Newsflash: How much property tax on new construction in NJ?

I am in the process of purchasing a new construction property in Fort Lee, NJ. The offer price is 917k.The previous owners originally bought the house at 702k, demolished it and built two attached townhouses.Fort Lee property tax is 2.23%, but when I look at the Borough of Fort Lee Tax Collector Department to look at the tax information, it shows the land value to be 360k.My question is, once I purchase this property at the new offer price of 917k, will I be paying 2.23% property tax on the newly set 917k value of the property, or 2.23% of the local assessed value of my property?

Read more at https://www.reddit.com/r/RealEstate/comments/cv1wmd/how_much_property_tax_on_new_construction_in_nj/?utm_source=ifttt

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