Legal Question in Real Estate Law in New Jersey
Rollback Taxs, reaponsibility
I have a signed contract to my selling farm property in NJ. One of the contract paragraphs states I'm resposible for any Rollback Taxes. The NJ FarmLand Assessment Act ''Standard of Practice'' says, the new owner has 120 days to notify assessor of any Assessment change (there will be a change) and all notices are to go to the new owner and any penalties and notices also go to the new owner. Somewhere I have seen a statement that incurred debts are the new owners. Am I still responsible for the payment of rollback taxes? Is this entire contract legally binding?
1 Answer from Attorneys
Re: Rollback Taxs, reaponsibility
I am assuming that this is New Jersey property. Since rollback taxes could be (might be different for you) two years of tax on the property at the new, much higher rates, your attorney should have discussed this with you before you signed the contract. If you do not have an attorney, get one immediately.
As to legal and enforceable, I can not answer that without looking at all of the documents and getting more information from you.
If you would like, give me a call to set up an appointment; I am in northern New Jersey. My contact information can be obtained from the links below, just click on the Attorney Profile link. Let my secretary know you found me through LawGuru, and I will give you a free initial consultation.
Disclaimer: you can not rely on the advice of an attorney given over the internet. The exact facts of your situation, including facts which you have not mentioned in your question, may completely change the result for your situation.
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