Archive for the 'taxes' Category

Essex County Property Tax Comparisons

ESSEX COUNTY TAX CHART
Below is a chart of the average tax load paid by several county towns and the percentage of that tax that goes to the municipality’s school system.

The percentage of the state budget spent on education has grown from about 33 percent to about 38 percent during Gov. Chris Christie’s term.

The Governor’s property tax cap may have helped reduce the annual increase in New Jersey’s property taxes, but unfortunately taxes are still rising faster than the rate of inflation.

The link at bottom shows more Essex county towns and gives a bit more background.

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link to more info on NJ tax burdens

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Tax Re-Assessment

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A reassessment of property values is now scheduled in 2016 in the townships of South Orange and Maplewood. The two towns are sharing some of the expenses of the reassessment to save money and the new values will be effective January 1 2017.

The revaluation will hopefully achieve the county’s and the towns’ goals of spreading the tax burden more fairly.  Assessed values have fallen below 85% of market values after three years of a hot real estate market featuring consistent growth in property values.

Maplewood’s last assessment was in 2012, after a full revaluation in 2010 and  South Orange had a full revaluation in 2008 and a reassessment occurred in 2011.   For more info visit the Essex County Tax Board.

http://www.essextaxboard.com/revaluations.html

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Property Taxes and the Marylawn property in South Orange

marylawnThe town of South Orange plans to put the Marylawn property on the tax rolls.

Marylawn of the Oranges Academy, 445 Scotland Road, closed in 2013 after operating as a private Catholic school for girls. The property is owned by the Sisters of Charity of St. Elizabeth and includes the school building and the Graves mansion, built in 1900.

The property is no longer being used for a religious school, so the trustees believe it should lose its tax-exempt status.  The property owners, the Sisters of Charity may be more motivated to sell the property once it is subject to property taxes.

Seton Hall University made an offer in March on the property but the proposal was withdrawn for a number of reasons.  After discovering that the property would not be purchased for use by another tax-exempt party, village officials put collecting property taxes on the table.

On one hand, the sisters are seeking a non-conforming use such as a developer who could build fairly large multi-unit building(s).  On the other, the Montrose Historical Society is hoping a developer will update and ‘save’ the historical property.  The town is in the middle and is hoping for a developer who could fit 5 to 7 single family buildings on the property that would be a conforming use (not require re-zoning).  For more details see the alternative press link.  For more background see my previous post from 2013.

http://thealternativepress.com/towns/south-orange-slash-maplewood/articles/south-orange-plans-to-add-marylawn-property-to-ta

https://kenkrasnerhomes.wordpress.com/2013/07/11/marylawn-saga-to-be-continued/

Deadline for Property Tax Appeals

 

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April 1 is the deadline for property tax appeals.   Here is the equation: Your tax assessment X municipal tax rate = your tax bill.

Your municipality assigns a town-wide rate that is not negotiable.  However, if you feel that your tax assessment is significantly high compared to other homes of comparable size, location and condition than you may have a chance at a successful tax appeal.

Contact a local expert – http://www.spectorfoerst.com/practice-areas/real-estate/property-tax-appeals/

 

 


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