Question regarding real estate tax assessment

Asked by Meiplum, New Jersey Fri Jul 8, 2011

The property that I am interested in is zoned as "commercial" but it is a 3bed/1.5 bath residential corner house. Are the taxes higher because it is zoned as a "commercial"? Also, will a 1.5 bath be taxed as 2 bath or do they consider it 1.5 therefore taxes will be lower than if it was a 2 bath? Are corner houses taxed for both streets?

Thanks in advance!

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Janardan "Re…, Agent, Fort Lee, NJ
Tue May 14, 2013
Usually the commerical zoned property sells for higher value and therefore the assessments are higher.
Most weight in the assessment goes for building area, lot area, location and the age.The 2 bath is taxed slightly higher than 1 1/2 bath since there are more plumbing fixtures and load on the sewers.
The corner lots are taxes slightly higher since they have more street frontage and appeal but higher maintenance cost for the city.
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Don Tepper, Agent, Burke, VA
Fri Jul 8, 2011
You'd have to check with your local tax assessor. In general, though, properties zone commercial usually are taxed at a different rate--a higher rate, usually--than something zoned as residential. That's because the property can be used for other purposes, including (generally) greater revenue-producing uses. So the tax authorities believe that if you can earn more money off of something (a commercial property), then they have the right to ask you to pay more in taxes.

Same answer regarding baths: You'd have to check to see if 2 bath homes are taxed higher than 1.5 baths. Really, there should be no, or almost no, difference. Lots of factors go into a tax assessment, but the main ones usually are overall square footage, lot size, condition of property, and so on. Whether a property has 1.5 or 2 baths won't make much of a difference.

Are corner houses taxed for both streets? No. Your tax assessment is based on the assessor's judgment of value, as based on other comparable properties. If two streets are generally the same, then it won't matter at all.

Hope that helps.
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