Revaluation Question
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Art
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PostPosted: Thu, Aug 10 2006, 5:27 pm EDT    Post subject: Revaluation Question Reply with quote

I'm seriously interested in buying a house in Cranbury, but the looming revaluation makes it a little difficult to determine what is in my price range. I read that no one will know their preliminary number until October.

Any wisdom floating around town about what types of houses will likely see an increase or decrease? When was the last revaluation?

Any insights would be a great help.
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ben
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PostPosted: Mon, Oct 16 2006, 1:36 pm EDT    Post subject: Re: Revaluation Question Reply with quote

Art wrote:
I'm seriously interested in buying a house in Cranbury, but the looming revaluation makes it a little difficult to determine what is in my price range. I read that no one will know their preliminary number until October.

Any wisdom floating around town about what types of houses will likely see an increase or decrease? When was the last revaluation?

Any insights would be a great help.


Conventional wisdom is that older houses see a much bigger increase than newer ones because they were previously more out of step with current evaluations.

That may not be true in Cranbuyr, though, since they use a formula when giving an initial value to new homes that is much less than their fair market valuation day one -- way off in fact. Homes that were new within the last 6 years had tax valuations often 1/3rd of their initial sale price at the same time.

In theory then, if Cranbury's formula was correct, no one should see a significant change. But my personal guess is, contrary to popular wisdom, newer houses will get the biggest increases.
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PostPosted: Sun, Nov 5 2006, 9:36 pm EST    Post subject: Re: Revaluation Question Reply with quote

Are the revaluation restuls out yet?

Thanks!
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john
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PostPosted: Tue, Dec 5 2006, 6:23 pm EST    Post subject: Re: Revaluation Question Reply with quote

Guest wrote:
Are the revaluation restuls out yet?

Thanks!


I received my revaluation result today.

There is a fair market value of my house assessed by the appraisal company.
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W
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PostPosted: Wed, Dec 6 2006, 1:33 pm EST    Post subject: Re: Revaluation Question Reply with quote

John, what do think of the "fair market value" on your assessment? Is it really "fair," in your opinion?
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john
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PostPosted: Wed, Dec 6 2006, 1:55 pm EST    Post subject: Re: Revaluation Question Reply with quote

W wrote:
John, what do think of the "fair market value" on your assessment? Is it really "fair," in your opinion?


I think it's fair in term of property tax purpose. Only one neighbor told me about her new assessed value, which is similar to mine (BTW, I live in the Shadow Oaks development).

If I want to sell my house, I would price my house higher than the assessed value, which is about $756K.

(The highest sold in my area that I know of so far is $882,500.)
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W
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PostPosted: Thu, Dec 7 2006, 9:32 pm EST    Post subject: Re: Revaluation Question Reply with quote

John, that's not bad at all. Thanks for the info.
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