Foreclosure in 08094>Question Details

Brenda, Home Buyer in 19701

Can the taxes be lowered on a bank owned home if it is purchased much lower than the original price?

Asked by Brenda, 19701 Sat May 9, 2009

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A tax reduction is based on current market comparables, which here in Monmouth County does not include foreclosures. There is a chance that the answer is yes, but that would be based on the "common level range" of taxation in Victoria Lakes.

I would suggest you google "tax appeal" "glouchester county" to see if there are any instructions online for you to determine eligibility.

Love and Peace,
Francesca, Realtor, ePro
Web Reference:
0 votes Thank Flag Link Sat May 9, 2009
I fight taxes all the time for clients. You must use arms length transactions. In NJ there are over 30 non usable deed transactions in determining taxes. Just because the sale of your property is lower than others in the area or your assessment is higher does not warrant lower taxes..

LArry Sarlo
Weichert Realtors
Web Reference:
0 votes Thank Flag Link Sat May 9, 2009
You'll need to prove via comparable property sales that the assessment is too high. Your assessment is NOT based on the sale price of your home alone...but comparable homes.

With all these foreclosure questions, Brenda, I'd suggest you speak to a real estate agent in the area you iwsh to purchase.

Laura Giannotta
Keller Williams Atlantic Shore
0 votes Thank Flag Link Sat May 9, 2009
There is a process in place for homeowners to appeal their taxes. You can best access this information through your county tax office. They will be able to provide you with the procedure and dates that you must follow.
0 votes Thank Flag Link Sat May 9, 2009
Good moring Brenda,

Suggestions regarding lowing taxes on any property, ask the township tax assessors office procedure of appealing property taxes. In my area, the property owner has the right to appeal the tax assessment which in turn may lower the taxes on a particular property. Our township has a link in the township webpage with forms and intsructions on how to appeal your tax assessment. Property owners can print out the forms, fil them in and back the information with comparable solds properties, submit the form to the township assessors office as well as the Ciunty by April 1 of the year. A few of my clients have done this in the past few years, they did succeed in lowering the assessment on thier homes, which in then lowere the property taxes. I do not know if all townships in New Jersey work the same way, but it is worth the phone call to the tax assessors office. You probably can get the phone number from the township website or directory assistance for the tax assessors in the township. Good luck.
0 votes Thank Flag Link Sat May 9, 2009
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