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?

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%

from what i understand reassessments are not bound by the 2% only regular tax increases

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?

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.

Politicians live on a steady diet of exceptions.

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.

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.

Thanks for all the replies

supposed to be 2 percent, but yes there are exceptions, which you have to apply for. BS

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.