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Author Topic: Property Tax Questions  (Read 2766 times)

weatherford

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Property Tax Questions
« on: December 31, 2009, 01:43:35 pm »

1)  What is the basis for evaluation for property taxes? Sale price? Replacement value? (which nailed a friend of mine in NJ during a recent tax re-assesment!)

2) Is there any way to know if a property is currently under current use for tax purposes? There are some properties that are wonderful, but, as I have mentioned, have outrageous taxes - if I knew that the taxes are not under CU, I would consider them more seriously.)

3) Does a conservation easement have an impact on taxes (other/more than current use)?

THANKS (AGAIN!!)  ;)

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John Edward Mercier

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Re: Property Tax Questions
« Reply #1 on: December 31, 2009, 06:58:15 pm »

1. Market Value.
2. Those under CU should list such, as the undeveloped property under the program would require a 'penalty' to be developed.
3. About the same. Under a CE, you've sold your development rights... while under a CU, you've 'leased' your development rights for lower taxation. So the CE is not only lower taxation, but most often also a large capital receipt.

I think what may be throwing you off is the building on the properties. Developed property (area around/under buildings) are not under the CU... and some buildings are very large in comparison to community medians.
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Dreepa

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Re: Property Tax Questions
« Reply #2 on: January 04, 2010, 07:25:40 am »

1.  the assessed value.. not necessarily market value... depends on when the assessment was done.
2.  SHould be listed as such.
3.  taxed the same (often under CU)
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John Edward Mercier

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Re: Property Tax Questions
« Reply #3 on: January 05, 2010, 12:17:20 am »

1. Assessed value only covers the municipal portions. Equalized covers the county.
But more and more municipalities are using rolling market valuations instead of municipal wide assessments to remain within equalization rates and avoid/defer the cost of a municipal wide assessment.
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John Edward Mercier

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Re: Property Tax Questions
« Reply #4 on: March 05, 2010, 08:31:20 am »

Huh?
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Pat McCotter

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Re: Property Tax Questions
« Reply #5 on: March 05, 2010, 09:33:15 am »

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John Edward Mercier

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Re: Property Tax Questions
« Reply #6 on: March 06, 2010, 10:46:18 am »

I thought there was a post dealing with depreciation betweem my posts, but couldn't determine what it was responding to.
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Dreepa

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Re: Property Tax Questions
« Reply #7 on: March 06, 2010, 02:09:21 pm »

there was a SPAM post.  I deleted said spam as it was an ad for some other site.
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