Property Q&A in West Orange>Question Details

KB, Real Estate Pro in West Orange, NJ

Should i be hopeful with the upcoming property re-evaluations in west orange?

Asked by KB, West Orange, NJ Thu Jul 29, 2010

The value of my house has dropped from 500K (in 2007) to around $375K (current) maybe even lower, but property taxes gone up from 11K to 15K. Should i be hopeful with this upcoming re-evaluations?
a LOT of people find these tax hikes absolutely absurd, but the taxes still keeps going up...

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Kavita, since you don't know what your new assessed value will be - it makes sense to have that figure before filing an appeal. You can't appeal what you don't know - and using the old assessment would have no bearing on the new one.
You have time - wait and see how you make out with the new assessment.

As a result of my town's re-evaulation - my taxes are going down approx. 11%.
When you get your new assessment, if you feel the number is too high, you can ask for a meeting to go over it, (if you feel similar homes were assessed lower than yours). The appraisal company will provide a website where you can see everyone's assessments. I also disputed my new assessment , and got it lowered a bit. That has nothing to do with a formal appeal...it is a separate process offered by the appraisal company that is doing the townwide evaulations.
0 votes Thank Flag Link Thu Jul 29, 2010
Kavita Hi again!

The company who is doing the appraisals will send you a letter with your new assessment, and in the letter they will let you know how to go about scheduling a meeting to discuss your concerns. They will explain the process to you.
It's an informal meeting between you and 1 person. You can present your case - show any homes that you feel are similar and are assessed lower than your home. As I mentioned before, you will be able to look up all the appraisals on the internet.

When that time comes, if you want , reach out to me, and I can help you sift through similar homes to see if they are assessed in the same range as your home. If you can find similar homes that are assessed less than yours, you may be able to use them to make your case for a lower assessment.

Good luck, and I'd be happy to help you when the time comes!
Debbie

ps thanks for the best answer!
1 vote Thank Flag Link Thu Jul 29, 2010
Kavita - one can only hope!

Unfortunately, most everyone's home value has decreased over the past few years - in all towns.

The answer to your question may have to do with where in town you live, or what kind of structure you live in - , (for example, in other town re-evaluations , like Livingston, and most recently, Roseland, , many condo/townhome taxes went down - certain locations also affected the assessment and went down). On the other hand - some new assessments caused the taxes to increase, and some stayed pretty much the same.
Keep in mind that condition will aslo be factored into the new assessment - if you just put in a new kitchen, or finished a basement, that will be part of your new assessment. If you have put off doing major improvements - you might be happy you did!

Unfortunately, you wil just have to wait and see - but there is hope!
No one will argue the fact that the taxes in town do need to come down, as those higher taxes can certainly affect value.
The good news is - at least property taxes are still tax deductible!

Best wishes.......

Debbie Rose
Prudential NJ Properties
1 vote Thank Flag Link Thu Jul 29, 2010
The only thing you can really hope for is that your taxes will be "fair" compared to other homeowners. A lot of municipalities are broke, so even if your home is reassessed, they may increase the tax rate for the whole city in order to get adequate revenue. You just want to make sure you are paying a competitive amount for your property so that you don't have a hard time selling it later.
0 votes Thank Flag Link Fri Sep 24, 2010
My pleasure Kavita - good luck!
0 votes Thank Flag Link Fri Jul 30, 2010
Debbie, Thankyou very much. I really appreciate your time and useful advice.
0 votes Thank Flag Link Fri Jul 30, 2010
Debbie, Thanks again. Glad to hear that your taxes were lowered. Can you tell me the process you followed to dispute your new assessment (just in case i feel i need to do the same..)

William, thanks for your response too.

I agree, i think i will wait to see what my house will be assessed at, then decied if i need to apeal or not.
0 votes Thank Flag Link Thu Jul 29, 2010
Kavita, I know exactly whereyou are (I was over at the Bel Air condos just yesterday!), plus, I am an old W Orange gal 0 lived there for a number of years growing up!

I can't predict where home prices will be in a year, in W Orange, or any town for that matter. I am not expecting any kind of appreciation for the short term, and most predict a longer recovery...with prices stumbling along where they are, or slightly lower. It will vary from area to area.

That being said - I think I'd wat to see what your new assessment is before filing a tax appeal.
If you want, however, please feel free to email me, and I can give you the name of a local appraiser who has handled many appeals - he might be a good source, and can advise you at to the right timing for an appeal.

Good luck!
Debbie Rose
email: Debbie.Rose@PrudentialNewjersey.com
0 votes Thank Flag Link Thu Jul 29, 2010
Thanks for your response Debbie. do you think filing for a tax appeal at this time might help? or should i hold off until after the re-evals? The house next to mine (exactly like mine) sold a couple months back for 355K, i can surely prove that my house value has dropped tremendously (enough to make a difference).

Also do you think real estate market will go up in the near future in west orange?

I own a split level single family property. I am not sure what section i come under, i am on the border of livingston & west orange, just off of Rt 10 (near liberty Middle School)
0 votes Thank Flag Link Thu Jul 29, 2010
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