Home Buying in 08406>Question Details

Mike, Home Buyer in Ventnor City, NJ

If a property is accessed at $355,000 and I purchase a property for $250,000, what are my chances of lowering

Asked by Mike, Ventnor City, NJ Tue Aug 18, 2009

the property taxes? I am thinking of purchasing in Ventnor, NJ. Thanks for your help.

Help the community by answering this question:

Answers

4
Kenneth Verbeyst CRS GRI ABR SRES GREEN Broker-Assoc’s answer
Suggest you speak with assessor in that community, if most sales are well below assessed values it is likely they will reassess to address in which case you wont see much. Reassessments are expensive so unless they do a flat rate reduction where they reduce entire community a certain percentage chances are good you will be able to get it reduced. I have purchased homes well below and been successful in reducing though in one case a few years later they just jacked it back up anyway. Realtors can give you comps but will not go with you to court if you go that far in appeal. For this you will need an appraiser. As I said earlier a initial conversation with assessor is best place to start. (also your purchase should be an arm's length purchase and also not an estate or foreclosure sale as assessors like to throw these out saying they arent a true reflection on value. (I dont always agree with this but have heard it)
1 vote Thank Flag Link Tue Aug 18, 2009
Hi MIke, local agents will be able to be more specific - but what I am finding in my market is that many communities are being reassessed as the market has declined - adjustments vary, some more dramatic, some slight, and some have remained flat. It is certainly worth a try - while it seems so simple to make the case that the assessed value should reflect what you just paid, after all there is no more accurate read of market value than what a ready, willing and able buyer just paid - fact is the township will not automatically make that adjustment. But you've got a good case - arm yourself with your appraisal, your closing docs and visit the tax assessor. You agent can provide additional comparable info that may help you cause.

Good luck to you!

Best,
Jeannie Feenick
"Unwavering Commitment to Service"
Search the MLS at http://www.feenick.com
Web Reference: http://www.feenick.com
1 vote Thank Flag Link Tue Aug 18, 2009
Hi Mike,
Many home owners in Ventnor filed tax appeals last year and were able to reduce their assessment. It is possible to do it yourself, as I did, and it was very easy. I'd be happy to share my experience with you - feel free to give me a call and I can provide more details.

Wishing you a happy and healthy New Year!
0 votes Thank Flag Link Sat Jan 2, 2010
There are specific guidelines established for filing tax appeals. You can find them in this link...

http://www.state.nj.us/treasury/taxation/pdf/lpt/ptappeal.pdf

The REALTOR helping you in this purchase should be able to provide you with information.

Laura Giannotta
Keller Williams Realty - Atlantic Shore
0 votes Thank Flag Link Wed Aug 19, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer