Asked by Ihaveaquestion, Fanwood, NJ • Fri Mar 30, 2012
First time homebuyer here - I'm looking to buy a house in the area, and I've noticed that some of them are assessed much higher than their actual current value. I suppose this is not surprising given the market conditions.
I've looked up the ratios and done the calculations, and I understand that you can appeal a tax assessment if it's off by more than 15% (which appears to be the case for some of the listings I've seen). How likely is it to successfully appeal the assessment if the purchase price of the home is, say, 30% less than the current assessed value?
I also understand that normally there is a deadline of April 1 to appeal a tax assessment. So does that mean if I buy a house in May, I'm stuck with the higher tax assessment until 2013? Or can I have the house reassessed at the time of the purchase, thereby reducing my tax bill for the portion of 2012 in which I'll own the home? Thanks!
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