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property taxes

Performance Property Real Estate Question

The 3 Demons Of Tax Lien Foreclosure

Q: We received a foreclosure notice this month. I was surprised because our grandmother’s home is paid off. I know we owe taxes but I didn’t think they could foreclose for that. Earl, Orange, NJ A: Yes, Earl, theoretically any unpaid lien holder can file a foreclosure lawsuit on a property to recoup what is owed. Unfortunately, tax lien foreclosure is a faster, more expedited process than mortgage foreclosure so it’s important to act quickly to pay off the past due property taxes to force the plaintiff to cancel the lawsuit. There are 3 individuals that you have to worry about when facing a tax lien foreclosure: Tax Lienholder Foreclosure Attorney Bankruptcy Attorney The tax lienholder is normally an investor […]

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Performance Property Real Estate Question

7 Things You Can & Can’t Control In Real Estate (500th GL Real Estate Podcast Episode)

  Happy 500th Episode! Special thanks to everyone in my Real Estate Insider family for tuning in and checking out my weekly podcast and video blog over the last 9 years! It has been a long, challenging but rewarding journey. It was an accident that I got involved in real estate in the first place (you can check out my bio if you’re interested in that back story). Today for my 500th podcast episode, we’re going to go through 7 things you can and cannot control in real estate. We’ll start by talking about 7 things you cannot control in real estate, which unfortunately but predictably are the real estate topics that you hear about most in the news. The […]

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Performance Property Real Estate Question

3 Little-Known Ways You Can Lose An Inherited Property

Q: Me and my siblings inherited my grandmother’s house. We were served with a foreclosure notice this month. I don’t understand why because the mortgage was paid off years ago and we have been paying the property taxes. Gail, Union, NJ   A: Unfortunately, despite the fact that there is no mortgage on the property, all the other expenses associated with your grandmother’s home also have to be paid. A foreclosure lawsuit can be filed against a property for a past due mortgage, property taxes or for the following 3 little-known expenses: 1. unpaid water/sewer bill 2. Unpaid homeowner’s association dues or for 3. Unpaid condominium association dues I suggest you do a few things: 1. contact the tax collector […]

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Performance Property Real Estate Question

Why Not Paying Property Taxes Is Riskier Than Missing Mortgage Payments

Q: Gerald, my brothers and sisters and I inherited my parents house and I just realized my sister has not been paying the property taxes like she was supposed to.  I fell behind on my mortgage before and was able to modify my mortgage loan.  Can we do the same thing in this situation?  Annette, Linden, NJ A: Annette, unfortunately, municipal liens take precedence and subordinate even mortgage liens and the tax lien foreclosure process is faster and much more unforgiving than the foreclosure process is for delinquent mortgages where borrowers enjoy much more consumer protections.  My first suggestion is that you get a payoff from the local tax collector where your parents’ home is located so you know exactly […]

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Performance Property Real Estate Question

When Should You Appeal Your Property Taxes

Q: Gerald, my neighbor said we can challenge our property taxes to get them lowered–is that true? How does that work? Jimmy, Montclair, NJ A: Yes, you can appeal your property taxes in either the Tax Court of NJ or your County Board of Taxation–there is an annual deadline to file a property tax appeal which normally falls around the 1st of May. A successful property tax appeal will demonstrate that your property’s assessed value is higher than your home’s current market value. You should do an analysis to determine your property’s realistic eligibility for a property tax reduction because the municipality where your property is located has the right to file a counterclaim to seek to increase your assessed […]

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Performance Property Real Estate Question

When It Makes Sense To Appeal Your Property Taxes

Q: I met someone who told me that I could lower my property taxes. How does that process work? Susan, Montclair, NJ A: A tax appeal is the legal method through which you may be able to lower your property taxes. NJ property taxes are among the highest in the US. You can appeal your taxes if your property’s actual value is less than its assessed value. There’s no guarantee but you can appeal your property assessment with your County Board of Taxation. Most times the tax appeal filing needs to be done on or before April 1st of each year, but check with your County Board of Taxation for the correct date. Some Boards of Taxation require the property […]

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Real Estate Insight

Are Property Taxes Charitable Contributions

New Jersey may lead others in testing whether property taxes can be counted as charitable contributions.

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Real Estate Insight

Property Tax Rates in New Jersey Rising

Average property tax rates in NJ rose by the smallest amount in four years, up just 1.6 percent to $8,690.

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