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I've been looking for a house for almost 6 months now in Central/North Jersey. Most places I look, the property taxes are ridiculous. Unless I move to South Jersey or to the west closer to PA, I can't afford the average $8,000 a year in taxes. The average median income in NJ is $80,000 which is in my income range but a mortgage on top of the property taxes will mean half of my net income will be towards housing.
Any advice? Or just continue renting? I've lived here almost all my life and love NJ but I feel like it has been getting more expensive over the past few years.
There's a few towns with less-unreasonable property taxes. If you don't need primo schools, a NYC commute, or a walkable downtown, you might be able to find something.
I've been looking for a house for almost 6 months now in Central/North Jersey. Most places I look, the property taxes are ridiculous. Unless I move to South Jersey or to the west closer to PA, I can't afford the average $8,000 a year in taxes. The average median income in NJ is $80,000 which is in my income range but a mortgage on top of the property taxes will mean half of my net income will be towards housing.
Any advice? Or just continue renting? I've lived here almost all my life and love NJ but I feel like it has been getting more expensive over the past few years.
Western Jersey such as Warren, Hunterdon, etc also have high taxes because they have no industry to lower the homeowner taxes. Lived in Warren County for 28 years, moved to PA for lower taxes after retirement. Taxes do not go down, so figure in several years that $8k can be $9-10k, keep that in mind when you are calculating what you can afford.
A lot of towns in central Jersey are just allergic to letting folks build anything other than McMansions, so it's harder to find a multifamily much less build one. Property tax rates are abysmally high in a lot of places, but affording property tax is a lot harder when the only stuff you can get in a town are mcmansions on 1 acre lots. It's bad enough that land values are so high in towns in north and central Jersey. But the fact that the only stuff you can find in some of these places is just single family homes means that the assessed value of that house is going to be high no matter what.
If you think $8k taxes is bad I won't even tell you what mine are. Suffice it to say I live in ew construction in Bergen County, so mine are far more than the average. NJ has the highest property taxes in the country. If you want to live here, there's no escaping that reality. But some places are better than others. For northern NJ I would recommend choosing a place in Hudson County. The taxes are relatively low in its towns and cities. For the most part you get poor schools in return for that tax discount, but there are some exceptions like Weehawken. Hoboken and Jersey City for example have shockingly low taxes given the value of real estate there. But both have poor schools and in most cases many people won't be able to afford the actual dwelling no matter how cheap the taxes are.
So there's a give and take there. If you want relatively low taxes, affordable housing, and good schools in NJ, then you may well be looking for the proverbial unicorn. Don't need good schools? Then places like Kearney, Bayonne, Harrison, Union City, and a few other Hudson County towns are worth a look for lower taxes and more affordable housing.
I would advise you not to buy until after the next governor take office. While under Christie 2.5% cap, my tax has increased over 30% in 7 years. Just imagine when the cap is removed and rate go to 6 to 8% a year.
You just have to see it as part of your mortgage and buy something where the payment is low enough. I don't know where you are going to go lower than 7k for a single family. Another option would be to relocate to the Philly suburbs if you can get a job there
I've been looking for a house for almost 6 months now in Central/North Jersey. Most places I look, the property taxes are ridiculous. Unless I move to South Jersey or to the west closer to PA, I can't afford the average $8,000 a year in taxes. The average median income in NJ is $80,000 which is in my income range but a mortgage on top of the property taxes will mean half of my net income will be towards housing.
Any advice? Or just continue renting? I've lived here almost all my life and love NJ but I feel like it has been getting more expensive over the past few years.
My NJ coworkers - one or both spouses working in Manhattan.
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