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‘Tis the Season for Property Tax Appeals

February 1, 2019 By Kelly Gordon

If you currently own real estate in New Jersey, you have the pleasure of sharing in a property tax system that has the highest property tax rate as a percentage of property value (1.89%) according to www.tax-rates.org.  If you are frustrated about the amount of property taxes you pay, there are a few things you can do about it:

  • Move to another state. (My brother, who lives in Tuscon, Arizona, pays an amount of property taxes that I sincerely thought was a typo when I saw the listing a few years ago for the house he was under contract to buy it).
  • Move to a New Jersey municipality with a lower tax rate relative to property values.  For example, Harding Township and Bedminster Township are at the top of many buyers’ lists of desirable places to buy a home in our area because of their favorable tax rates.
  • Appeal your property taxes.  To decide if you have a good chance of prevailing in an appeal of your taxes, you should collect some information:

1) Your 2019 tax assessment as published on the Tax Assessment Card (the little card that usually arrives in the mail at the end of January or in early February from your municipality
2) Your municipality’s average tax ratio (The New Jersey Division of Taxation website includes the average tax ratios for municipalities in Hunterdon County, Somerset County, and Morris County).
3) Information about the sale prices of three to five homes comparable to yours in your township that sold (i.e., closed) between October 1, 2017 and October 1, 2018.  The closer they are in style, square footage, acreage, and neighborhood to your home, the more likely they are to be considered comparable.  Note that sales that are considered “distress sales,” e.g., foreclosures or short sales, may not be recognized as comparable sales because if they are anomalous in your neighborhood (this may not help you on your tax appeal, but it’s a good thing for your property’s market value if you don’t have a lot of distress sales in your neighborhood).

So what do you do with this information? When you divide the total assessed value on your 2019 Tax Assessment Card by the average tax ratio for your municipality, you arrive at the property value that your municipality thinks your property was worth between October 1, 2017 and October 1, 2018 (which is the relevant period for this valuation for 2019 taxes).  The same New Jersey Division of Taxation website will also give you the high and low margins of error for each town (+/- 15% around the average ratio).

Here’s an example:  A homeowner in Tewksbury Township has a property for which the total assessment is $416,500.  The average tax ratio for Tewksbury Township for 2018 is 81.46%.  This means that the township thinks her house was worth $511,293.89 between October 1, 2017 and October 1, 2018.  She believes this is not the case.  However, the township is given a little latitude in its +/-15% margin. Because 1.15% of the township tax ratio (the upper limit of the tax ratio with the 15% margin of error) is 93.68%, this hypothetical homeowner must show that her house was worth less than $444,603.38 in that period in order to prevail in her tax appeal.For additional resources in appealing your taxes, a straightforward guide to property tax appeals in New Jersey is available in a brochure published by the state.  If you have questions regarding the market value of your home as reflected by recently-closed properties similar to yours, contact Leaf, Realtors at 908-975-9756 for information specific to your property.   Of course, if you want to move to Harding or Bedminster, or if you live there already and decide to move to Tucson, Arizona or anywhere else, contact us to find out about the Leaf, Realtors’ solutions for selling or buying a property in New Jersey in today’s real estate market.

Filed Under: Uncategorized Tagged With: property tax appeal, property taxes, real estate, real estate news, sellers, tax ratios

SOLD! 17 Beavers Road, Tewksbury Township, New Jersey — $610,000

February 20, 2013 By Kelly Gordon

17 beavers exterior high shotThe sale of this home has a special place in our real estate hearts.  Prior to connecting these buyers and sellers, the sellers had been frustrated with the outcome of their efforts to sell their property — after lots of agent showings and well-attended open houses, they still didn’t have an offer that was acceptable to them, so they took their house off the market for a break.  Relocating from overseas, the buyers had viewed scores of properties in the Tewksbury/Mendham/Somerset Hills area and were frustrated that they couldn’t find a property that fit what they were looking for.  After introducing the buyers to the sellers, it was clear that we had a match that benefitted everyone — the buyers found a home that was a far better fit than anything else they had seen before and the sellers were able to complete their move without disrupting their household to market their home.
Congratulations to P.B. and J.D. on the sale of their home and we welcome A.W. and S.W. and their family and congratulate them on purchasing a home in Tewksbury.
If you’d like to learn more about finding buyers for your home without listing your home on the Garden State Multiple Listing System or finding properties not currently on the market, let us know.
 

Filed Under: Buyers, Real Estate Listings, Sellers, Swimming Pools, Tewksbury Schools, Uncategorized

How Are Those Tax Returns Looking?

