![]() ![]() In Sussex County Sparta was among the hottest markets during New Jersey's pandemic real estate boom, as buyers sought out more space farther from New York. For the first 10 months of 2021, the median sales price of a single-family home in Bergen County climbed 11.6% to $615,000, compared with the same period the previous year, according to the New Jersey Association of Realtors. ![]() While the frenzy slowed down last fall, North Jersey remained a seller's market. Sparta news: Driver charged with vehicular homicide in death of township woman Housing prices soared in 2021 as the pandemic, remote-working arrangements and a stock market boom all fueled demand for more space in the suburbs.Īndover news: BHT testimony continues as experts address environmental concerns It's likely 2021 will be remembered for the suburban real estate boom that just wouldn't die. He said there are already a few municipalities in Sussex County using the annual reassessments process. Holzhauer said it would be better if reassessments were conducted an annual basis based on the previous year's sales prices by an in-office comparison with other properties, rather than the in-person inspections. The assessor said relying on a revaluation once every several years can result in big swings in the equalization rate that is set by the state. The process is not repeated on a yearly basis due to the cost of the in-person inspections. The tax rates are established based on inspections of each property every so often. That rise in home prices has also greatly affected the borough's equalization rate, which is used to establish tax rates for the county and public schools. Watch Video: A $3.7 million mansion in Alpine is purchasedįRANKLIN - The Borough Council will ask the Sussex County Board of Taxation to approve of a "multiyear reassessment" of property due to a recent spike in the price and number of homes sold.Įarlier this year, Tax Assessor Scott Holzhauer appeared before the Council and reported that property values had sharply and quickly increased in the borough due to demand caused by the pandemic. ![]()
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