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Envoy Real Estate, LLC
529 Church Street
Bound Brook, NJ 08805-1728
(908) 698-9353
Email – bh@njtaxappealnow.com
Envoy Real Estate provides complete valuation support services for attorneys in need of tax appeal expert appraisers. We offer a range of consulting and appraisal services from basic data research and analysis to full appraisal needs. Reports are prepared for the specific venue and appeal stage you are facing. All assignments are scalable to the next stage of the appeal process. Client follow up is assured and expert witness services from a thoroughly experienced appraiser in the tax appeal arena with excellent verbal and communication skills are provided.
Envoy Real Estate can integrate our Valuation and Tax Appeal Services within your marketing plan. We recognize that your client relationship is valued and should not be put in question. Call us in to assist with any level of the tax appeal process. If you have a listing saddled by over assessment or a property under management that you need to evaluate for appeal potential, give us a call. Of course, we can also assist with a host of typical valuation issues as well ranging from estate valuation to financing and pro forma preparation.
I’m looking at properties in Piscataway, NJ and there seems to be a huge disparity in the taxes and different sections of the town. In particular, the home I’m looking to purchase is going for $224,000 but the taxes on the home are $7200 on an assessed value of $118,500! In pulling Piscataway’s average ratio, I can see that the average ratio for 2010 is 32.63 but I’m not sure what to do with this information.
Hi Lola,
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