Question NJ - About Open Permits during a home sale

[Robert Bolejszo]

Hello - I'm currently in the process of purchasing a four family home that had some renovation work done in 2014 with permits (i.e electrical, plumbing, new bathrooms, new kitchens). During the closing process recently (Aug 2017) the seller learned that the contractor never closed those 2014 permits when the renovation work had been performed.  The seller is now working to close those permits before he is able to sell the property to me.

My Question - 1. Are taxes reassessed when permits for this type of work is closed? or can i expect my taxes to stay relativity the same? (idk if it matters that the permits were opened in 2014 or maybe even earlier) I'm a bit afraid that my taxes will skyrocket a year after I purchase the property.

[Jessica Zolotorofe]

If it was a big overhaul, which sounds like it was, they may come back out, but most NJ towns have lazy inspectors and they don't come back out until there is a mandatory reval. Either way, you take your town's equalization ratio, apply it to your market value as of now (your purchase price being probably the best indicator of that, if it's a market value purchase) and then apply the tax rate for that town, and that's the highest you can be required to pay. If they assess you any higher, you can appeal your taxes. You should be able to tell pretty easily what you're most probably up against.