So, I tell the prospective buyers what the taxes are and then there will be many follow up questions. These are some of the top ones I have heard:
- Can I appeal the taxes on a home after I purchase it?
- How does the sale price of the home I am purchasing impact my future Real Estate taxes?
- If I purchase a home for lower than the assessed value will my taxes automatically go down?
- If I am buying a home from a builder that is completely brand new (including new foundation) will that automatically result in having higher taxes than a home that is renovated or where part of the original structure remains (aka – the chimney trick)?
- Should I buy an existing house and do my own construction – will that result in my paying less taxes than If I bought a finished product from a builder that has a higher sales price?These are all great questions and while I have gained expertise in how to answer many of them I thought it might be time to have our first guest join us in this column to help get to the bottom line.
I had the opportunity to pose these and other questions directly to Teaneck’s Tax Assessor James Tighe. He has responded to me in writing so that I may publish his answers directly in this column over the next few weeks. I trust this will be a worthwhile read as these questions impact us all.
Nechama Polak is the Broker of Record and Owner of V and N Group LLC. V & N Realty is located at 1401 Palisade Ave in Teaneck, NJ. Feel free to email Nechama at firstname.lastname@example.org or call 201.826.8809.