The same question was asked a few hours ago and I copied/pasted the best parts of two answers together for your benefit:
The tax assessments are based on the property values, but do not move up and down with overall property values. In other words, if a house on Main Street is now worth 20% less than a year ago due to a decline in the entire housing market, all the other houses on Main Street are now worth 20% less. Your ratable did not change and you therefore are still paying your same proportionate share of local taxes.
With budget squeezes coming at both the state and county level, I expect that we may even see tax increases at the local level (although I sincerely hope not). The only way to lower taxes is to lower your proportionate share of the total tax pie. Typically that is done by building a development for tax paying residents without children (55+ restricted) to add to the school burden or by attracting additional business/commercial/industrial development.
What you may have missed in the tax situation is that the home values going down are universal in the town. They may be uneven in their decline but until there is a reassessment, the tax burden per dollar of ASSESSED VALUE will NOT be reduced. The town, even if it has tightened it's belt somewhat, can not reduce the buget significantly and so the taxes will have to be paid.
If, for some reason, (and it will not be the price you paid for the property) the taxes on your specific property are out of line and unfair, there is an appeal process. It is limited to one calender period per year and is limited in what will constitute proof that the burden has fallen more heavily on the property in question than it should.
One hears from many people that, because their house has declined in value, they expect to pay less in taxes than they used to. Since the town's police, sewerage and administrtive salaries and all town expenses are not going down, how do people expect that their taxes will go down?
Hope this helps in your understanding of the tax process.
Jacobus "Jack" Vollenberg
RE Appraiser/RE Sales Associate
Vollenberg Appraisers/ERA Statewide Realty
There is another one just came out that's on 1/4 acre, only $299,000 with full finished basement ... http://www.realtor.com/realestateandhomes-detail/112-Gibson-
It just a block walk and nice trail to http://maps.google.com/maps?f=d&source=s_d&saddr=40.565142 Grandview Elementary School of K to 3 http://www.piscatawayschools.org/grandviewschool/site/default.asp
The school bus to all other piscataway schools http://www.piscatawayschools.org/pway/site/default.asp from 4 to 12 is right at the front. Besides, it is very close to http://maps.google.com/maps?f=d&source=s_d&saddr=40.586777 Dunellen Train Station. http://dunellentrain.blogspot.com/
What that means is that location like this is always very popular and when you need to move up to bigger home, you will be sure many families with kids be very interested in houses like this. In fact, the next door is a white family with 2 small kids, and they just bought and moved over to Piscataway not too long ago...
This house, as I heard is estate property, so the price should be very good.
So if we buy house in gas barrels, the housing market is going up by leaps and bouds accross the nation.
It is also going up if we buy in Australian $ or say number of plasma TV sets. What housing market crisis ? LOL :)
I heard it is just sold under attorney review ... 1-19-09
For great value house like this, it is very hard to fine...
If you would like to get a great house http://maps.google.com/maps?client=opera&q=121+Brewster+ in a less crowd area, I know there is one right next to http://maps.google.com/maps?f=d&saddr=40.587299,-74.4678 Irishtown Park at Piscataway http://irishtownpark.blogspot.com/ at 121 Brewster Ave Piscataway NJ 08854 also near http://maps.google.com/maps?f=d&saddr=40.587299,-74.4678 Dunellen Train Station http://dunellentrain.blogspot.com/
By reading all your Trulia posting, I feel this may be your dream home...
If you prefer using number of gallon of gas to compare the value. A house at North Plainfield that was able to trade 100,000 gallon of gas just 6 months ago, now can trade about 300,000 gallon of gas. So, do you prefer to buy a house in North Plainfield 6 months ago with the money or buy a 100,000 gallon gas contract?
The "value" of a property is evaluate based on the "income" or "rent" that it can generate. If the same house can general MORE rent now than 6 months ago, you know the "value" raised.