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Old 11-02-2011, 08:47 AM
 
Location: NJ
12,284 posts, read 30,935,086 times
Reputation: 5190

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Quote:
Originally Posted by billyvegas View Post
My assessed value rose about 53%...
My property tax rate apparently dropped .5% or so...
My actual tax bill rose 22%.

Forgive me if my numbers are off by a hair... I went to the tax assessor, got the talking on, got my information, and just couldn't look at it anymore due to my general disgust.

I pay approx. $6+/sq.ft. in property tax on my 1 bedroom condo. How is this possible, .gov?

Time to move.
what was your original tax rate prior to assessment and what is your new rate?

does the new assessed value of your condo match comparable *sales*? if not, fight it.
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Old 11-02-2011, 08:48 AM
 
Location: NJ
12,284 posts, read 30,935,086 times
Reputation: 5190
Quote:
Originally Posted by Retriever View Post
I luv ya too, tahiti, but you have misquoted me!

I did not say that a higher assessment always means higher taxes, but it is true that an increase in one's assessment can lead to higher taxes, despite the rate per $1,000 of assessed value being reduced. It all depends on the amount of increase in assessed value vs the decrease in the tax rate.

With property taxes, it's all a numbers game, and sometimes you win, but sometimes you lose.
you are right it *can* - I've been on both sides - an assessment where my taxes rose, and an assessment where they dropped.

people just assume that when a reval is done their taxes will automatically rise. it's not true. the purpose of a reval is NOT to generate more revenue!
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Old 11-02-2011, 09:10 AM
 
Location: NJ
7 posts, read 14,233 times
Reputation: 10
Quote:
Originally Posted by tahiti View Post
what was your original tax rate prior to assessment and what is your new rate?

does the new assessed value of your condo match comparable *sales*? if not, fight it.
I'll have to wait to get home to get you specific tax rate #s, but apparently it went down a small .% for 2011.

Hard to say... units similar to mine haven't sold recently. If you compare to the units behind me, not near the water, it's nowhere close.
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Old 11-02-2011, 09:39 AM
 
Location: At the local Wawa
538 posts, read 2,180,322 times
Reputation: 441
Usury. We pay $300k for a house (which is closer to $900k over a 30 year mortgage). Then, when you are done, you have the privileged of paying close to a mortgage in property taxes. And the day you can't afford them , the government can take your house. How is there freedom in America again?

Anyone ever wonder what an average house would cost if you had to pay it outright, upfront? I'd guess around $40k. But hey, free market.

MORT- gage: as in mortuary, mortal, morgue....meaning you pay till your dead.
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Old 11-02-2011, 09:40 AM
 
Location: NJ
7 posts, read 14,233 times
Reputation: 10
Quote:
Originally Posted by Phish Head View Post
Usury. We pay $300k for a house (which is closer to $900k over a 30 year mortgage). Then, when you are done, you have the privileged of paying close to a mortgage in property taxes. And the day you can't afford them , the government can take your house. How is there freedom in America again?

Anyone ever wonder what an average house would cost if you had to pay it outright, upfront? I'd guess around $40k. But hey, free market.

MORT- gage: as in mortuary, mortal, morgue....meaning you pay till your dead.
@PhishHead At least I got Mail Orders for 12/28 ??

But yea, it's a sham.
Enough, NJ.
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Old 11-02-2011, 10:20 AM
 
14,777 posts, read 34,490,118 times
Reputation: 14278
Quote:
Originally Posted by tahiti View Post
you are right it *can* - I've been on both sides - an assessment where my taxes rose, and an assessment where they dropped.

people just assume that when a reval is done their taxes will automatically rise. it's not true. the purpose of a reval is NOT to generate more revenue!
I'm actually one of the people waiting for the new assessment as I know my taxes will go down. My township is small and is basically one giant group of developments built between 1970 and 2000. Our taxes are LOW to begin with do to all our ratables, but the newer houses with higher assessed values are definitely paying more than the older homes with lower assessed values as all the assessments were done when the homes were built.

Example, I pay ~$4,000 a year in property taxes for a 2,200 sq.ft. 3BR, 2.5BA, end unit townhome on .20 acres and my house was built in the early 90's.

