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Market Conditions in Alpine : Real Estate Advice

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Sat Jan 29, 2011
Wendy Dessanti answered:
Hi, You've received some great answers. One very important thing to keep in mind in considering the assessment of a property in a community and the resulting taxes is what the assessment is based upon..another words some communities are at 100% valuation or close to that and some communities might be at as low as 42%, that is in Bergen County where I am a realtor. So you need to know and understand what the assessment is based on..sometimes called an equalization rate. You should also know what year the assessment was done to see if it's accurate or might possibly be appealed. Also, some communities may have very low taxes since there is significant amount of business ratables which helps support the residential taxes. Towns like Paramus and Englewood Cliffs are perfect examples. Towns may also have low taxes if their services are limited in towns like Alpine where they don't have their own high school. Of course, most of these towns have high selling prices. You have to consider that too.
Unfortunately, taxes are increasing. In New Jersey though, the Governor has made an initiative that communities should not be allowed to raise property taxes more than approximately 2% per year.
Hope this information is helpful to you. Please let me know if I can assist you, Wendy
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