A number of homeowners are doing tax appeals each year to reduce their taxes due to the decline in the selling prices.
I just checked the mls and they generally are around $6,000 to $7,000 . Was there a particular property that you were looking at with the taxes being $5,000? If so, please give me the address and I can do some research for you. Looking for a realtor please give me a call (973) 903-2161 or you can email me at firstname.lastname@example.org Thanks Lorra at RE/MAX Country Realty
Back in 2006-07 the Township did a reevaluation, the height of the market, so taxes went up drastically. Last year alone there were over 300 tax appeals so the township asked the State of NJ to do a town wide reassessment, the majority of the township residential taxes went down....but the commercial taxes got the hit. Still recovering from the flooding that occurred with Irene, there are certain parts in town that the taxes went down drastically, due to the value of the homes after the flooding. You mention for a single family home valued at $5,000 tax ..this is not true for a $400k, home. The new tax rate is 2.102, times that by the assessed value ....that's your tax. They do not get tax value from the sales price when a house sells.
Ex: 400,000 assessed value
taxes are $8,408.
for Morris Cty you can go directly to the tax site and search anyones taxes. http://mcweb1.co.morris.nj.us/TaxBoard/SearchTR.jsp
Hope this answers your question. Colleen C21 Crest