Home Buying in Brielle>Question Details

baseballi, Home Buyer in Brielle, NJ

In Brielle there is a significant disparity between the tax appraisal and the selling price, some much more, some much less. What is reasoning?

Asked by baseballi, Brielle, NJ Sat Jul 6, 2013

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Major re-assessments in NJ can be performed in as long as just under 10 year periods. Municipalities make 'multiplier' adjustments to that base assessment to collect needed income.

The market value of a home is based upon the sales of 'like' properties --- in general, those with the same number of bedrooms and baths. What those like properties are taxed may be a consideration among many as to whether or not a Buyer will purchase a particular property, but there is little direct relationship between the town's assessment (whenever that may have been performed), and today's market value.
0 votes Thank Flag Link Sun Jul 7, 2013
The tax assessment can have very little to do with Market Value depending on the year when it was calculated. It should not be a buyer's primary guide when making an offer, Market Value is the key.

Some towns have been ordered by the Monmouth County Tax Board to conduct revaluations of property, precisely because the current assessments have very little relevance to current market value.

As always, your offer should be based on current Market Value, not the asking prices of homes that have not sold and not the assessments. If you need any help, just give me a call.
0 votes Thank Flag Link Sat Jul 6, 2013
I live in Brielle. At the height of the market the town did a reassessment for all 2500 + homes. Over the years prices have come down quite a bit. Many homeowners have filed and won tax appeals for the past 4 years. Each year homeowners have been granted tax reductions. These homes are now selling close to assessed value. There are still lots of homes that are assessed a lot higher than fair market value because they never filed an appeal. Brielle assessed values are really all over the board

Call me if you want more details

Best regards

Val
0 votes Thank Flag Link Sat Jul 6, 2013
Are there discussions of doing an overall tax assessment in the near future?
Thanks!!
Flag Mon Jul 8, 2013
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