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I looked at my tax bill, and the assessed value of my home seems much lower than it should be. Why?

In most municipalities the assessed value is not the same as the actual fair market value claimed by the Assessor. The town’s Average Ratio must be applied to the assessed value of a property to determine the fair market value of the assessment. Some municipalities have average ratios as low as 1/3 of the actual fair market value of the house. You find the market value (“IMV” or “Equalized” value) of your assessment by using this formula:

Actual Assessment/Average Ratio = True Market Value of your Assessment

You can find the ratio for your town here:
http://www.state.nj.us/treasury/taxation/lpt/chapter123.shtml

2022-09-08T21:40:04+00:00
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