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I would be interested in similar information for towns in Bergen county. Also what's the scoop on potentially living in NY and commuting to Bergen - how rough would the double income taxes be?
I wonder if someone can explain to me how homes are assessed in NJ. If I were to buy an avg size (3 Bed/1 Bath) home for $275,000, which shows it's taxes are $3,000 on realtor's website...would the taxes jump thru the roof based on the purchase price, or are they assessed in another way?
Wouldn't want to be surprised if the taxes were to double or triple due to the fact the the house was assessed based on the current owner's purchase price, which could possibly be less than half of what they are selling it for if they have been living in it for any length of time!
I don't have a specific address, just considering a move to Brick or Howell down the road. The taxes seem to range from just under 3K to approx. 4.5K for homes in the price range I've been looking at. It's one thing to pay X amt. for taxes, but if that amount doubles or triples, it changes the whole scenario.
Watch out for those reassessments. In towns like Marlboro and Manalapan, for example, residents are being reassessed this year and next and taxes will likely jump substantially.
I would like to know when do you actually pay the property taxes? Is it Upfront? I know it is quaterly due (Feb,May,Aug,Nov). Do you get a property tax bill from the town which has a due date on it?
mri I think it depends on the municipality, but it is most likely quarterly. Your mortgage company will "impound" up to 4 months of property taxes on closing, depending on how far away your closing date is from when the next taxes are due. Then, they will possibly build in the property taxes into your mortgage payment.
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