Debby Homestead Realty Inc
Consider a ratio of $30 per $1,000. This means that for every $1,000 of the "assessed" value you will pay $30. If a home is assessed at $100,000, then according to this example your tax bill would be $3,000. ($30x100).
The new price of a home doesn't have anything to do with the assessed value. I hope this helps.
But there are specific guidelines and deadlines for doing this (I think you have to file by April 1 or 45 days after the Notice of Assessment is completed). So check with your county tax board (I wouldn't check with the city on this).
If youâ€™re buying now, thereâ€™s no guarantee that you will win a tax appeal. So keep that in mind when and if you purchase the property in which youâ€™re interested.
And feel free to let me know if I can be of further assistance. Good luck.
Ibrahim S. Hughes
EXIT Queenâ€™s Realty
It is rediculous, but be aware of it.
As Mark stated, you would need to appeal the current taxes. Here is a link to a guide that is available from the Monmouth County Board of Taxation. You can copy and paste it.
This booklet should provide you with all the information you need. You can also contact the tax assessor in Middletown directly, if you have any additional questions. I hope this helps you.
Heritage House Sotheby's International Realty
1020 Hwy 35
You need to appeal to get a reduction, and that will require an appraisal. Taxes do not auto-adjust. Also keep in mind that regardless of the assessment, the appraisal will have to prove that the property is taxed unfairly vis-a-vis other similar homes. So look at the other recent similar closed sales very carefully. If they have similar taxes to the home you are interested in, you will probably not get a reduction regardless of the assessment. All properties have dropped in value, but that does not mean the town needs any less money.
Century 21 Joe Tekula Realtors
Phone (direct): (973) 584-4235
Coolest map-based home search: http://www.marcpaolella.com
I had a client purchase a home in Basking Ridge about two years ago. The taxes were based on an assessment that was WAY over the sale price. They were ready to go to the township to contest when they got their new assessment card in the mail - and it had already been adjusted.
I assume though - in fact, I would guarantee - that each municipality is different. Call the assessor's office in Middletown and ask them. They will certainly have an answer for you.
if you like my answer, please mark best answer -thanks!