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Home Buying in 07067 : Real Estate Advice

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Activity 2
Wed Aug 5, 2009
Lawrence T. Mraz answered:
Taxes in New Jersey communities are based on the "assessed value" of the home. That assessed value is multiplied by that years' tax rate to arrive at the annual taxes to be paid. The assessed value does not change when a home is sold. It only changes if there is a total re-assessment of all properties in the town. When the municipal budget is approved each year, a tax rate for the year, expressed as a rate per $100 of assessed value is determined. That means that all residential taxes go up proportionately.
So if the home you own today has taxes of $24,000 per year (which as a resident of Colonia tells me that the home must be a very expensive one), then the future taxes should present no more of an impediment to selling than they would today, all other things being equal. By the way, I think that a 5% increase per year is a bit on the high side.

I hope that this helps.
Larry Mraz, Prudential New Jersey Properties 732-715-5849 (cell)
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Thu Apr 2, 2009
David - Appraiser answered:
There are always comps, regardless of the type of real estate. Land can be more difficult, especially if vacant or raw land with no improvements. If you are looking to purhcase or sell, it may be beneficial to you to contact an appraiser to assist in determining a selling or purchase price. In some instances and type of real estate, one has to go farther out (distance from the subject property) and/or farther back in time to find comps. With land, sometimes it is necessary to choose different size parcels as comps. Whether the comps are farther away, larger or smaller, and/or older sales, there are necessary adjustments that need to be made to determine the current market value thereby enabeling one to determine a reasonable selling or purchase price. ... more
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