Home Buying in Scotch Plains>Question Details

fishopper, Home Buyer in Scotch Plains, NJ

How often are property taxes reevaluated? -- do they go up a certain percentage every year with inflation or jump up periodically?

Asked by fishopper, Scotch Plains, NJ Mon Apr 1, 2013

Are taxes reassessed when a home is sold (i.e., could they go up immediately based on sales price) or is it a townwide reassessment that is done periodically? Also, does the number of bathrooms significantly affect the homes assessed value? What has the biggest influence - number of rooms, sq. footage, amount of land, etc.?

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Answers

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While it is true that Union County used to require a town-wide reassessment every 20 years, in the recent past they have not done so, probably because such a re-assessment would have garnered them less money! Or they would have had to raise the tax rate, and I've noticed that the politicians like to brag about how they're keeping taxes down -- raising the rate goes against that.

Teri Malone, Weichert
732-423-2792
Teri@Westfield-Area-Homes.com
0 votes Thank Flag Link Tue Apr 2, 2013
There are a few reasons you home could be reassessed. The assessor may come out and reassess your home if you put on an addition to your home or if you make any substantial inprovements to your home. Usually the only other tme your home would be reassessed would be if the county decided to do a revaluation of the entire town or a section of town. This is usually only done every 15 to 20 years as required to adjust the tax rolls.

In addition, due to the downward turn in the housing market there have been many successful tax appeals to help reduce the assessed values to be more in line with the current market values.

If you have any questions or if I can be of any further assistance, please don't hesitate to contact on my cell at (732) 239-7452.

Ronald Sheedy
Realtor-Associate

Coldwell Banker - Robert Michael Realty
0 votes Thank Flag Link Tue Apr 2, 2013
Very insightful questions. First, property taxes are not changed when a house is sold. Reassessment is generally done if/when the county demands it. The primary factors affecting the assessed value of a property are:
* square footage of finished spaces
* number of bath fixtures
* Lot size
* number of garage spaces, and whether attached or detached
* amenities such as decks, centrally air

One more thing: because home sale prices dived significantly over the past 6 years, many homeowners have successfully appealed their taxes.

Hope this helps
Teri Malone, Weichert Realtors
732-423-2792 cell
Teri@Westfield-Area-Homes.com
0 votes Thank Flag Link Mon Apr 1, 2013
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