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Most of us are well aware that north Jersey has among the highest property tax rates in the U.S.
But what are some places with relatively low property taxes if someone was looking to buy a home in the NYC area? Are there other kinds of taxes to be aware of? Is there a sweet spot somewhere?
Your best bet would probably be in Morris County. The taxes are generally lower than in Essex/Bergen.
You can no longer go by county. You need to take individual towns on their own merit. If you blindly choose a town in Morris County you could end up paying more than you would if you chose a town in Bergen or Essex. There are no towns with truly low property taxes when compared to a lot of other states. Here is a web site that will help. The "effective tax rate" is the number you look at to compare towns. New Jersey 2013 Property Tax Rates | NJ Town Property Taxes
Also, in my opinion something to keep in mind is the price of a comparable house in the "low"er than average property tax town vs a higher than average property tax town. All else being equal, you're going to find things balance out (i.e., if both towns are a 70 minute commute to midtown, have decent schools, have a downtown, etc.). the rates for property taxes vary quite substantially in essex county, but your monthly payment is tough to change when comparing town to town. so the only way you truly benefit from that lower rate, in my opinion, is when you don't have your mortgage and property tax is your only monthly payment besides insurance.
You can no longer go by county. You need to take individual towns on their own merit. If you blindly choose a town in Morris County you could end up paying more than you would if you chose a town in Bergen or Essex. There are no towns with truly low property taxes when compared to a lot of other states. Here is a web site that will help. The "effective tax rate" is the number you look at to compare towns. New Jersey 2013 Property Tax Rates | NJ Town Property Taxes
Isn't the rate itself kind of a bogus number? Isn't the tax assessment also a bogus number? I'm asking this because I see homes that are selling for $600k which have a tax assessment of like $300K. So if the tax rate is based on the $300K, it's going to be less in property taxes than a new house which sold for $800K and has an assessment of about $800K, even though it's rate might be lower.
The other thing to consider is that the property taxes for a comparable homes in two different towns, the price of the home might be much higher than in the other one. So you have to look at the whole picture and can't just focus on property taxes.
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