Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
My town did it's first property tax reassessment in over 30 years. I never thought I would see the day my property taxes went DOWN in NJ! My house is new construction and I have been in it for 2.5 years so I knew my taxes wouldn't go up. I guess I figured they would stay about the same, but they went down $6K! At least that will balance some of Corzine's tax hikes.
I guess I should be angry that I have been overpaying so much for the last 2.5 years so the people in the older houses could underpay, but I'm not. I'm just happy to finally get a tax break.
I thought it was/is a state law that reassessments have to be done at least once every 10 years...
good grief, do I want to know what your taxes were ?
I will DM you the name of the town where I live, but there are many towns that have not been reassessed for longer than 10 years. If that is a law, it is a relatively new one.
And no, you dont want to know, but I dont mind telling you. They went from $24,400K down to $18,500K. The neighbor's on my street had similar experiences, which leads me to believe there are some other people out there who are VERY upset about this whole thing.
You can rent a nice house for less than $2k/month in a lot of pretty nice places in the US - not in NJ mind you . I'm safely assuming your house is much nicer (and larger) than those anyway, but still the state of NJ knows no bounds when it comes to collecting taxes...
If your taxes went down 24%, it is fair to say the value of your property dropped by the same amount.
Ouch, that has to be a couple of hundred thousand $$$.
There is no correlation at all. In a town reassessment the overall tax revenue doesn't change, but the burden is shifted as homes are brought up to date. So as a house that hasn't been assessed in 30 years will see a huge jump in taxes, a new construction will see a decrease as the older houses are now paying their fair share. I would't be surprised if some houses see a jump from paying $5K up to $10K. Again, this has no correlation to how much the house has increased in value, as a house bought 30 years ago is worth far more than double what it was bought for. I dont think property values in my area have dropped 24% (in fact, I know they haven't) as new construction is still selling here. They are giving free upgrades, but they still haven't lowered their prices since the peak. This town instituted a McMansion law a few years ago because people were building big houses on streets with all small houses, so larger houses are not as easy to come by as one might think. The 2 new construction developments were approved before the McMansion law, so they are grandfathered in. That along with the feds announcement yesterday should keep housing prices artificially high until inflation comes up to meet them. Either way, doesn't really matter to me as I dont have to move.
You were right on when you said you've been overpaying for the past 2 years. Thats the way it always works with new construction in a town that has majority of older homes. The towns are mandated to do a reval once the ratio is at 50% or close to it.
There is no correlation at all. In a town reassessment the overall tax revenue doesn't change, but the burden is shifted as homes are brought up to date. So as a house that hasn't been assessed in 30 years will see a huge jump in taxes, a new construction will see a decrease as the older houses are now paying their fair share. I would't be surprised if some houses see a jump from paying $5K up to $10K. Again, this has no correlation to how much the house has increased in value, as a house bought 30 years ago is worth far more than double what it was bought for. I dont think property values in my area have dropped 24% (in fact, I know they haven't) as new construction is still selling here. They are giving free upgrades, but they still haven't lowered their prices since the peak. This town instituted a McMansion law a few years ago because people were building big houses on streets with all small houses, so larger houses are not as easy to come by as one might think. The 2 new construction developments were approved before the McMansion law, so they are grandfathered in. That along with the feds announcement yesterday should keep housing prices artificially high until inflation comes up to meet them. Either way, doesn't really matter to me as I dont have to move.
I hope your house at thse taxes is bigger than mine. Mine is 4500 sq ft, and you probably don't want to know my taxes, $3500 , but I'm in Nashville.
You were right on when you said you've been overpaying for the past 2 years. Thats the way it always works with new construction in a town that has majority of older homes. The towns are mandated to do a reval once the ratio is at 50% or close to it.
Yes, but it could be worse. I could have been overpaying for 5 years or more. I'm just glad they finally did the reassessment. It's hard to be mad right now as I just feel like I was given an extra $6k per year to offset Corzine's tax increases.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
. I'm safely assuming your house is much nicer (and larger) than those anyway, but still the state of NJ knows no bounds when it comes to collecting taxes...
