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Should I Appeal Property Taxes - No Comps

Hello,

I have what I believe is an interesting scenario and I'm unsure what to do. I bought a home just outside of Manhattan literally during the week of the first pandemic lock down. Because of this, I am of the opinion that I bought the home at much lower than market value, because at this time nobody was buying, and everybody thought I was crazy (nobody bid against me, the home is great, the lady was panic-cashing out and retiring). Shortly after, the market went gang busters.

Here's my situation: the home was bought at around $100,000 less than what the township values it for, so I should be able to appeal my property taxes (which in NJ is substantial). BUT, where I live, there are literally no homes nearby that could be considered comps. They're all either multi-million dollar mansions, or condos in large buildings. I own one half of a split town home (pretty much all of these have been converted into multi-unit apartments, so to find this is rare). My concern is that when I go to sell the home, with nothing to compare it to, the home will be valued at lower than it should be, and right now the only thing I have to show its potential value is the township's valuation.

That said: should I appeal my property taxes to save on how much I spend each year? Or leave it as it may ultimately help when selling the home?

Thanks in advance!

submitted by /u/thecurvedbilthrasher
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/r4zkid/should_i_appeal_property_taxes_no_comps/
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