NJ property tax assessment appeals 02/16/2010
By now most of NJ property owners have received their property tax cards. As a home owner myself, I looked at my total property assessment and tax ratio to calculate the assessed value and if it is in line with what I think my property is worth. Most home owners don't know what the tax ratio is for their town. So if you look at the total assessment, you may think that is what the town thinks your property is worth, not so. You need to do a little math and you need to know what the tax ratio is for this year. But how do you find out? Answer: You can either call the tax assessors office and ask them what the tax ratio is or you can look it up online at the Department of Treasury – Division of taxation. In order to calculate what the town thinks your property is worth take the total value assessment (TV) and divide it by the average ratio percentage. Example: in Caldwell the Average ratio is 91.92%. So if a property has a (TV) of $350,000 divide it by 0.9192 (must convert the percentage into a decimal). $350,000 / 0.9192 = $380,765.88 this would be the value the town thinks the property is worth. Now in order to file a tax assessment appeal following the Chapter 123 rules the property would have to be worth less than the Upper limit ratio. On the above website use the Upper limit ratio to see what your property would have to be worth less then. Example: In Caldwell the Upper limit ratio is 105.71%. So do the same calculation as before, but use the Upper limit ratio. $350,000 / 1.0571 = $331,094.50 This is what the same property would have to be worth less than in order to continue with a tax assessment appeal following chapter 123 rules. But how do you know what your property is worth and how do you prove it to the tax board commissioner or tax court judge? The best way is to hire an expert witness who hasexperience and knowledgein the tax assessment appeal process. Have your property appraised by a State Certified real estate appraiser from Appraisal Authority. Kevin Burkhardt has testified in the New Jersey County tax boards and tax courts as an expert witness for over 15 years. The cutoff date for filing a NJ property tax assessment appeal is April 1, 2010. The burden of proof is on the home owner to prove the value of their property. If you would like more information on the appeal process please contact Appraisal Authority now. I will look up and calculate the Chapter 123 ratio's for you for free. If you then feel you would like to proceed with the appeal process and increase your chances of getting a reduction in your tax assessment contact Appraisal Authority now! Add Comment Livingston - market absorption analysis 02/08/2010
ABSORPTION ANALYSIS: Market analysis in the town of: Livingston As of : 02/08/2010 Data includes only 3+ bedroom single family homes in the subjects same town/zip code. Condominium and multi family homes not included. Time Period: 12 Months. # of Closed Sales: 249 Absorption Rate: sales/12 months (S/12= ) = 20.75 # of Listings: 88 # Months Inventory (L/AR= ) {# Listings/Supply (Absorption rate)} = 4.240964 Months Based on the 12 month market analysis, supply and demand are considered to be: In balance Data obtained from the Garden State MLS. Price range of closed sales: $245,000.00 to $2,150,000.00 Price range of active listings: $250,000.00 to $2,888,000.00 North Caldwell - market absorption analysis 02/07/2010
ABSORPTION ANALYSIS: Market analysis in the town of: North Caldwell As of : 02/07/2010 Data includes only 3+ bedroom single family homes in the subjects same town/zip code. Condominium and multi family homes not included. Time Period: 12 Months. # of Closed Sales: 60 Absorption Rate: sales/12 months (S/12= ) = 5.00 # of Listings: 33 # Months Inventory (L/AR= ) {# Listings/Supply (Absorption rate)} = 6.6 Months Based on the 12 month market analysis, supply and demand are considered to be: In balance Data obtained from the Garden State MLS. Price range of closed sales: $400,000.00 to $1,610,236.00 Price range of active listings: $390,000.00 to $2,999,000.00 | Kevin BurkhardtNJ, NY and PA State  Kevin Burkhardt Proprietor of Appraisal Authority LLC Contact
|
RSS Feed