Re: New Tax Rate is Insane!
Posted by brewster on 2018/5/11 23:48:53
2018 assessments are posted on the NJ website. Vacant land was missing from the previous lists. As I expected look low from the ones I checked downtown.
239 Montgomery: Assessed at 375k but the neighboring property the same size has a land assessment of 765k
63 Mercer: Sold in 2016 for 3mm but assessed at 774k
208 Columbus: Sold in 2015 for 1.45mm but assessed at 727k
131 Morgan: Sold in 2016 for 1.98mm but assessed at 775k
I've been saying for a while the land valuations were going to be a mess. Clearly they don't use comps for empty land and they use an ass-backwards subtractive system for developed land.
I had thought that since abatements are not on the land, just on the improvements, that we would see tax increases from abated properties. Solomon said no that's not the way it works. Funny, huh?
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