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yeah, but you're assuming that an *assessed* 500K house is the same in both places. as assessed 500K house may be worth $1M in Rutherford whereas in Nutley that house may be worth $500K.
in other words, you can't rely on tax rates to tell the whole story, you need to know when the towns were last revaled. my town 2 years ago had a tax rate of 3.50 but property taxes in my town are generally lower than nutley.
3.5 seems rather high. Where do you live? I didn't think there's any town that has a rate higher than 3.0 unless you're talking about the general tax rate. The above rates for Rutherford and Nutley are the effective tax rates which allows for better comparison between districts. I believe that means Nutley has a higher rate than Rutherford in 2009, esp. in 2010 if FrmlyBklyn is right about the Nutley rate increase.
Also, I believe assessed value is how much your town thinks your home is worth while appraised value is how much lenders think your house is worth. If your assessed value is much lower than your appraised value, then consider yourself lucky. But if your assessed value is much higher than your appraised value then it's time to appeal!
3.5 seems rather high. Where do you live? I didn't think there's any town that has a rate higher than 3.0 unless you're talking about the general tax rate. The above rates for Rutherford and Nutley are the effective tax rates which allows for better comparison between districts. I believe that means Nutley has a higher rate than Rutherford in 2009, esp. in 2010 if FrmlyBklyn is right about the Nutley rate increase.
Also, I believe assessed value is how much your town thinks your home is worth while appraised value is how much lenders think your house is worth. If your assessed value is much lower than your appraised value, then consider yourself lucky. But if your assessed value is much higher than your appraised value then it's time to appeal!
it's not 3.5 anymore because we were reassessed. it's now 1.96 or so.
if you were talking about effective tax rates, then you're right, it's a better comparison because it supposedly normalizes rates between towns.
Assessed value = appraised value for purposes of appeal is only of use if you've been reassessed recently. For instance, before our reassessment my house was assessed at ~$252K yet was "worth" over twice that. Apparently for towns that haven't been reassessed in awhile there are formulas you use to derive a "current" value for your home.
The whole thing can make your head spin, quite frankly! LOL
how are your property taxes subsidizing those cities? 70% goes to directly to the schools and the other 30% go to the specific municipality. am i missing something, like a line item on your tax bill that says
$xxxx.xx - 70% - School system
$xxx.xx - 29.995% - municipality
$xxx.xx - 0.005% - subsidy to poor towns
This is not a rant on "poor or economically disadvantaged towns". It's about the unfairness of the NJ tax code that allows a county to slap what ever level of tax levy they darn choose to without voters being allowed to vote yay or nay on it.
The politicians in NJ forgot about that "no taxation without representation" - a shame considering it was one of the thirteen original colonies.
In Nutley, 48% goes to the school system
16% goes to Essex Cty - which takes all the tax monies from all the towns and re-distributes it as it sees fit. I can bet you dollars to donuts that for every $ taken from Nutley taxpayers, the Nutley residents see much less than 1/2 of it come back in the form of road maintenance and any other county expenditure. Therefore, where are the tax dollars going? Millburn or Short Hills? I doubt that. It's flowing downhill to towns like Newark, Irvington, etc. in the form of Essex Cty sheriffs, the courts, and other cty programs.
This is not a rant on "poor or economically disadvantaged towns". It's about the unfairness of the NJ tax code that allows a county to slap what ever level of tax levy they darn choose to without voters being allowed to vote yay or nay on it.
The politicians in NJ forgot about that "no taxation without representation" - a shame considering it was one of the thirteen original colonies.
In Nutley, 48% goes to the school system
16% goes to Essex Cty - which takes all the tax monies from all the towns and re-distributes it as it sees fit. I can bet you dollars to donuts that for every $ taken from Nutley taxpayers, the Nutley residents see much less than 1/2 of it come back in the form of road maintenance and any other county expenditure. Therefore, where are the tax dollars going? Millburn or Short Hills? I doubt that. It's flowing downhill to towns like Newark, Irvington, etc. in the form of Essex Cty sheriffs, the courts, and other cty programs.
The remainder goes to the local municipal budget.
Wow - only 48% goes to the schools? That's low.
10% of my bill goes to the county.
I'm not sure what NJ Politicians have to do with the fact that we don't vote on the municipal budget - but if I could throw out my Republican Town Council because of that - I'm all for it!! Were we able to at one time? But you do get to vote on the spending on the largest chunk of your prop taxes.
You're on fire about this kind of like I am at the national level - NJ gets back the least amount per dollar of federal tax paid and we're funding those places who loudly scream this place is becoming Socialist.
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Were we able to at one time? But you do get to vote on the spending on the largest chunk of your prop taxes.
