Home Buying in Dumont>Question Details

Dbrown1988, Home Buyer in Dumont, NJ

Is there any way I could get property taxes lowered during the home purchase process?

Asked by Dbrown1988, Dumont, NJ Thu Jun 21, 2012

-The last reassesment of this home was a valuation of $468,000 (before foreclosure and home damage)
-the home is around 250k with the surrounding homes priced between 270k-370k.
- The annual property tax on this property is $11,900- much higher than the area average of $9,000.
-I'm buying a 2 family Foreclosure property in Dumont NJ that needs alot of work.

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Answers

4
You can't do it when you close, but next year between January 1 and April 1, you can file a tax appeal. You will need 3 comparable sales and you can get those from a Realtor. Or, you can hire someone who specializes in tax appeals to help you.
Web Reference: http://dianeglander.com
0 votes Thank Flag Link Thu Jun 21, 2012
They are correct. In NJ, you can only file an assessment appeal once a year, and the last deadline for 2012 was April 1st. You will have to wait until 2013. Have your realtor give you comps at that time (January - March) and the county form for assessment appeal, or get the name of an attorney who will work on a contingency basis and represent you in preparation of the application. Comps for next year must have closed between 10/1/11 thru 9/30/12, and be the same style house in Dumont, and no short sales or foreclosures.

Good luck, sounds like you are getting a good deal!

Barbara Ostroth
Coldwell Banker Residential RE/Oradell
0 votes Thank Flag Link Thu Jun 21, 2012
Thanks for your advice Barbara. I will definitely work on that for early next year.
Flag Thu Jun 21, 2012
Deborah is right. Your appeal must follow that timeline.

However, you can visit your local Tax Guy and show him what you bought the home for.
Some towns will make adjustments
Otheres make you jump thru the hoops.
0 votes Thank Flag Link Thu Jun 21, 2012
Property tax appeals must be filed during the filing period of Jan 1 - March 31 of each calendar year, with minor tweaks to those exact dates for holidays.

You can file a tax appeal in early 2013. Any tax changes will be effective for 2013, but not retroactive.
0 votes Thank Flag Link Thu Jun 21, 2012
Oh ok I see....do you think their is a good chance the tax amount could be lowered due to the foreclosure price/surrounding prices?
Flag Thu Jun 21, 2012
Deborah Madey, Real Estate Pro in Brick, NJ
MVP'08
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