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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33726
Experience:  15 years real estate, Realtor. Landlord 26 years
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I purchased a home this past April in Brick, NJ. The

Customer Question

I purchased a home this past April in Brick, NJ. The purchase price is significantly below value that Brick is taxing me at (purchase $137k, taxed @ $216). When I contacted the township office, they indicated my only option for an adjustment was NEXT year. My property taxes are around $4,600. Is that truly my only option, and if not what are they ?
Submitted: 2 months ago.
Category: Real Estate Law
Expert:  Barrister replied 2 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney whowill try my very best to help with your situation or get you to someone whocan. There may be a slight delay in myresponses as I research statutes or ordinances and type out an answer or reply,but rest assured, I am working on your question.

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Having been a real estate investor for over 26 years, I can unfortunately confirm what they are telling you.. Property values can only be adjusted once a year and if that adjustment time has passed, then the current assessment stands for this year.

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Your recourse is to file a petition to have the taxable value reduced to the purchase price for next year and any subsequent years and to file an appeal if they deny the reduction or negotiate an agreed value for it that is reasonable.

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I purchase foreclosures, which typically sell for 50-70% of actual value and have to argue with the property tax assessors every time to negotiate a reduction in price to close to what I paid for the property.

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thanks

Barrister

Customer: replied 2 months ago.
when you state that I can file a petition, is that something a layman can do, and if so what document do I need to file ?
Expert:  Barrister replied 2 months ago.

Yes, the taxing authority will normally have a form that you can fill out to contest any appraisal and attach any supporting documentation. So you would get the form and then attach a copy of the closing statement or deed or whatever you have to show what you paid for it. They normally don't put up too much of a fight in adjusting down the value although they may haggle a little if the property is clearly worth more than you paid. I just paid $136K for a house that is easily worth $200K and haggled with them a bit to get them to agree to $143K as the taxable for next year..

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thanks

Barrister