Home Buying in Norwood>Question Details

Melanie, Both Buyer and Seller in 06853

Why is does 50 Briarwood in Norwood have such high taxes (35K)if it is for sale for $989K?

Asked by Melanie, 06853 Fri Jul 13, 2012

Seems like the taxes should be much lower if the assessment is based on how much the house sells for.

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4
The house is in a great neighborhood however, the taxes are extremely high, there should be legislation to reduce the outrageous taxes and there should b e an immediate reform of all the taxes in the State of New Jersey and if that occurs, you will find the real estate market coming back to life in this community, The taxes are way out of line for the services provided. good luck in trying to get the assessment lowered. If you are lucky. The Town is a great town, however, the taxes will drive everyone out!!! If it is a short sale then you could appeal the taxes, however, you should speak with the tax assessor, prior, to bidding on the home.
0 votes Thank Flag Link Fri Aug 16, 2013
Hi Melanie:

Taxes are based on assessed value, which includes the land and the home, size of the home, number of bedrooms, baths, square footage of the home, additional amenities such as decks and pools. I can look up the property for you and discuss this further as it also depends upon what the assessed value currently is for this home. Nowood is one of the towns in which I work on a regular basis and specialize.

As I am a very experienced real estate agent, I would be happy to help you with this or any other property in Norwood or any other town.

Please contact me at any time. Thanks.

Harriet Lewis-Trulia Top Recommended Agent (201)467-5738
(201)707-5640(Cell)
hrlconsult@yahoo.com
0 votes Thank Flag Link Mon Jul 30, 2012
Hi melanie property taxes are not based on the asking or list price of a home, but by the assessed value of a home which is done by the municipality tax assessor. Maybe the advertised tax amount for this property is based off of a previous assessment.
If you may need any assistance with finding a home, feel free to contact me directly as I am able to help....
0 votes Thank Flag Link Mon Jul 16, 2012
because it is a foreclosure
.Back in 2007 it sold for more than $2m and at that time the taxable value set by the town was nearly $2m. Hence the taxes
The taxes are based on the townwide revaluation and the actual list price has nothing to do with the taxes payable.
Mind you if you were to buy the house at this price you might be able to appeal the taxes to the town and get them reduced.
However towns have gotten wise to the situation regarding foreclosures and are unwilling to take the actual sale price into consideration when resetting taxes.
0 votes Thank Flag Link Sat Jul 14, 2012
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