Suzq, Both Buyer and Seller in Cape May, NJ

How are vacant lots in Cape May taxed/assessed?

Asked by Suzq, Cape May, NJ Sat Jun 11, 2011

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Hi Suzq,

I feel you may be asking as to what are the criteria for the assessment . Generally it is based upon current market rate for like property selling and also a cost per square foot for similar properties. . I have spoken with some assessors and they will often calculate the cost of the construction of a home and deduct that from a recent sale price . It's not an exact science but it isnt throwing darts either. I have helped clients with Tax Appeals if you are interested.
Thanks,

Dave
0 votes Thank Flag Link Sat Aug 11, 2012
If you check any tax bill you will see two items by which a home is assessed. The first is the land value, and the second is the improvements. The improvements refer to any homes or structures that have been built on the property. When you add these together you get the total assessed value and the property is then taxed on that amount.
Joanne Bernardini
Sales Associate
Certified Short Sale Agent
Coldwell Banker
Cassa Bella Realtors
601 New Road
Linwood, NJ 08221
cell-609-947-2451
0 votes Thank Flag Link Sun May 13, 2012
same way as everything else. each property has two components: land and improvements (house). vacant land has improvements component = $0. let me know if you have any questions
0 votes Thank Flag Link Sat Jun 11, 2011
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