1 more than they have to.
I assume you mean comparing houses on your street assesed values compared to yours.
My logic is when I buy a house and if the purchase price of that house is lower than the assesed value I figure that sales agreement alone should be a nice bullet for my arguement. But I suspect they don't want to give up $1 more than they have to.
I mean that they prefer that you compare your house that you recently purchased to another house in the same town that was recently purchased. That would be what I call a Tier 1 comp.
A Tier 2 comp would be the value of your neighbors, or similar houses in the area that weren't sold.
I assume you mean comparing houses on your street assesed values compared to yours.
My logic is when I buy a house and if the purchase price of that house is lower than the assesed value I figure that sales agreement alone should be a nice bullet for my arguement. But I suspect they don't want to give up $1 more than they have to.
You have to show recent sales, not other assessed values. You can use your own house as one of the comps if you just bought it. The deadline to appeal is around May 1st (depending on when the bill was mailed) so you have probably missed it for this year. You will have to prove that you house is over assessed by at least 15% or you will get no reduction. If you talk nicely to your tax assessor before court you can often get them to agree to an assessed value reduction to save them the hassle of court.
You have to show recent sales, not other assessed values. You can use your own house as one of the comps if you just bought it. The deadline to appeal is around May 1st (depending on when the bill was mailed) so you have probably missed it for this year. You will have to prove that you house is over assessed by at least 15% or you will get no reduction. If you talk nicely to your tax assessor before court you can often get them to agree to an assessed value reduction to save them the hassle of court.
What if a court date has already been set? Could you and the tax assessor reach an agreement before the date and then cancel the court appearance?
Although 15% is awfully high, I guess they don't make it easy!
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But I suspect they don't want to give up $1 more than they have to.
