Home Buying in 07450>Question Details

Jay, Home Buyer in New Jersey

House in Glen Rock and Ridgewood

Asked by Jay, New Jersey Tue Sep 23, 2008

I am looking for a house in Glen Rock and Ridgewood. These towns had their house revaluation recently (2007 and 2008). Are these new assessment a good indicator on how much I should offer? Thanks.

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Answers

4
No. The only purpose of assessed values is to levy taxes accross the municipality as fairly as possible. That does not mean that they are fair, just a best effort of fairness. They don't take into consideration decor, layout, small improvements... that affect value. The best way for you to determine value is based on comparable homes that have sold and the easiest way to get those is from a qualified Realtor or appraiser.

Feel free to contact me for more information. I don't make money for referrals, just my inspections.

Rafi Footerman
Mid Jersey Inspections
732-906-4100
NJ Home Inspector Lic. #076900
0 votes Thank Flag Link Wed Nov 10, 2010
Hi Jay,
The answer to your question fluctuates constantly. Ridgewood is currently selling from 94-97% of assessed value. go to http://www.tavinrealtors.com and click on Market Snapshot. for up to date quarterly info.
Tax assessed value verses true value is just one of several indicators for accurate value.

When considering a home, research how much other homes have sold on the street. I'd be happy to send you this info. Consider how much you will need to invest in the home to bring it to a comfortable and usable setting for your family. Add this figure onto your sale price and weigh whether this figure brings the home to an 'over-improved' status.

E-mail cgubb@tarvinrealtors.com if you have further questions.
Good Luck,
Chris Gubb
0 votes Thank Flag Link Fri Nov 5, 2010
The town wide assessment is a snapshot in time giving a value to each house in the town using the same precise criteria for ac house so whilst it may be a fair idea of value at the point when the assessment was done as time goes by it has less and less relevence.We Realtors can use the assessed value sometimes when preparing comps. For example if house A just sold for $500,000 and the assessed value is $300,000 then we can estimate the value of house B where the assed value is $250,000 (500,000 divided by 300,000 X 250,000). Clearly as time passes this becomes less accurate as it does not take into account home improvements etc.
0 votes Thank Flag Link Tue Sep 23, 2008
Hi Jay,

Absolutely not. Assessments often have nothing to do with market value. They are often based on out-of-date information, or even quite commonly information that was never accurate to begin with.

They obviously also fail to account for seller motivation and often do not reflect physical, functional, and external obsolescence observed on the property.

Evaluate potential properties individually, either on your own or with the help of an excellent agent. Assessment is a meaningless statistic for the most part.

-Marc

Marc Paolella
Relocation Director
Member, Worldwide ERC
Licensed Realtor NJ
Licensed Appraiser NJ & NY
Century 21 Joe Tekula Realtors
Phone (direct): (973) 584-4235
Fax (973) 584-5092
e-mail: marc2000@verizon.net
Web Reference: http://www.marcpaolella.com
0 votes Thank Flag Link Tue Sep 23, 2008
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