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Thank you everyone. My goal was to get a house with mortgage around $4000/month including tax/insurance. There are houses out there but just not in the cities I am looking in. I'll continue to hunt.
when i called about reducing my taxes, there is a certain amount that your home value needs to be below the assessed value for them to address it. i forget what it was but it certainly was more than 1.5%, so i wouldnt expect a reduction if i were you.
I forget what it was, too, but I did it. It's not always easy, though it was for me: I bought a condo so I had exact comparables.
Then the whole town reassessed, which it hadn't done in years, and my taxes dropped a bit further.
Thank you everyone. My goal was to get a house with mortgage around $4000/month including tax/insurance. There are houses out there but just not in the cities I am looking in. I'll continue to hunt.
That's good that you have a number. Deduct $1,500 for property tax from $4,000 for taxes and you have $2,500 for mortgage. That will give a rough idea of how much house you can afford. $1,500 per month should be enough for NJ for decent house in decent school district.
Very surprised that taxes would be so high in Green Brook on a 700k house. Quite honestly, the sellers should have appealed prior to putting the house on the market. That would make the house more competitive if the taxes were reduced. Especially in the current tax enviorenment were the state and local tax deduction is limited to 10k.
I would look in a different town, or you’ll end up regretting the purchase. Generally high tax areas are run by people who have little regard for taxing their residents and increasing the budget to no end. 19k in taxes today could be 30k in 10-15 years. We bought with 23k and budgeted for 26k over a 5 year period. Three years later were at 28k. Conversely low tax towns like saddle river have historically flat taxes
Want a sense of the taxes in town? Pull up some comparable houses in Zillow and click into tax history. If taxes have gone up like 50% in the past 10 year look through assume history repeats itself.
bought my house for $949k, the assessed value was 866700 , i googled Table of Equalized Valuations for NJ and value for my town was 0.77....so 866700/0.77 = 1,125,584 .....I appealed with lawyer and got an offer to reduce by $1400 a year. But nothing is 100%....it depends on the town etc
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