Appraisals, assessed values, and market value are all different.
You are also allowed to appeal your taxes usually in the beginning of each year sometimes it can get your taxes reduced but if they just reassessed the whole town then its highly unlikely they would change anything this year.
The new assessments are already posted.
These new valuations are supposed to equal fair market value. That may, or may not be the case as homes are currently listed at, slightly above or below their assessment.
So...you ask....why are the taxes so high.....(and also high in Maplewood and S. Orange)?
There is some trade off though, as you can buy more home for your money there , then in, say, Livingston or Short Hills, where the taxes are less, but homes priced higher...and.....at least (for now, anyway) your property taxes may be a tax deduction for you !
Please visit http://www.RealTerrific.com for great buyer's tips!
Living in new jersey is not cheap. If you are considering a move feel free to give me a call and discuss a marketing strategy and market analysis all completely free with no obligation.
Re/Max Home Connection