The purchase price is powerful evidence of the value of your home.
I have been told that the "Tax Man" will not entertain differances less that 10%.
Sometimes it pays to just go in and see him with your closing documents in hand.
Be polite and friendly. You may be surprised
V & N Realty Group, LLC
811 Queen Anne Rd.
Teaneck, N. J. 07666
What matters is how the assessment and taxes on your property compare to similar properties in your town. If the assessment on your property is higher than that of similar properties in your town, you may have grounds for a tax appeal.
If you had a REALTOR assist you in the purchase of your property, you could ask that REALTOR for tax data on properties in your town. Alternatively, that info is also available from the local town assessor's office. Evaluate your property against the comps to determine your next step.
that value adjustments not be made simply due to a recent sales price. The subject propertyâ€™s sales price may not necessarily be conclusive evidence of true market value, e.g.foreclosure or estate sale, and is not bindingupon the Tax Board. The circumstances surrounding a sale are always important.
Be aware since all property in NJ should be accesses at fair market value, this value is relflected in a equalizaiton ratio the town uses since its last reassessment. Teaneck has a equalization ratio of 104.34 or another way of saying it is that Teanecks assessed values are 4.34% over market value.
In any case the difference in your assessed value and purchase price should at least open a discussing with the county tax boards. you have until 4/1/12 to file ann appeal for 2012 taxes. For more detailed information see this website: http://www.state.nj.us/treasury/taxation/pdf/lpt/ptappeal.pdf.