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Old 06-12-2008, 07:24 AM
 
Location: The Garden State
988 posts, read 2,668,678 times
Reputation: 881

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I was looking through some listing information at houses here in Jersey. I noticed that some where assessed higher than the price the sellers were asking for the homes.

Here is the information:

House listed for $800,000.00

Total assessment $866,000.00

Taxes $13,500.00

Would you consider buying a home that was listed for less than it was assessed for?

What are the pro's and con's?
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Old 06-12-2008, 07:26 AM
 
Location: Oxxford Hunt, Cary NC
4,429 posts, read 10,869,878 times
Reputation: 4152
Let me be the first to say it - tax value has nothing to do with the "real" value of a home!

In my target neighborhood I've seen a great variance between tax value, list price and what I would consider a fair price for the house. Interesting data maybe, but irrelevant.

But wow.. $13,500 in taxes.. I can't imagine!
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Old 06-12-2008, 07:38 AM
 
Location: Halfway between Number 4 Privet Drive and Forks, WA
1,516 posts, read 4,394,012 times
Reputation: 676
Absolutely! We are seeing ALOT of that here in GA. Look in Henry County for example. You will find tons of homes listed WELL below what the taxes are assessed at.
Because nothing is moving there hardly.
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Old 06-12-2008, 07:52 AM
 
Location: GA
2,791 posts, read 10,206,282 times
Reputation: 1168
Houses in my neighborhood (in NJ) are assessed at less than $200k and selling in the $400's (taxes $9800). As said, tax value and home values can be different. What town are you looking in?
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Old 06-12-2008, 08:26 AM
 
Location: Great State of Texas
86,067 posts, read 78,864,049 times
Reputation: 27669
Remember assessments are based on the previous year..so with prices falling, assessments are lagging by a year.
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Old 06-12-2008, 08:32 AM
 
Location: Halfway between Number 4 Privet Drive and Forks, WA
1,516 posts, read 4,394,012 times
Reputation: 676
Quote:
Originally Posted by HappyTexan View Post
Remember assessments are based on the previous year..so with prices falling, assessments are lagging by a year.
What if the county will not reassess at the lower rate?
That is a problem I'm seeing.

If property values fall far enough, why don't the residents do something?
Can a county be sued if the "fair market value" they once deemed is not so anymore?

I think this county in particular is trying to keep "their" assessments artificially inflated. The reason why I say this is because this county in particular just reassessed everyone at much higher values than the homes are actually worth. The county has received so many appeals and they are rejecting them! It's corrupt and unreal!

Just wondering how that comes into play.
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Old 06-12-2008, 08:35 AM
 
Location: The Garden State
988 posts, read 2,668,678 times
Reputation: 881
I'm looking in Holmdel, New Jersey. My present home is assessed at $319,000.00 and appraised at $625,000.00 ( That was close to two years ago so I'll have to have it reassessed). The taxes are $6,800.00.

The reason I asked the pro's and con's question is... Will the house thats assessed higher than its value have a better chance of the taxes remaining stable? Is there a tax "cap' in Jersey that will only allow a 3% raise per year?
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Old 06-12-2008, 08:35 AM
 
Location: Great State of Texas
86,067 posts, read 78,864,049 times
Reputation: 27669
Counties only do this once per year. As I said..the assessments will lag by 1 year.
Next year will reflect this years lowered prices.

Not much you can do except protest when you get your tax appraisal notice. Get your own appraisal and protest the county's assessment.

Here in Texas the next year's proposed assessments go out in April and you have a few months to protest.

And yes, I agree that they are keeping them inflated to get money. Budgets are done based on those figures.
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Old 06-12-2008, 08:54 AM
 
Location: Oxxford Hunt, Cary NC
4,429 posts, read 10,869,878 times
Reputation: 4152
In my area (Raleigh, NC) assessments are done once every EIGHT YEARS. I find that mind-boggling - so for the first year or two houses market value and tax value could be pretty close - but after that forget it!
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Old 06-12-2008, 10:04 AM
 
214 posts, read 1,885,953 times
Reputation: 126
My recently (as of 10:30am this morning) sold home in Henry County was assessed at I believe 144,000 and we asked and received a selling price of 139,900.
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