Tax assessment

Hello,

I have a quick question about how property tax assessment works.

I’m looking to buy a house in New Jersey. Let’s just assume for math purposes that the house has risen from 200k to 400k in the last few years, and it was last assessed at 200k.

When I buy this house, should I expect the property tax to basically double from what it’s listed at on Zillow (a rate of 8k on the 200k assessed value)?

Like, will the house be assessed upon purchase?

If so, that means I’d be paying a lot more than the neighboring comps.

Thanks!

submitted by /u/not_a_bot_2
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Hello, I have a quick question about how property tax assessment works. I’m looking to buy a house in New Jersey. Let’s just assume for math purposes that the house has risen from 200k to 400k in the last few years, and it was last assessed at 200k. When I buy this house, should I expect the property tax to basically double from what it’s listed at on Zillow (a rate of 8k on the 200k assessed value)? Like, will the house be assessed upon purchase? If so, that means I’d be paying a lot more than the neighboring comps. Thanks! submitted by /u/not_a_bot_2 [link] [comments]

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