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Old 02-26-2010, 10:20 AM
 
4,177 posts, read 9,882,230 times
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N.J. average property taxes grow 3.3 percent to an average of $7,300 | - NJ.com
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Old 02-26-2010, 11:48 AM
 
Location: New Jersey/Florida
5,730 posts, read 11,597,098 times
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I read the article. Millburn with an average of 19,100 is nuts. I guess they have alot to offer.8 bucks an hour isn't going to pay property taxes in that town. These bills are absurd.
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Old 02-26-2010, 12:02 PM
 
Location: 32°19'03.7"N 106°43'55.9"W
8,486 posts, read 18,713,465 times
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Quote:
Originally Posted by JERSEY MAN View Post
I read the article. Millburn with an average of 19,100 is nuts. I guess they have alot to offer.8 bucks an hour isn't going to pay property taxes in that town. These bills are absurd.
8 bucks an hour is $16640 a year, gross, before taxes! The average person living in Millburn has to pay $9.18 an hour just to settle his or her tax bill. So, if you earn 30 bucks an hour, almost 30% of your salary, in theory, would go towards property taxes! And that's before taxes are levied on your income. What it translates into is that you'd better be earning about 210k a year (or 100 dollars an hour) in family earnings before you can even get a sniff of Millburn. The problem is, that at 100 bucks an hour, you are now.... RICH! So, you'll get taxed federally at 39.6%. What's that NJ state "millionaire's" tax down to, now, about $250k? That's another 9.5%. Remember, my initial figure was on gross salary. So, now, 210k becomes about 105k, and that's before the town gets another 19,100 out of you for owning property. So I guess I'd have to revise my earnings estimate upward: better make it about 350k a year, gross,(or about 165 bucks an hour) before you can afford Millburn.

As Bob Dylan once said: "They'll stone you when you're at the breakfast table
They'll stone you when you are young and able, they'll stone you when you're trying to make a buck, they'll stone you and then they'll say 'Good Luck'".
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Old 02-26-2010, 12:37 PM
 
Location: Savannah GA/Lk Hopatcong NJ
13,178 posts, read 26,705,331 times
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and I like this sentence..NJ property taxes have increased by a whopping 70% since 1999..that is insane...I don't think people's salaries have increased by 70% in 11 years
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Old 02-26-2010, 12:40 PM
 
Location: NJ
12,284 posts, read 33,701,749 times
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it's not the 3.3% that's the issue, it's the $7300. but Christie's gonna fix that! LMAO (sorry, you guys know I can't resist).
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Old 02-26-2010, 12:41 PM
 
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I think you're grossly exaggerating....the highest current federal tax bracket is 35%. At 210k per year you've just barely crossed into the 33% bracket, so 99.9% of your income is taxed at a federal rate of 28% or less.

The average property tax in Millburn of $19k per year, the median house price in Millburn is about $1.2Million. That equates to an average tax rate of 1.58%, which is fairly reasonable by NJ standards.

If you're trying to point out that Millburn is expensive, well that's been obvious for decades. If you want to live in a nice suburban town in NJ with no crime, great schools, and one of the most reasonable commutes to NYC you're going to have to pay big bucks.
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Old 02-26-2010, 12:46 PM
 
Location: NJ
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Quote:
Originally Posted by tjtv View Post
I think you're grossly exaggerating....the highest current federal tax bracket is 35%. At 210k per year you've just barely crossed into the 33% bracket, so 99.9% of your income is taxed at a federal rate of 28% or less.

The average property tax in Millburn of $19k per year, the median house price in Millburn is about $1.2Million. That equates to an average tax rate of 1.58%, which is fairly reasonable by NJ standards.

If you're trying to point out that Millburn is expensive, well that's been obvious for decades. If you want to live in a nice suburban town in NJ with no crime, great schools, and one of the most reasonable commutes to NYC you're going to have to pay big bucks.
very true....

plus you're going to have a hell of a lot of writeoffs in that income bracket (including those outrageous taxes!!!!) LOL.
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Old 02-26-2010, 12:56 PM
 
543 posts, read 1,392,337 times
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Quote:
Originally Posted by tahiti View Post
it's not the 3.3% that's the issue, it's the $7300. but Christie's gonna fix that! LMAO (sorry, you guys know I can't resist).
At least he's trying, more than I can say for Corzine.
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Old 02-26-2010, 01:12 PM
 
Location: NJ
12,284 posts, read 33,701,749 times
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Quote:
Originally Posted by njchick View Post
At least he's trying, more than I can say for Corzine.
<shrug>, my property taxes didn't skyrocket under Corzine, about 3% a year?
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Old 02-26-2010, 01:18 PM
 
5,969 posts, read 8,557,906 times
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Quote:
Originally Posted by njkate View Post
and I like this sentence..NJ property taxes have increased by a whopping 70% since 1999..that is insane...I don't think people's salaries have increased by 70% in 11 years
where-to-find-the-fattest-paychecks.html: Personal Finance News from Yahoo! Finance (http://finance.yahoo.com/career-work/article/107793/where-to-find-the-fattest-paychecks.html?mod=career-salary_negotiation - broken link)
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