I am interested in a newly constructed townhouse in Gloucester County, NJ. There is no tax information listed, so I looked at other townhouses in the development, but the range was anywhere from $7000-$9000/yr, which is a large range. I would like to find out a more exact value before I purchase this home. How do I get this information if it is a new construction, with no previous year's tax information?
2007-12-06 01:22:35 · 5 answers · asked by lisalpharmd 1 in Business & Finance ➔ Renting & Real Estate
Contact the county or a realtor to get the tax rate in the county and then assume that the assessed value will be your purchase price.
Nice to know that someplace else also has horrible property taxes (like us in upstate NY).
good luck!
2007-12-06 04:38:05 · answer #1 · answered by Rush is a band 7 · 0⤊ 0⤋
Your best estimate is ultimately the appraised value and/or cost of construction and then applying the mill rate factor for your particular area. In addition, reviewing comparable properties in your development can give you a good idea what your taxes will be. In addition, you can find out the property's tax appraised value from your local county treasurer, assuming it has been assessed already this year. Hopefully this helps. Our property has not yet been assessed with improvements yet, so we are just counting down the day when they post it online. As they say, prepare for the worst and hope for the best:-)
Lindsey
P.S. I am is a commerial credit analyst / underwriter, so I deal with this quite often.
2007-12-07 09:27:42 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I'm actually wondering the same thing! Holy cow though, that is really expensive taxes! Ours are around $1000 a yr. in Metro Atlanta! From what the bank told me, they guesstimate based on other new construction in the same county and go with "worst case scenario".
2007-12-06 01:43:00 · answer #3 · answered by Krazy Kat Lady 2 · 0⤊ 0⤋
Go to your county offices and ask for the Assessor's office. They should be able to give you a good estimate. Also, local Realtors should be able to do the same (though the Assessor's estimate will be generally better).
Third way is to just estimate that the taxes will be $9,000/year. If they are less, then you will have a very nice surprise next year when your mortgage company sends you an overpayment check. :)
2007-12-06 01:50:53 · answer #4 · answered by trblmkr30 4 · 0⤊ 0⤋
Visit the tax department at the local town hall.
2007-12-06 01:31:03 · answer #5 · answered by Engelbert 2 · 0⤊ 0⤋