In NJ, there is a state law saying that property values must be assessed at current market value. But, the same legislation says it only has to be done every 10 years. It is a large, expensive undertaking, so towns tend to stretch that out a bit. Wharton seems to have re-assessed at the top of the market. So, the assessments no longer reflect current market value. If there is a 15% difference between fair market value and the assessed value, you can apply for a tax appeal. Although you can do this without a lawyer, I recommend using a lawyer. It must be filed by April 15, and then you will get a date for a hearing, where you and the attorney will present comparable sales showing the fair market value. The tax assessor will defend the assessment, and the commissioner will hear both sides. The appeal may be granted or not.
William, I would start by consulting a professional real estate agent about what comparable sales in Wharton are, and whether you meet the 15% threshold. I'm pretty familiar with Wharton and would be happy to help.... more
I spoke with a real estate attorney about your question and he said the only one who will be able to give you a difinite answer is your accoutant. It does seems though that it is a 2008 transaction. I would think your accountant will know how to interpert the legal language... I think it's a great question. I would love to hear what your accountant said..
Keep us posted and good luck-
Karen Abramson.... more
Scott: That's the date of transfer, as far as I know. You get the deed from the former owner at that time. The attorney's office or title company then sends it to the county for recording; if it doesn't get there, there can unpleasant consequences about who has title to what. I've seen attorney’s offices that have dropped the ball and it wasn't done. Check with the county a short time after closing to be sure that the recording is complete. Otherwise, nobody knows, at least officially. I'd follow the Federal instructions to the letter. Even if wrong, that's often how they count things themselves. I this case you might ask an attorney if I'm correct but I'd say I'd go with the federal guidelines.