Investor · Linden, NJ · Member since 2016 · 84 posts · 11 votes
I am looking to appeal taxes on a bank owned property I purchased in the end of October. I've heard its very hard to be successful when its a bank owned property. Anyone have advice or tips on a successful appeal in NJ? Thank you!
Hi Claudia! I do a ton of them. It's not hard at all. Only thing that is different about bank owned purchases is that they are not considered "sale of the subject" which typically, in a "usable" arms length transaction will use the sale price of that property as the basis for the new lower assessment. But, if, compared to other properties in similar condition, style, size, beds and baths, etc. near yours, you are still overassessed, you can definitely appeal. You just have to use comps other than your own sale price as evidence of value. Hope that helps! Feel free to PM me with any additional questions :)