Homes were destroyed and families ripped apart when Hurricane Sandy hit New Jersey and New York areas on October 29th, 2012. Relief efforts have been an ongoing process, bringing the NJ community together. Property tax reassesment may provide some relief to affected home owners.
What Sandy victims need to know now
There are two days left for Sandy victims to make the most of a New Jersey statute to their benefit. Homeowners who have had their properties affected by the storm may opt for a reassessment prior to their upcoming tax bill.
What does this mean?
Those who have had damage inflicted upon their homes due to the storm and opt for the reassessment will most likely have lower property taxes. The details of how this will be implemented are not clear yet. The stipulations for qualification are any home which was negatively affected due to disaster or fire between October 1 and January 1.
How to do it
Contact your local municipal tax assessor by writing a letter of interest in this reassessment. Letters are due by January 10, 2013, just two days. You will then have a visit from an inspector who can give an official assessment of your property, which should be available next month. Appeals are accepted until April 1.
Appraisal and assessment figures are often mistook for one another. As a New Jersey home buyer and home seller, it is crucial to distinguish the difference between these two terms. Below are an explanation of appraisal versus assessment figures in New Jersey.
What Are Asessment Figures
New Jersey charges a tax on residential real estate. The amount of the tax is derived from a pre-established rate multiplied by an assessed value of a piece of property. Assessments are used solely for levying taxes and do not necessarily reflect the market condition. Every city accounts for assessed value in a different manner. They often include land area, interior square footage, and exterior components such as decks. New Jersey can re-assess real estate values and/or increase the property tax percentage on an annual basis.
What Are Appraisal Figures
An appraisal is a estimation of a property’s market value by a authorized professional based on definitive calculation methods. Banks obtain the services of appraisers to determine the value of a property in relation to to the loan amount. Appraisers normally evaluate at least three other homes that sold within the last 6 months within the same neighborhood. Since the New Jersey real estate market can increase or decrease very quickly within a time frame, reviewing relevant sales is very important to a valid appraisal.
An Explanation Of Appraisal Versus Asessment Figures
The market value of a New Jersey home is ascertained by what a buyer is willing to offer, which can change at any time depending on factors such as availability of options. Buyers should be careful when equating assessed values with the purchase price of a home. Assessment values are used exclusively for tax purposes and do not increase and decrease as often as the real estate market does. Some towns infrequently alter assessed values and can increase tax percentages instead. Only an appraisal can offer a true reflection of the market value of a New Jersey property.
This blog post regarding an explanation of New Jersey appraisal versus asessment figures was compiled by Sujatha Bhaskara at Keller Williams Realty. For additional resources on this and other real estate topics, contact Sujatha at 732-319-1340 or firstname.lastname@example.org.