$380,000 -
53 Sunny St.
Lake Forest
$329,000 -
46 Sunny St.
Laguna Woods
Call Me HomeThis should put a smile on everyones face, according to data released from the Office of Federal Housing Enterprise Oversight (OFHEO) in respect to housing appreciation, most states posted gains and New Jersey was one of them showing gains in 2006 of 5.80%. According to the National Association of Realtors, due to very favorable mortgage rates 2007 will bring another year of growth in the housing market! 
Good news right?
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New Jersey Property Values
The difference between assessed value and market value.
Assessed Value – The monetary amount that a property is entered on the assessment roll for purposes of computing the tax levy. Assessed values differ from the assessor’s estimate of actual value for three major reasons; fractional assessment ratios, partial exemptions, and decisions by assessing officials to override market value estimates.
Market Value - The most probable sale price of a property in terms of money in a competitive and open market, assuming that the buyer and seller are acting prudently and knowledgeably, allowing sufficient time for the sale, and assuming that the transaction is not affected by undue stimuli.
The “assessed value” is defined as the value of each property used in the computation of the property taxes. After allowances for personal exemptions, it becomes the taxable value to which the tax rate is applied.
General Tax Rate by County and Municipality…click the link below..
http://www.state.nj.us/treasury/taxation/index.html?lpt/taxrate.htm~mainFrame
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