Property taxes for townhouse? (East Brunswick, Freehold: condos, how much, attorney)

[hollikee]

Hello everyone,

My husband and I are saving for a townhouse and I have a question. How much would property taxes on a townhome costing between $230,000-$255,000 cost us? We have decided that we just cannot afford a house in New Jersey, so we are looking into townhomes/condos. I've heard all the ridiculous taxes for homes and was wondering how much cheaper it would be for a townhome since we wouldn't be owning any land. If any of you can help, that would be great! Thank you!

[berryjuice4life]

Originally Posted by hollikee

Hello everyone,

My husband and I are saving for a townhouse and I have a question. How much would property taxes on a townhome costing between $230,000-$255,000 cost us? We have decided that we just cannot afford a house in New Jersey, so we are looking into townhomes/condos. I've heard all the ridiculous taxes for homes and was wondering how much cheaper it would be for a townhome since we wouldn't be owning any land. If any of you can help, that would be great! Thank you!

It depends on where you are looking...East Brunswick they are 8500k a year for a townhouse, Manalapan they are about 6000k marlboro maybe 5000 depends on where you are looking....Some townhouses in taxes are just as much as single family homes...Im a realtor for western monmouth and Ocean Counties so if you need assistance pls dont hesitate to ask...

[econtenor]

Originally Posted by hollikee

Hello everyone,

My husband and I are saving for a townhouse and I have a question. How much would property taxes on a townhome costing between $230,000-$255,000 cost us? We have decided that we just cannot afford a house in New Jersey, so we are looking into townhomes/condos. I've heard all the ridiculous taxes for homes and was wondering how much cheaper it would be for a townhome since we wouldn't be owning any land. If any of you can help, that would be great! Thank you!

It really depends on what town you live in. Taxes could be anywhere from $3K to $30K depending on the town. For a townhouse in Freehold, for instance, a $250K townhouse would have taxes of $3800 thereabouts.

Hope this helps.

[hollikee]

Thank you. I didn't realize that it would be just as high as owning a home with ground. I was looking at Hamilton Township. We are trying to come up with a savings plan on what payments would be and adding into it taxes and all "that good stuff". Bah Humbug! lol I'm just kidding. Thanks for the info

[GJM]

With a townhouse also don't forget about the monthly maintenance fee to the association.

[econtenor]

Yes, I am in Condo and Townhouse management. The biggest thing I can stress is to get a copy of the latest audit and budget for the Association BEFORE you buy. You will want to assess what the maintenance fee is, whether the Association is saving enough money in their capital fund for future repairs, if any special assessments are posed, and how much money they have in their snow removal budget. Snow removal is on the of hardest lines to predict and if a Board has low-balled the number, you can expect a special assessment come April.

Get as much of the information as you can before you leave attorney review. You will have to pay for things like a copy of the audit and budget, but you will thank yourself in the morning. Also make sure the Association isn't in any construction litigation - if there is litigation, there may be significant assessments in the future that you have not planned for.

All very important things to know.

Good Luck!