But Will They Reasses on the Downside?
Monmouth County is ordering Red Bank to reasses property values in town given the sharp rise in real estate prices in recent years. When prices go down, as they already appear to be doing, will property values be readjusted to the downside?
Seriously does anyone know if a process exists for lowering the assesed value of a property? When I eventually buy a $750,000 house (today's price) at the Shore for only $450,000 (October 2007 price) I do not want to pay property taxes on a 2005 assesed value.
"RED BANK — Property owners, hold on to your wallets. The borough's been ordered to conduct a tax reassessment.
The good news, said borough officials, is that the county-ordered reassessment isn't as expensive or intrusive as a full-blown revaluation. But it's only been four years since the borough conducted a revaluation in 2001, said Matthew Clark, Monmouth County tax administrator.
A revaluation requires inspectors to look inside homes and businesses for improvements that affect the property value, he said. A reassessment is done using current sales data, Clark said."
More....
Seriously does anyone know if a process exists for lowering the assesed value of a property? When I eventually buy a $750,000 house (today's price) at the Shore for only $450,000 (October 2007 price) I do not want to pay property taxes on a 2005 assesed value.
"RED BANK — Property owners, hold on to your wallets. The borough's been ordered to conduct a tax reassessment.
The good news, said borough officials, is that the county-ordered reassessment isn't as expensive or intrusive as a full-blown revaluation. But it's only been four years since the borough conducted a revaluation in 2001, said Matthew Clark, Monmouth County tax administrator.
A revaluation requires inspectors to look inside homes and businesses for improvements that affect the property value, he said. A reassessment is done using current sales data, Clark said."
More....
posted by Little_Silvered at 3:25 PM
1 Comments:
Reassessing in this environment will result in the same thing as the madness that takes place in a crowd.
The owners will all go made together, but regain their sanity one by one. In this case by filing tax appeals.
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