Union City, Nj, Tax Assesment, Multi Family

[Michael Baffuto]

Hi All, How does a tax assessment work when you close on a property? I called the union city, NJ tax assessor and he basically said that they assess any home that gets purchased. My realtor is saying that’s not the case. I’m worried the current tax rate will sky rocket when I close on this multi family. It’s not new construction and not much work has been done but the cost is more than what they paid 3 years ago. Any help would be appreciated. Thanks

[Johann Jells]

When was the last UC reval? Honestly, I'd run your numbers on the assumption that the taxes will be base on your FMV. Anything else is wishful thinking. Many buyers got burned here in JC because they thought their cheap taxes would never go up, and then they tripled in the reval. That said, I've not heard of UC doing a "rolling reval" on sales. I'd double check that. Easy to do using state records available here Http://tax1.co.monmouth.nj.us/cgi-bin/prc6.cgi?menu=index&ms_user=monm&passwd=data&district=1301&mode=11. Just search for recent sales and look at the tax history.