JmNYC, Home Buyer in New York, NY

How to get Taxes Reduced based on a Sale?

Asked by JmNYC, New York, NY Mon Oct 25, 2010

I am closing on a house next month. The assesed price is much higher than the sale price. How do I go about getting the taxes adjusted based on the sale price? Can this start once the contract is signed - or after closing?

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Marc Paolella’s answer

You can't. The assessed price doesn't have much to do with the sale price. You can attempt to file a tax appeal once you own the home, however most tax appeals fail. You have to prove that your house is taxed unfairly compared to other similar homes. It doesn't matter what you are paying for it. What matters is this: are the taxes on this home significantly higher than other similar homes in the neighborhood? Usually it turns out that they are not, and the tax appeal is not granted.

Good luck though!


Marc Paolella
Relocation Director/Appraiser
Century 21 Joe Tekula Realtors
201 Route 10 East
Succasunna, NJ 07876
Phone (direct): (973) 584-4235
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1 vote Thank Flag Link Mon Oct 25, 2010
You should contact a tax appeal attorney who specializes in tax appeals. Many of them only charge a percentage of the savings only if an appeal is granted. Experience has shown you don't want to go through the process without one. Good Luck!
0 votes Thank Flag Link Mon Sep 9, 2013
As I understand it, there is a law in New Jersey that no home can be assessed for more than the home can sell for, and that the appeals must be filed by April 1 of each year. You should definitely check out your situation with a tax attorney like Jeff Horn.
0 votes Thank Flag Link Sun Oct 31, 2010
There is a timeframe each year when you can appeal your taxes. There are companies who will help you with this. However, assessed price is not necessarily based on actual value. There is a calculation that is done with the ratable for the town. Sometimes, when the assessed values are raised, the ratable is lowered. It really depends on how your home is assessed in comparison to comparable homes.
Once you own the property, reach out to tax attorneys who will be able to guide you better.
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0 votes Thank Flag Link Wed Oct 27, 2010

Marc is spot on as usual. If you would like a second opinion, google Jeff Horn, Toms River. He is a tax appeal attorney. His assistant (also an attorney) will provide you with an opinion as to your chances of a successful appeal. I've atttended seminars by Jeff and referred clients to him as well who were very happy.

Good Luck!

Francesca Patrizio, Broker, ePro, SRES
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0 votes Thank Flag Link Mon Oct 25, 2010
You can appeal your property tax assessment each year once you own the property. There is a standard process for each property in Monmouth County. We provide a service to help homeowners to appeal their property taxes. Please give me a call to discuss your situation.

Robert Bond
Better Homes Realty
65 First Avenue
Atlantic Highlands, NJ 07716
0 votes Thank Flag Link Mon Oct 25, 2010
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