February 7, 2013 By Kelly Gordon

From the mortgage interest deduction to energy tax credits, here are tax tips to help you get a jump on your returns. Read

  • Common Tax Mistakes Mistakes To Avoid When Filing Home Taxes

    9 Easy Mistakes Home Owners Make on Their Taxes

    Don’t rouse the IRS or pay more taxes than necessary — know the score on each home tax deduction and credit. Read

  • Mortgage Interest Deductions Home Equity Loans Interest

    How to Deduct Your Mortgage Interest & Equity Loan Costs

    Deducting mortgage interest, as well as interest on home equity loans and HELOCs, can save money on taxes. Read

  • Work From Home Deductions Home Office Deductions

    What You Can and Can’t Deduct When You Work From Home

    Working from home can offer many advantages including tax deductions. Just take care what you try to write off for your home office on your return. Read

  • Home Deduction Mistakes Traps For Home Deductions

    6 Home Deduction Traps and How to Avoid Them

    Get an “A” on your Schedule A Form: Dodge these tax deduction pitfalls to save time, money, and an IRS investigation. Read

  • Visit houselogic.com for more articles like this.
  • Copyright 2013 NATIONAL ASSOCIATION OF REALTORS®

Filed Under: Uncategorized

SOLD! 7 Lenore Road, Tewksbury Township NJ — $505,000

August 23, 2012 By Kelly Gordon

This architecturally-interesting international-style home is beautifully-sited on a wooded lot on a cul-de-sac of other contemporary homes.  Rectilinear lines, multiple exterior balconies, extensive arrays of windows, and an open floor plan distinguish it from other contemporary homes typical of our area.  The sellers of this home benefitted from Leaf, Realtors’ extensive network in finding international relocation buyers who appreciated the superior location and architectural values of the property.  As a result, the sellers of this home were able to achieve their goal of finding a buyer quickly so they could move forward with their plans for their next home.
Congratulations to the sellers,  K.K., F.K. and M.K.!  We’ll miss you as our neighbors and wish you well in your new home!  Congratulations to buyers J.S. and M.S. and your family on finding a new place to call home!  Welcome to the neighborhood!

Filed Under: Hunterdon County Real Estate, Leaf Realtors, Real Estate Listings, Tewksbury Real Estate, Uncategorized Tagged With: 7 Lenore Road, contemporary, hunterdon county real estate, international relocation, international style, relocation, tewksbury real estate

An Opportunity for a Random Act of Kindness

July 25, 2012 By Kelly Gordon

Do you sometimes wish you could do more to help someone in need?  Here’s your opportunity to do a little thing that means a lot to the recipients and their families.  The Young Professional Network Committee (YPN) of the Hunterdon/Somerset Association of Realtors will be conducting a blood drive for the Community Blood Council of New Jersey on Thursday, August 2nd, 9am-12pm. The blood drive will be at the board offices at 3461 Route 22 East, Building B in Branchburg, New Jersey.  Please pick up your phone now to call Annette at 908-725-3117 ext. 12 to schedule a time to give a little of yourself and potentially save a life.

Filed Under: Uncategorized Tagged With: branchburg

Spring Cleaning for a Good Cause! VNA Rummage Sale at the Far Hills Fairgrounds

March 19, 2012 By Kelly Gordon

If you’re like us, you’ve been meaning to clean out your closets and get rid of those jeans from high school and that breadmaker that you bought before you realized that you were gluten-sensitive, but just haven’t been able to get around to it.  If only you had a deadline….
Well, here’s your deadline:  April 25, 2012.
The Visiting Nurses Association of Somerset Hills will be hosting its bi-annual Rummage Sale at the Far Hills Fairgounds on May 4-6, 2012 and are accepting donations from April 7-25, Mondays through Saturdays, 10am-1pm.  It’s really easy to donate — just fill your car with clothing, furniture,  sporting goods, furniture, kitchen equipment, books, etc. and drive to the Fairgrounds on a donation day and volunteers will unload your car.  According to the VNA website, 100% of the proceeds from the sale go to VNA programs to enable the organization to care for people who are uninsured or underinsured.
For more information about the rummage sale, donating, and volunteering, see the VNA wesbite.  For advice about how to declutter your house in preparation for putting it on the market for sale, contact Leaf, Realtors at 908-975-9756.
Oh, and while you’re in Far Hills (and in all likelihood falling in love with the area), take a look at some of the homes for sale:

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Filed Under: Home Improvement, Uncategorized Tagged With: Far Hills, Somerset Hills, spring cleaning, VNA Rummage Sale

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Oldwick, NJ 08858
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