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I know people with modest salaries paying just under $12,000 a year in property taxes because they wanted "good schools" for their kids. When property taxes is almost what it cost rent, how do people afford it. Officially there is a 2 percent cap, unofficially every community finds a loophole around it as the average property tax increase across the state has been 5 percent.
To the homeowners. How do you afford your property taxes. Are you at risk of being taxed out of your house?
NJ has a serious pension crisis, so taxes are probably going up more one the SHTF in the pension world.
Yes. Especially since our income took a dive due to medical issues, and since we have never had school-age children since movng to NJ. I expect we will move within 2 years. At the moment Delaware looks likeliest.
I don't believe that your 5% figure is accurate and I don't believe most families can find a rental even in a horrible location for 1000 a month. Market Rental rates are much higher than property taxes.
Yes, nj is an expensive place to live but salaries are higher also.
I know many people who have moved, including myself, because of taxes but that was because the kids had grown and no longer needed the schools and the big house. So it was worth it for the period of time when we needed it.
I know that you can't turn back the hands of the clock, but by pinching my pennies and doing very prudent investing between the mid-'90s and the early '00s, I gleaned a present-day dividend income that gives me much comfort in my retirement. I deprived myself of some luxuries when I was in my 40s and 50s, and the result is that I can now enjoy almost any luxuries that I desire.
Perhaps some bought homes larger than needed.... The only way to lower property taxes is to merge towns and cancel the abbott funding. Every child in every municipality should get the same, that would alone cut prop taxes down.
I don't believe that your 5% figure is accurate and I don't believe most families can find a rental even in a horrible location for 1000 a month. Market Rental rates are much higher than property taxes.
Yes, nj is an expensive place to live but salaries are higher also.
I know many people who have moved, including myself, because of taxes but that was because the kids had grown and no longer needed the schools and the big house. So it was worth it for the period of time when we needed it.
YMMV
In Bankrupt Atlantic City, property taxes have risen 93.66 percent (!!!) from 2000 to 2015.
I know people with modest salaries paying just under $12,000 a year in property taxes because they wanted "good schools" for their kids. When property taxes is almost what it cost rent, how do people afford it. Officially there is a 2 percent cap, unofficially every community finds a loophole around it as the average property tax increase across the state has been 5 percent.
To the homeowners. How do you afford your property taxes. Are you at risk of being taxed out of your house?
NJ has a serious pension crisis, so taxes are probably going up more one the SHTF in the pension world.
That 2% cap only applied to certain portions of the property tax. Already negotiated contracts were exempt, certain increases, like insurance were exempt and I think it also only applied to the municipal portion, not the schools. The schools tax generally goes up faster than the municipal and represents over 50% of the budget.
The thought of paying the amount we do in rent, just for property tax on a SFH, gives me panic attacks. One of my coworkers committed to paying $1500 a month in property tax for her house in Morris County. I don't know how she does it. Maybe that's why she seems stressed out.
I seriously doubt we'll ever be homeowners... I don't think it's worth it financially.
A lot of people living in NJ works in NYC, NJ companies also pay much higher salaries then national average.
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