Buying a house in Bloomfield, NJ. (Newark, East Orange: mortgage, how much, neighborhood)
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Please help me. I'm planning to buy a house in Bloomfield, NJ. The taxes are over 10K a year. My question is. How do I determine before I buy the house, if the taxes will go up, down, or will remain the same?. I'm afraid to go forward with the purchase and later on get an increase in the taxes which will change my budget. How is the MS and High school?. Please reply A.S.A.P. Thanks.
Taxes will probably go up after you purchase the house if they reassess. I lived in Bloomfield (Brookdale area) and children went to the schools. The schools started a down trend (especially high school) in 97', with influx of out of town individuals attending (fights, gangs, bullying). Not sure if there has been improvement.
Thank you Ellwood. Can anybody else help me make a wise decision before I start signing a bunch of paperwork? Buying a house is a very difficult task and I need to hear from many people as possible to make a final decision. Thank you.
well tell us more? What did you like about it???? Did you like the neighborhood? Do you like the urban beat? Tell us your worries? Is it just taxes and everything else is great ???
Look up your address on neighborhood scout. I'm scheduled to close on a home in Bloomfield this month. My brother will be attending the high school, which has a new addition. Keep in mind that those who respond on this forum often equate how good an area is with how few minorities are in the area. The same goes for schools so the opinions (by way of definion) are biased. The elementary and middle schools score well overall. If you like the home and the area and you've done your research on the schools, go for it. Bloomfield has a train line to NYC, Brookdale Park and is a great place for a starter home. The taxes in Bloomfield were just reassessed late 2009 so no worries there. In addition Bloomfield won the NJ Smart Growth award and several areas including the train station will be revitalized. Good luck!
Please help me. I'm planning to buy a house in Bloomfield, NJ. The taxes are over 10K a year. My question is. How do I determine before I buy the house, if the taxes will go up, down, or will remain the same?.
That's easy. They will go up incrementally each year.
I'm afraid to go forward with the purchase and later on get an increase in the taxes which will change my budget.
That's not going to be a game changer. Basically, if you can afford it in the first year and your pay keeps pace with inflation, you will be able to afford payments down the road. The reason is that while the present value of property taxes may increase slightly (due to the never ending expansion of the public sector), the present value of your mortgage payments goes down.
One thing to keep in mind is that state aid is being cut, check to see how much Bloomfield depends on this (I think it gets a chunk from the state). Aid cuts could be a source of property tax hikes.
I just bought a house this summer in Bloomfield (2010) and my new 2011 taxes are up $2,000! If I had known this I definitely would NOT have bought in Bloomfield. There are other towns nearby with much lower taxes. check out wayne, clifton, etc or other counties. I would sell right now but would loose too much so have to stick it out for awhile. 12K taxes for a house under $400K is ridiculous.
I just bought a house this summer in Bloomfield (2010) and my new 2011 taxes are up $2,000! If I had known this I definitely would NOT have bought in Bloomfield. There are other towns nearby with much lower taxes. check out wayne, clifton, etc or other counties. I would sell right now but would loose too much so have to stick it out for awhile. 12K taxes for a house under $400K is ridiculous.
GB, are you sure. The tax bill you should have just received should be for 2010. I know because I just got mine in the mail and its for 2010/2011 Preliminary. So just prepare yourself next June to receive another potential increase.
GB, are you sure. The tax bill you should have just received should be for 2010. I know because I just got mine in the mail and its for 2010/2011 Preliminary. So just prepare yourself next June to receive another potential increase.
Essex County = Newark, Irvington, East Orange welfare
hhunter1
When it comes to NJ property taxes, you always MUST be prepared for INCREASES. In good economic times property taxes may be stable, these days but when towns are constantly forced to implement unfunded mandates, and are also locked into union contracts (police, teachers, etc.) there are few options: lay off employees, cut services or raise taxes. Even well managed towns across NJ will be raising property taxes this year.
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