Home Buying in Princeton>Question Details

Lydia, Home Buyer in Princeton, NJ

If I buy a home IN the town of Princeton, will the property taxes increase from last years recorded tax? Will they be reassessed automatically?

Asked by Lydia, Princeton, NJ Sat Mar 13, 2010

Help the community by answering this question:


Houses are not reassessed upon sale no matter where you buy one. Tax assessments only occur when the township decides to reassess and it is unrelated to when a house is sold.

I hope this helps you!

Bob Kelly
1 vote Thank Flag Link Sat Mar 13, 2010
I currently live in Princeton Twp and have done extensive research while appealing my own revaluation. To answer your question, will taxes increase from last year?, that depends upon many factors besides the budget and tax base. On an individual property basis it also depends upon how the value of that particular home is perceived to have changed relative to the rest of the community. Lets say for example the home you purchase is viewed as being worth 3 or 4 times what the old assessment was, your taxes will go up since most homes were worth about twice. If you go to appraisal systems inc web site you can find the property, it's proposed new value as well as comparable sales. Reassessments must be done every so many years (about 10 as I recall) but many municipalities are slow about doing these due to the high cost involved. TYpically they are ordered to do them by county as opposed to requesting permission. Reassessments are also done on an individual basis when the owners appeal their assessment. If the value is over $1,000,000 the owner can appeal directly to the state. If less, it is usually done at the local municipal level, then county ,then state level for appeals. The process isnt too complicated though there are time frames that must be met. Also if assessments are with in 15% of market value that is deemed close enough. ( though I recently heard from an appraiser that this is the case only for individual assessments and not as a part of municipality wide revaluations such as Princeton is doing. In Princeton currently appeals will go to the reval company before proceeding to County or state.
There are many nuances with the current reval and if you are currently in process of buying well below the proposed reval numbers I suggest you try to get the seller to begin an appeal process. I have seen some values that are quite a bit off of market value. (both too high and too low) In my own case my home was assessed even higher than when I bought at the peak of the market. In another a recently sold home that was torn down to build a very expensive home was revalued even less than what they paid for it during the period when they are supposed to be using as a benchmark. (Oct 08-Sept30 09)
email or call me if you would like specific properties information.
0 votes Thank Flag Link Sun Mar 14, 2010
Lydia-homes get reassessed when the townships get permission from the county to do so. For instance, Montgomery township applied last year but was denied by the county. The last assessment for the township was in 2005. Princeton just went through revaluation. Taxes go up (or down) based on the budgets and the rates applied each year. Your best source for finding tax information about any property is the tax assessors office directly or as Marc mentioned-your realtor.
0 votes Thank Flag Link Sun Mar 14, 2010
Hi Lydia,

Princeton Borough and Twp have done there new assessements for 2010. Any house you purchased between now and when the new # comes later this year can be obtained by your Realtor or by calling the tax office. Any good Realtor will check on the new taxes for you.

Have them look it up for you.
0 votes Thank Flag Link Sat Mar 13, 2010
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