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Old 11-03-2011, 01:28 PM
 
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So the original poster is complaining that he has been paying less that he should have for all of these years and now they "caught up to him"?
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Old 11-03-2011, 01:35 PM
 
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Quote:
Originally Posted by sonofagunk View Post
Ever think they selling for $50K-$75K more BECAUSE of the lower taxes?
Not when they are larger houses, with more bedrooms on more land in the same town.

Quote:
Originally Posted by sonofagunk View Post
So the original poster is complaining that he has been paying less that he should have for all of these years and now they "caught up to him"?
Pretty much.
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Old 11-03-2011, 01:51 PM
 
2,911 posts, read 2,870,507 times
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Quote:
Originally Posted by Retriever View Post
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.
This is the reason why Europe will fall before the USA.
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Old 11-05-2011, 03:50 PM
 
9,344 posts, read 13,916,112 times
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Quote:
Originally Posted by goldengrain View Post
go through/pay for a reval of an entire town if it does not generate more revenue?
Well, first of all, I think it's required by NJ law. It gets assessments in line with market values and theoretically more equitably distributes the tax burden. If all houses fell and rose in value equally, there wouldn't be any point; you could do a "reval" just by scaling up the current evaluations. But this isn't the case; different houses and different parts of towns change value differently. After the re-evaluation is done, if it's a revenue-neutral re-evaluation, the town sets a new tax rate calculated to collect the same amount of taxes as the old one with the old evaluations.
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Old 11-17-2011, 07:19 PM
 
Location: Earth Wanderer, longing for the stars.
12,411 posts, read 15,971,658 times
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Quote:
Originally Posted by nybbler View Post
Well, first of all, I think it's required by NJ law. It gets assessments in line with market values and theoretically more equitably distributes the tax burden. If all houses fell and rose in value equally, there wouldn't be any point; you could do a "reval" just by scaling up the current evaluations. But this isn't the case; different houses and different parts of towns change value differently. After the re-evaluation is done, if it's a revenue-neutral re-evaluation, the town sets a new tax rate calculated to collect the same amount of taxes as the old one with the old evaluations.
Is that the way it is supposed to work? Thank you for the explanation. I never had such an explanation. Knowing local politics, I doubt if the revenue is the same after and before the evaluation.

Who keeps them honest? Oh, I forgot. It's New Jersey.
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Old 11-18-2011, 08:54 AM
 
Location: NJ
12,284 posts, read 30,998,809 times
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Quote:
Originally Posted by goldengrain View Post
Is that the way it is supposed to work? Thank you for the explanation. I never had such an explanation. Knowing local politics, I doubt if the revenue is the same after and before the evaluation.

Who keeps them honest? Oh, I forgot. It's New Jersey.
please. it is. it's all public record. look it up.
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Old 11-21-2011, 08:13 AM
 
Location: NJ
7 posts, read 14,253 times
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Quote:
Originally Posted by sonofagunk View Post
So the original poster is complaining that he has been paying less that he should have for all of these years and now they "caught up to him"?
As OP and doing research, I will chime in here with "Yes.".
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Old 08-16-2016, 12:45 PM
 
1,301 posts, read 2,486,727 times
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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.

NJGoat, did your taxes go down?
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Old 08-16-2016, 01:36 PM
Status: "Even better than okay" (set 21 days ago)
 
Location: Coastal New Jersey
51,489 posts, read 50,749,733 times
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I'm not Goat, but my taxes went down after they reassessed the whole town. (My town is very small and has no sfhs, so we are talking about 500 co-op and condo units.)

I bought in 2010, so I was paying much more than comparable units whose owners were there for years and hadn't been reassessed. Taxes for 2016 went down about $600.
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Old 08-18-2016, 04:24 AM
 
63 posts, read 43,243 times
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Quote:
Originally Posted by Retriever View Post
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.
Unfortunately, we live in different times. It's impossible to buy a house cash in a decent NJ town nowadays before you're 45, even if you live modestly. Throw in student loans and the situation becomes even more grim.

Europeans may pay more, but they also get more in return. Better schools, free healthcare, paid maternity leave, more paid vacation time, and better transit/infrastructure. I doubt they want to switch with us.
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