Home Selling in 08055>Question Details

Dccnash, Home Buyer in 08055

What is the property tax base for houses in Medford Lakes NJ, zip 08055? The sales price is $210,000

Asked by Dccnash, 08055 Fri Jul 3, 2009

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Dccnash:
I think you have confused terms. The "tax base" is usually considered the amount per thousand of assessed value of a property. This figure does you absolutely no good in determining the taxes to be paid on any property for sale. If you work with a Realtor, they can tall you the assessed value and the taxes due for the current year. That's what you need to know. Most Realtors cannot tell the tax base amount for any town; it is not published in our standard data, because we really don't need to know.

If you are thinking of getting a property and changing the amount of taxes paid, my advice is to forget it. Taxes are assessed based on the town budget and individual taxes change only with a discovery that the assessment is unfair compared to your neighbors’ assessments.

Hope this helps.

Best wishes on your house hunt.

Bill Holt
0 votes Thank Flag Link Sat Jul 4, 2009
In NJ, property taxes are not calculated based on sales price (excluding new construction), but on the township's assessed value of your home. If you are inquiring as to the equation the township uses to calculate your property taxes, you can all Medford Lakes Township Office at, (609) 654-8898. However, Medford Lakes will be reassessing property values within the next few years and the equation they currently use may change. You can find out the current assessed value of your home by looking at a copy of your most recent tax record.

Remember, there are essentially three values assigned to your home - Current Market Value, Townhip Assessed Value, and Appraised Value. In an ideal world, all three values would be equal, but is usually not the case.

I hope this answered your question! If you have any additional questions or need further clarification, please feel free to call or e-mail me at any time.

Jessica Nooney
Realtor Associate
Weichert Realtors
(609) 276-8183
jnooney@weichert.com
0 votes Thank Flag Link Fri Jul 3, 2009
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