wnyc.org / 93.9fm / am 820

adsf - In most NJ towns reevaluations take place every 5-10 years. It's really arcane, and actually has nothing to do with the market value of a house. When I bought my house in 2005 for a little over 300k the tax evaluation for it was 120k based on the 2001 assessment. When they reevaluate in the next year or two, it will go up to the current market value, but my tax bill won't really change that much unless the town's budget does.

If evidence from a sale shows that the property has declined in value, are comparable properties automatically readjusted or does each individual property owner have to appeal on their own?

Over a decade ago I fought and won an assessment increase at a time of rising housing prices. I had solid evidence that the house was over-assessed. In NYC, few assesssments are individually based. Shortly thereafter, there wasa general lowering of assessments, so I was lowered again. Get your evidence and fight!

how frequent are appraisals in this town?

i assume they are a year or two at most or else the appraisal is corrupt.

We bought a home a year ago in Eastchester and because the sale price was 20% below the appraisal, the town lowered the appraisal. All we had to do was ask.

Do things work differently in NY than in NJ? My impression is that it's easier to appeal in some areas than in others.

did budgets double or triple in the years 2000-2007 as housing prices did?

Are towns allowed to save extra cash in the good years for a "rainy day?"

The number on a tax evaluation is only relevant as it relates to the other homes in the community. If a particular house or neighborhood were trending differently from the rest of a town, then an appeal might make sense. Also, when a reevaluation takes place, it doesn't effect the total tax bill for the town. It just effects how that bill is sliced up among individual home owners.

1-huh?

NJ has TOO MUCH local government that's why!!