There is a section of single family homes built in the late 70's/early 80's where the average home is around 2,600 sq.ft. 4BR, 3.5BA and on .40 acres and they are paying around $3,300 a year in property taxes and sell for about $50k-$75k more than my house.

Sometimes assessments are in your favor, sometimes they aren't, but they never increase the total taxes collected by the town, they are merely a rebalancing of the existing tax burden on a house by house basis.
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Old 11-02-2011, 01:25 PM
 
Location: NJ
12,284 posts, read 30,935,086 times
Reputation: 5190
Quote:
Originally Posted by NJGOAT View Post
I'm actually one of the people waiting for the new assessment as I know my taxes will go down. My township is small and is basically one giant group of developments built between 1970 and 2000. Our taxes are LOW to begin with do to all our ratables, but the newer houses with higher assessed values are definitely paying more than the older homes with lower assessed values as all the assessments were done when the homes were built.

Example, I pay ~$4,000 a year in property taxes for a 2,200 sq.ft. 3BR, 2.5BA, end unit townhome on .20 acres and my house was built in the early 90's.

There is a section of single family homes built in the late 70's/early 80's where the average home is around 2,600 sq.ft. 4BR, 3.5BA and on .40 acres and they are paying around $3,300 a year in property taxes and sell for about $50k-$75k more than my house.

Sometimes assessments are in your favor, sometimes they aren't, but they never increase the total taxes collected by the town, they are merely a rebalancing of the existing tax burden on a house by house basis.
you are correct!!! sounds like your taxes will go down, good for you!
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Old 11-02-2011, 02:56 PM
 
Location: New Jersey
8,130 posts, read 11,865,746 times
Reputation: 7489
Quote:
Originally Posted by Phish Head View Post
Usury. We pay $300k for a house (which is closer to $900k over a 30 year mortgage). Then, when you are done, you have the privileged of paying close to a mortgage in property taxes. And the day you can't afford them , the government can take your house. How is there freedom in America again?

Anyone ever wonder what an average house would cost if you had to pay it outright, upfront? I'd guess around $40k. But hey, free market.

MORT- gage: as in mortuary, mortal, morgue....meaning you pay till your dead.
Hey, no one is twisting your arm to get a mortgage. Pay with cash (not that most people can do it) or go for a term 15 years or under.
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Old 11-02-2011, 03:50 PM
 
13,562 posts, read 16,060,181 times
Reputation: 18028
Quote:
Originally Posted by camaro69 View Post
Hey, no one is twisting your arm to get a mortgage. Pay with cash (not that most people can do it) or go for a term 15 years or under.
Exactly!
My parents paid good old US dollars in cash when they bought their home in 1967. As a result, they never had to worry about mortgage payments for the next 33 years that they lived.

And, if you think that homes are expensive in the US, you should be very thankful that you don't live in Europe. Not only are Europeans taxed FAR more heavily than US residents, but real estate prices in most of Europe are astronomically high in comparison to US home prices.

Most Americans who complain about high costs in the US have no clue about how the rest of the industrialized world fares.
Trust me--folks in most of the rest of the world would gladly trade their tax burden and their real estate prices for what we have in the US.

Last edited by Retriever; 11-02-2011 at 04:56 PM..
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Old 11-03-2011, 12:27 PM
 
1,300 posts, read 2,471,585 times
Reputation: 788
Quote:
Originally Posted by NJGOAT View Post
I'm actually one of the people waiting for the new assessment as I know my taxes will go down. My township is small and is basically one giant group of developments built between 1970 and 2000. Our taxes are LOW to begin with do to all our ratables, but the newer houses with higher assessed values are definitely paying more than the older homes with lower assessed values as all the assessments were done when the homes were built.

Example, I pay ~$4,000 a year in property taxes for a 2,200 sq.ft. 3BR, 2.5BA, end unit townhome on .20 acres and my house was built in the early 90's.

There is a section of single family homes built in the late 70's/early 80's where the average home is around 2,600 sq.ft. 4BR, 3.5BA and on .40 acres and they are paying around $3,300 a year in property taxes and sell for about $50k-$75k more than my house.

Sometimes assessments are in your favor, sometimes they aren't, but they never increase the total taxes collected by the town, they are merely a rebalancing of the existing tax burden on a house by house basis.
Ever think they selling for $50K-$75K more BECAUSE of the lower taxes?
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