Increase in property taxes

[Steven Catudal]

Hi all,

I just found out that my property taxes on my rental went up about $1,000 a month due to a $365k increase in the valuation of my home by the city. I purchased the home earlier this year and only put in about $40k into it.

Does anyone know if there is anything I can do or who to speak to?

Steven                      

[Melanie P.]

Here's a link to how to protest property tax assessments in New Jersey. Since you just purchased the property, in an arms-length transaction, you have a very good argument that the purchase price is the market value. Take all your analysis that you did for the deal to court so you can explain why they got the value wrong.