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Little League is one thing you can post about on Patch. (Patch file photo)
Little League is one thing you can post about on Patch. (Patch file photo)
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John Reynolds April 16, 2014 at 10:15 AM
Paul, I googled "New Jersey tax assessment appeals" or something like that and followed the links. I looked at a couple of sites a few weeks ago , but didn't bookmark them. According to http://www.camdencounty.com/sites/default/files/files/TAX%20GUIDE%20PUBLICATION.pdf, you can't use a foreclosed price in an appeal for a property you bought recently.
Joshua Berry April 16, 2014 at 10:43 AM
Hi John. I read the flyer. The exact language is: "If I recently bought my property, is this purchase price considered? Yes, but it does not dictate a change in assessment. Uniformity of treatment requires that value adjustments not be made simply due to a recent sales price. The subject property’s sales price may not necessarily be conclusive evidence of true market value., e.g.: foreclose or estate sale, and is not binding upon the Tax Board. The circumstances surrounding a sale are always important." The way I read this, it doesn't matter if it is a short sale but they will take into consideration comps that are foreclosures. This makes sense as a property might be trashed thus be very cheap. On the other hand a short sale might be short because it was over-leveraged, purchased at height of market but still be in great condition. I don't see anything here that says the county will not consider short sales in comps. Good luck.
John Reynolds April 16, 2014 at 12:22 PM
When the foreclosed and short sale homes in my neighborhood that are listing from 30% - 40% under their accessed value sell, I will pay my $5.00 fee and file an appeal and see what happens!
Holly Pannabecker Sikora May 13, 2014 at 09:42 AM
We recently appealed the taxed on a property we own in Breckenridge. Amusingly, the "officials" who were hearing arguments from the Gloucester Township residents had a differing opinion about what "market value" means. On resident presented a comp which was within the window of time that is in the appeal guidelines. The home was listed for sale and sold within 30 days. the property tax appeal council rejected this comp, they said "If a house sells in 30 days, that is not considered market value, they priced the house too low. A house should take approximately nine months to sell to be considered a fair market value." They totally disregarded the fact that perhaps the sellers were realistic in this market and priced the house fairly.
D.Brown May 14, 2014 at 10:31 AM
Who is on the panel?

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