A bill signed by Governor Corzine on January 16, 2010 raises the Jurisdictional limit to $1,000,000 from $750,000 for filing a tax appeal directly with the Tax Court.
If you intend to appeal your property taxes in 2010, it is the time to file a tax appeal. We are experienced appraisers who can tell you about the process and appraise your property for tax appeal.
Valuation Solutions, 973-343-2173.
VALUATION SOLUTIONS, GOOGLE FAVORITE, MOSHE COHEN
For the period October 1, 2008 through September 30, 2009, the NJ MLS reported total sales of (6) single family dwellings in South Hackensack Township , Bergen County, NJ. The Median selling price was $335,000 average DOM was 89 days and average SP/LP was 89%
For the period October 1, 2007 through September 30, 2008 the NJ MLS reported total sales of (3) single family dwellings in South Hackensack Township. The median selling price was $315,000, average DOM was 147 days and average SP/LP was 86%
Due to the paucity of available observations, reliable statistics can not be developed. Obviously, the data presented above are impacted by the product mix.
Please note that the dates listed above are intended to be similar to the dates used for assessment purposes.
We at Valuation Solutions consider these data when working on tax appeal appraisals or other appraisals. South Hackensack Township has been undergoing revaluation recently for 2010.
Valuation Solutions and Moshe Cohen present the information contained in this blog for informational purposes only and these materials are not intended to constitute advertising, a solicitation or legal advice. Moshe Cohen is not attorney. The materials are not represented to be correct, complete or up-to-date. Accordingly, you should not act or rely on any information in this Website without seeking the advice of an attorney licensed to practice law in your jurisdiction. Under USPAP an appraiser can not act as an advocate except as an advocate of his appraisal.
Mortgage applications were at 9 year low according to Mortgage Bankers Association. The survey is for the week of November 6th. Applications by home purchasers fell 11.7%. This is the lowest level since December 2000. The NAR reported a 5.9% increase in resales compared with the third quarter of 2008. How do we reconcile the fact that mortgage applications by home purchasers are down 11.7% yet resales are up? Substantial number of these sales may be cash sales, not involving applications for a mortgage. I don’t have information on the ratio of approved mortgages, but variations in approvals may have an impact on the statistics quoted above. This information is relevant to the tax appeal process. Often assessors so called distressed sales as non arm length transactions and do not include them in the figures used to calculate the ratio in their town. Such practices should be scrutinized especially in markets where short sales and foreclosures are an important factor in the market.
Some statistics on tax appeal for 2009
Essex County 6,487, compared to 3,631 in 2008.
Ocean County about 14,129
Middlesex County 2,571
Morris County 2.986
Some forward thinking homeowners contacted us for appraisals realizing that the date of value for 2010 tax appeals already passed. It is October 1 , 2009