Those of you who know me know that Microsoft Excel is my friend! I’m prepping for a step two listing appointment and realized that I had been quoting the same stat (that Bernards Township sale prices are typically 6-10% over tax assessment at time of sale) for too long with going back to current data to support my claim. So I did that this morning.
In 2014, there were 213 single family home sales recorded in the MLS. Understanding that the tax assessments might have changed slightly over the course of the year, I might be using 2012 or 2013 assessment data but for my purposes the difference is negligible.
On average, sale price is 13% higher than assessed value and and the median is 9% over assessment.
When I remove the outliars (15 homes sold over 30% assessment and 6 homes sold 80% under assessment), the average sale price is 7% higher than the assessed value.
My summary: Basking Ridge single family homes are still selling between 7 and 13% over their assessed value.
For information on how the township assesses, click over to the township website: Bernards.org, where you will find this statement:
- The final property assessed values are reviewed and updated on an annual basis. For tax year 2006 and thereafter, the annual program will continue. All assessments are based on market trends by neighborhood, styles, size as of October 1, of the pretax year. Ratable totals may increase or decrease depending on these trends and the property condition.
Looking for information about the current value of your home in Basking Ridge? I can help – no obligation, just information.