It is impossible to say based on the information your put in the post. However, if you take the assessment as shown on your card and divide by the equilization ratio, you will be able to see what the assessor’s estimate of the market value of your home to be. If it is significantly above the market value, (as of October 1, 2009), then you may have an appeal case. If Lopatcong was revalued or underwent a townwide reassessment in the current tax year, then you have until May 1 to determine what you will do. If the town has not undergone either of these options then you MUST file by April 1.

There are numerous options for researching sales which are detailed in the body of this site. If you have any difficulty or want to discuss your property in more detail, please get back to us.

I hope this helps.

Thanks for your question. You would take the total assessment of $118,500 and divide it by the tax ratio of 32.63, ($118,500 / 0.3263 = $363,162). This amount is what the assessor has as the market value of the home in question as of October 1, 2009. If you buy the house for $224,000 and it is not a foreclosure or duress sale, then there is a strong chance the home is over assessed. Of course you would need to search for other sales to support this.

Your taxes are calculated by dividing the assessment by 100 and multiplying by the tax rate. Given the town ratio is 32.63%, there is a strong chance of a town wide revaluation in the short term. You can call the assessor in town and ask if they have a planned revaluation. As for the variance between sections of town, this is the result of a long term in between town revluations. The revaluation is supposed to smooth out variances like this.

Hope this helps you

Thanks,

Rebecca

Thanks for the question. In Maywood, (Bergen County), the 2009 equalization ratio was 101.54%. It looks like the town was revalued in 2007 for the 2008 tax year when assessments were projected at 100%. In order to see what the assessor estimates your home value to be, you would divide $347,000, (assessed value as per your post), by the ratio, (101.54% = a factor of 1.0154). The calculation is $347,000 / 1.0154 = $341,737, (The estimated market value as of October 1, 2009).

If you are in the Maywood in Bergen County, and the assessments discussed above are accurate, then in order for your appeal to be a success, you would have to prove market value of the home is in the $300,000 range. This reflects the lower end of the value corridor. I’m not sure how you came up with the $395,000 value unless I have the town confused with another of the same name. Please tell me if you are not in Bergen and I will re-visit the math.

If you do think sales support a value low enough to warrant appeal, and the town has NOT revlaued or undergone a town wide reassessment for the current year, then you must file the appeal paperwork by April 1. At this stage you would have to prepare for a County Board hearing.

I hope this was helpful. If you do intend to file for appeal, please follow up. I know this site can be helpful.

NJTaxAppealNow.com Administrator