‘Strong’ real estate market poised to boost home values in Bernards Township | Bedford NY Real Estate
A strong local real estate market will likely boost next year’s taxable home values, but that won’t necessarily lead to an increase in taxes, according to officials.
The status of property assessments was discussed in a presentation to the Township Committee on Tuesday, Oct. 29.
Township Tax Assessment Associate Karen Leo said she has seen a 22 percent increase from last year in the number of home sales in the township, and a 20 percent increase in total sales dollars.
“Many deeds, houses, are going under contract quickly,” Leo said. “That’s unusual in the fall so it suggests a very strong market. I suspect assessments are going to go up as a whole.”
Housing values here and across the nation dropped with the onset of the Great Recession in late 2007. After rising sharply for many years, the average property assessment in the township peaked at $654,566 in 2007.
It then dropped to $652,110 in 2008, $615,926 in 2009, $581,192 in 2010, $581,059 in 2011 and $577,393 in 2012 before rising this year to $587,554.
The township’s property tax rate, which includes rates for the municipality, district schools, Somerset County and open space acquisition, was $1.95.3 per $100 of assessed property value this year.
Township Tax Assessor David Centrelli said tax assessments are “revenue neutral” and don’t necessarily increase a tax bill.
However, a homeowner is more likely to pay a higher tax if his home value rises more than the majority of other homes.
Centrelli said a home’s assessment is based largely on the sales price of similar-type homes in the immediate neighborhood. There are more than 250 designated neighborhoods in the township, he noted. He said values might jump 10 percent in one neighborhood but only 2 percent in another.
Township Administrator Bruce McArthur indicated that during a recent period, homes in The Hills development were more likely to have a tax increase because values in The Hills held up exceptionally well.
Also increasing a home’s assessed value are improvements or additions, he said.
The assessments for 2014 will be based on sales comparisons ending in the 12 months through Oct. 1, 2013, Centrelli said.
http://newjerseyhills.com/bernardsville_news/news/strong-real-estate-market-poised-to-boost-home-values-in/article_93e45de0-475e-11e3-abab-0019bb2963f4.html
The status of property assessments was discussed in a presentation to the Township Committee on Tuesday, Oct. 29.
“Many deeds, houses, are going under contract quickly,” Leo said. “That’s unusual in the fall so it suggests a very strong market. I suspect assessments are going to go up as a whole.”
Housing values here and across the nation dropped with the onset of the Great Recession in late 2007. After rising sharply for many years, the average property assessment in the township peaked at $654,566 in 2007.
It then dropped to $652,110 in 2008, $615,926 in 2009, $581,192 in 2010, $581,059 in 2011 and $577,393 in 2012 before rising this year to $587,554.
The township’s property tax rate, which includes rates for the municipality, district schools, Somerset County and open space acquisition, was $1.95.3 per $100 of assessed property value this year.
Township Tax Assessor David Centrelli said tax assessments are “revenue neutral” and don’t necessarily increase a tax bill.
However, a homeowner is more likely to pay a higher tax if his home value rises more than the majority of other homes.
Centrelli said a home’s assessment is based largely on the sales price of similar-type homes in the immediate neighborhood. There are more than 250 designated neighborhoods in the township, he noted. He said values might jump 10 percent in one neighborhood but only 2 percent in another.
Township Administrator Bruce McArthur indicated that during a recent period, homes in The Hills development were more likely to have a tax increase because values in The Hills held up exceptionally well.
Also increasing a home’s assessed value are improvements or additions, he said.
The assessments for 2014 will be based on sales comparisons ending in the 12 months through Oct. 1, 2013, Centrelli said.
http://newjerseyhills.com/bernardsville_news/news/strong-real-estate-market-poised-to-boost-home-values-in/article_93e45de0-475e-11e3-abab-0019bb2963f4.html
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