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Yeah- friends were looking @ Horace Mann & Ethical Cultural School, can't imagine what those bills would be, but Trump's grandkid and Jeff Gordan's kid was in their little one's class.
On Staten Island, the good Catholic schools cost 8-9K per kid, the crappy ones where it's basically public school with uniforms are like 5K per kid. The HS can go upto 13 or so; and they are nowhere in the league of the better NJ public schools.
Agree. And some of these estimates are on the low side. Eg: Fordham Prep HS in NY is $19k per year not including books.
Bottom line is anyone that thinks the relatively low property tax rate in NYC makes cost of living for a family lower is lost.
I pay nowhere near 20K in real estate tax on my NJ house which is in that price range. I'm at around 8.
My fam has house in NYC around that range and pay 6K.
I was going to say the same thing. My house is not quite $500,000 but my taxes are about half of what that person posted. He/she must be talking about Glenridge, Monclair, Maplewood, West Orange etc.
I was going to say the same thing. My house is not quite $500,000 but my taxes are about half of what that person posted. He/she must be talking about Glenridge, Monclair, Maplewood, West Orange etc.
Yep, same here. $20K is usually approaching million dollar homes. Most homes range from $6K-$12K in taxes, the highest being homes which are very large and/or in towns with next to no ratables and must depend on property taxes more so than others.
As far as taxes in NYC there are a few reasons why taxes are lower.
1. Property size is much smaller, think condos.
2. Huge supplements from taxes coming from business
3. There is a much higher population paying into taxes per square mile compared to NJ
Agree. And some of these estimates are on the low side. Eg: Fordham Prep HS in NY is $19k per year not including books.
Bottom line is anyone that thinks the relatively low property tax rate in NYC makes cost of living for a family lower is lost.
yup- have friends who stayed in NYC b/c "the taxes in NJ are crazy." Trying to explain to them that real estate tax is but one component of overall tax liability is an exercise in futility. I don't even get to the point of the fact that private school tuition for the three kids will prob. be more than even my overall taxes; and we're not talking Horace Mann, Fordham Prep levels, this is just the mediocre parish Catholic school.
None of this also accounts for the better quality of life that exists (at least for my fam) out in the suburbs. My overall OOP also went down when I moved, car insurance fell by >40% for instance.
New York imposes an INCOME tax at both the State AND City level. New Jersey only imposes a State level income tax, and it's usually lower than the New York State tax. To make up for that difference, they slam you on real estate tax. If you notice, it seems like only large cities like NYC and Philadelphia impose an income tax. It's probably because its more complicated to handle than a real estate tax. Since New Jersey is made up of a hundred small towns (really glorified neighborhoods), it simpler for them to just tax real-estate. They know you have a quarter-acre of property, therefore you owe $10k in real estate tax. Also, in NJ most people think of their real estate tax as basically private school tuition. It's a really big deal if you live on this side of the street versus the other side because you could live in a completely different town with a different school system. This leads to drastic neighborhood changes on the town lines. And the RIDICULOUS number of small towns is probably inefficient considering that you have a different mayor, police chief, fire chief and school chancellor every 2 miles! And the nice towns overspend. The towns that don't need a lot of police are the ones that have really jacked up squad cars because the town is rich.
Some quick Turbotax numbers:
A married couple in NYC making $100k pays $7.5k in total State and City tax.
If you make $200k in NYC you pay $18.5k in total State and City Tax.
A $500k house pays $4k per year in NYC real-estate tax.
A married couple in NJ making $100k pays $2.5k in NJ State tax, no city tax.
If you make $200k in NJ, you pay $8.5k in NJ State tax, no city tax.
A $500k house pays $20k per year in NJ real-estate tax.
See the difference?
$20k on a $500k is too high, I think you are looking at $10k-15k. My house is $600k I am paying $14k at above average tax rate towns.
$20k on a $500k is too high, I think you are looking at $10k-15k. My house is $600k I am paying $14k at above average tax rate towns.
I think people hear #'s for Montclair or South/West Orange and blow it out of proportion for the whole state. I have family that pays near 20K but they live in a home that's over 1MM, so it's all relative.
20K on 500K is more Westchester level, which is why we never considered it there, even though it's beautiful.
I think people hear #'s for Montclair or South/West Orange and blow it out of proportion for the whole state. I have family that pays near 20K but they live in a home that's over 1MM, so it's all relative.
20K on 500K is more Westchester level, which is why we never considered it there, even though it's beautiful.
because NJ has more union presence, and owed huge pension payouts. this along with corruption which has ballooned since the 90's. this requires meeting budgets via taxation.
NJ has a different demographic than NY. NYC is the symbol of capitalism.. lots of entrpreneurs.
Outside the professional industries, and the upper & uppermiddle class in Bergen County, Morristown, Summit... NJ is a state generally represented by construction workers, cops, firemen, teachers and corrupt politics who cater to that demographic.
$20k on a $500k is too high, I think you are looking at $10k-15k. My house is $600k I am paying $14k at above average tax rate towns.
depends on town.. there are quite a few municipalities that are 3.5-4.0% property tax and above, esp in Passaic county. like Wayne.
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