Real estate taxes are complicated. However, I would like to use my experience to help you get a better grasp of how they work.
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After 14 years as a professional Realtor in New Jersey, I’ve picked up quite a bit of information about real estate taxes in this state. I’d like to share some of this wisdom with you today.
The first thing to keep in mind is that real estate taxes are complicated. A Rutgers professor recently stated that a big portion of New Jersey’s budget goes to schools and public services, and there are no real savings in combining town services. This is a great thing, because New Jersey is known for its good schools.
Commerce is also a big driver for taxes. A friend of mine recently told me that once a Costco was completed near her house, her taxes went down.
Commerce is a big driver for taxes.
If you are buying a home and it was cleaned up or improved in any meaningful way, you should call the tax assessor's office to see if the taxes on your home will go up. If you’re selling and thinking of making repairs, you should also give the tax assessor’s office a call before you make your decision.
Homeowners who fix up their home and don’t tell their town need to disclose that information with the buyers up front. Buyers all want to know if homes will go up in taxed value after the close. Most towns in New Jersey do not release the value after close, but there are some towns that do tax you based on the market value of the home after the sale is closed.
Lastly, your taxes and property values work together. If you have low taxes, it’s likely that your property values are sky high. If you have high taxes, like in West Orange, you typically have lower-priced homes.
If you have any questions about real estate taxes in New Jersey or anything else relating to real estate, give me a call or send me an email. I look forward to hearing from you.
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