Zeke 5,504 Posted December 17, 2012 Isn't there a 2% cap per yr on property taxes? My town recently got reassessed . Oddly in today's market my home is worth 1.6 times what I bought it for 10 yrs ago( bs). My property taxes are going up 10%! Is this legal? Quote Share this post Link to post Share on other sites
Vzguy 13 Posted December 17, 2012 There are exceptions to the 2% cap. Towns can use a things like Debt, pension/beneft increases, and also enrollment increases in the schools to increase above the 2% Quote Share this post Link to post Share on other sites
remixer 1,645 Posted December 17, 2012 from what i understand reassessments are not bound by the 2% only regular tax increases Quote Share this post Link to post Share on other sites
Springfield1911 22 Posted December 17, 2012 If you truly believe the assessment is wrong then definitely appeal it. This exact situation happened to my mother where they pull the assessment number out of thin air and was way to high. We managed to knock off $2000.00 per year off the tax bill. Do the research in your area on the assessment. Look at recent sales but you cannot take into account foreclosures and short sales. Isn't there a 2% cap per yr on property taxes? My town recently got reassessed . Oddly in today's market my home is worth 1.6 times what I bought it for 10 yrs ago( bs). My property taxes are going up 10%! Is this legal? Quote Share this post Link to post Share on other sites
Springfield1911 22 Posted December 17, 2012 I never understood the issue with the 2% tax cap. Didn't the governor run on the fact that the property taxes are high in this state because of pension payments, healthcare costs, benefit payments, etc.? I just find it a bit weird that those are the "exceptions" to the 2% cap? Maybe I am missing something. Quote Share this post Link to post Share on other sites
Handyman 5,682 Posted December 17, 2012 Politicians live on a steady diet of exceptions. Quote Share this post Link to post Share on other sites
addicted 0 Posted December 18, 2012 Definately appeal. I would suggest hiring a licensed appraiser and submit their report with your appeal papers. They will find the comps for you. Make sure you point out every single possible defect on you property to the appraiser. I went through this on my place in west Milford. Was facing a 40% increase and the value they put on my place was more than I paid in late 06 at the peak of the bubble. Quote Share this post Link to post Share on other sites
halbautomatisch 60 Posted December 18, 2012 Isn't there a 2% cap per yr on property taxes? My town recently got reassessed . Oddly in today's market my home is worth 1.6 times what I bought it for 10 yrs ago( bs). My property taxes are going up 10%! Is this legal? A reassessment does not increase your tax rate (which is what the 2% cap limits), rather they are increasing the value of your house and property for tax assessment purposes, which will increase the amount you pay to the town. As others have said, look into appealing your assessment, this will be worthwhile if you win. Quote Share this post Link to post Share on other sites
Zeke 5,504 Posted December 18, 2012 Thanks for all the replies Quote Share this post Link to post Share on other sites
mag1 0 Posted December 18, 2012 supposed to be 2 percent, but yes there are exceptions, which you have to apply for. BS Quote Share this post Link to post Share on other sites
bobblackrifle 28 Posted December 18, 2012 2% applies to the overall municipal budget. Revaluation,reassement can not increase taxes collected by the municipality. If you think you are assesed improperly file an appeal. Deadline to file is April 1. Quote Share this post Link to post Share on other sites