lower taxes than other towns. You will notice that on an investment point of view, you will do much better
in towns with lower assessed values because they will appreciate much faster. Intelligent buyers that
bought in these towns specially business people get insulted with high taxes and they would rather pay a high price for the home knowing that it will appreciate much faster.
Old Tappan hasn't had a revaluation in a while. The county equalization ratio % for Old Tappan is only 68.27. Some towns with more recent re-vals are in the 90% + range. Tax rates for Old Tappan are 2.141 per thousand of home's value. Asking/Sold prices are determined from recent market activity, not the assesssed values.
Hope this might be helpful...
If you assume Old Tappan follows this principle then the assessed value of your home could have been calculated as far back as the year 2000 and in the 10 years that have ensued property values have changed quite a lot. The town has no interest in the actual value of your house today, all they want is a benchmark for all the houses in the town in order to calculate taxes fairly.
We find a lot of towns in Bergen county where the assessment was done 2 or 3 years ago and in that case the assessed value is very often 10 or 20 percent higher than the current selling price.
The best way to determine the value for a specific property is through an appraisal or a CMA (comparative market analysis) done by a real estate professional.