Comments on: Basking Ridge Tax Assessment and Sale Price….is there a connection?

By: Christie

Christie — Fri, 26 Mar 2010 14:10:33 +0000

My calculation for Basking Ridge assessment change for 2008 vs 2009 is 4% drop. Another thing I want to add is that have been talking to several township’s assessors, my feeling is that the town/assessor just do not want to have any appeal for the assessment, which could cost them a lot of money to handle. So they seem to be willing to do adjustment if the sold price is much lower than assessment. This also promotes tendency to have 2010 assessment much lower so not to promote the issues of demanding reassessment for the town and court/ lawyer fee from appeals. Milburn is having 380 appeal cases. The town is swamped.

By: Christie

Christie — Fri, 26 Mar 2010 13:45:18 +0000

I have to say that while in the process of searching for a house in this area, we had generated our own sold price vs asking price, vs assessment value data sheet. Our data showed that from April 2009 to October 2009, basking ridge houses were sold at 2.5% of 2009 assessment (by median) and 1.9% by average for colonial style in price range of 700-950k. For the corner lots, this number is even lower. About tax adjustment on a property that the sold price is lower than the assessment of that year, I had asked the township. The reply is if the sold price is 20k lower than the assessed value, then the township will come out to do a physical reassessment, then go from there.

By: Basking Ridge Tax Assessments

Basking Ridge Tax Assessments — Mon, 01 Mar 2010 17:24:23 +0000

[...] assessments in Basking Ridge follow the market – NOT the other way around. I wrote about this in June and I do often analyze sale price to tax assessment when working with buyers and sellers – [...]

By: Jennifer Blanchard

Jennifer Blanchard — Mon, 04 Jan 2010 18:37:56 +0000

Based on what I found on the township website, it doesn’t appear that YOUR home will be assessed based on the other homes where the assessor had access though I’m sure that information is part of the equation. See below:

All assessments are based on market trends by neighborhood, styles, size as of October 1, of the pretax year. Ratable totals may increase or decrease depending on these trends and the property condition.

All properties are scheduled for re-inspection on a four-year rotation, which enables the adjustment of our property data base for alterations and improvements that may not have had building permits. Any properties not physically inspected will be estimated based on typical attributes of comparable housing. Annual reassessing and the re-inspection process contribute to more equitable and uniform assessments throughout the Township.

By: Jamie H.

Jamie H. — Mon, 04 Jan 2010 18:35:32 +0000

If you don’t allow a tax accessor into your house…how is property tax determined. I thought it was just based on the tax departments assessment of other homes in your neighborhood (where people let them in). Is it based at all on sale prices of homes in your neighborhood…or based on the sale price of your house if you recently bought it?