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Can you get a reassessment based on the purchase price of a home?

For example, if the taxable value in 09 is $470k but if you purchase a house at 360k, can you ask for an appeal?  Would this trigger reduced taxes for all the other townhouses in the same complex?
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March 25 2009
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Answers (1)

With regards to your question, tax appeals are based on true market value. In 1973 New Jersey adopted a formula known as Chapter 123. In appealing your taxes, you can go before the Board, and if they determine your Market Value to be 15% or more below Equalized Value, then your taxes will be reduced. 

The way you can tell if your appeal would be warranted would be to divide you Assessment by your Tx Ratio as follows;

Assessment divided by the Ratio times 100 will give you your properties Equalized Value.  

The time period to be uililized for Comparable/Similar Sales would be in the Range of 10/01/2008 to 10/01/2009 for this coming years, 2010, Tax Appeal filing season. Typically Tax Appeals can be filed with the County  after Jan 1st and by Apr 1st. Dates may vary, ask your local Tax Assessor's office.

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July 16 2009
 
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