Are new home owners paying these high property taxes?

[Sunbather]

Originally Posted by jjjeee3333

wow NJ across the river from NYC has about the same if not cheaper property taxes for the same value homes...... scary

Hard to understand what point you are attempting to convey with this post. However, if you're stating that New Jersey property taxes are cheaper than Dallas and saying that's scary, it's never really apples:apples.

IE: Our property taxes are ~3% of our annual income. We have no income taxes here. In New Jersey we would be paying close to 6% for income taxes using their progressive rates. So, combined property and income taxes would still be 3x our combined property and income taxes here in Dallas.

[TheOverdog]

My property taxes went down this year, not by that much, but they haven't really gone up that much either in the 11 years I've owned my home.

[EDS_]

Originally Posted by Sunbather

Hard to understand what point you are attempting to convey with this post. However, if you're stating that New Jersey property taxes are cheaper than Dallas and saying that's scary, it's never really apples:apples.

IE: Our property taxes are ~3% of our annual income. We have no income taxes here. In New Jersey we would be paying close to 6% for income taxes using their progressive rates. So, combined property and income taxes would still be 3x our combined property and income taxes here in Dallas.

It amazes me that so many otherwise smart people can't/refuse to see the picture you just painted.

[wheelsup]

Originally Posted by Sunbather

Hard to understand what point you are attempting to convey with this post. However, if you're stating that New Jersey property taxes are cheaper than Dallas and saying that's scary, it's never really apples:apples.

IE: Our property taxes are ~3% of our annual income. We have no income taxes here. In New Jersey we would be paying close to 6% for income taxes using their progressive rates. So, combined property and income taxes would still be 3x our combined property and income taxes here in Dallas.

If their earned income is low maybe to them it doesn't matter what the state income tax is, or is a fairly negligible amount.

[Sunbather]

Originally Posted by wheelsup

If their earned income is low maybe to them it doesn't matter what the state income tax is, or is a fairly negligible amount.

To some degree, yes.

But at the same time this discussion is viewed through the lens of buying a house. The income tax rate hits 5.5% as low as $40k in NJ and is 3.5% even at $35k. (Yes it is tiered, just pointing out the break points). Realistically, once you are getting below $40k, you are probably not buying a house in either of these markets anyway.

Above that, you're in for 5.5% to 8.97% in NJ.

[jjjeee3333]

we're talking about property taxes, you're the one making apples to oranges comparisons about, income tax, lets throw in gas tax, and tolls while we're at it. I'm not comparing cost of living.



And you have no idea what peoples income tax situation is like, if they are below certain threshold they aren't paying much of NJ income tax. Even ultra blue NYC has lower property taxes then both NJ and and Dallas.....


Point is it's crazy to be paying those amounts of taxes, as you always hear about the south and lower property taxes, and always hear what a hell hole NJ is with property taxes the highest in the nation, but it seems like the whole nation is quickly turning into a property tax police state.


Or maybe I was under the impression that Texas had low property taxes like a Florida, just shocking to see that they are that high.


And why in gods earth are people getting all defensive about it and defending that sort of theft is beyond me..... I'm not going to be defending NJ's high property taxes, like you insulted my child. lol.

[turf3]

Every political entity assesses taxes to defray their cost of operation.


In some states there is an income tax. Texas does not have an income tax. Can you guess why property taxes are higher in Texas than in many states with income taxes? That revenue has to come from somewhere. This is why comparing property tax vs. property tax without the context of one's total tax bill is meaningless - unless you just want to complain about something.


Furthermore, MOST people who own houses have mortgages and work for a living, so in general people's house property value correlates with income. Obviously there are plenty of exceptions such as a high value house with low income of vice versa, but in the aggregate people's income and property value track well, so it is appropriate to combine income tax load and property tax load for purposes of comparing locales. Now, if your own personal situation is not average, you need to consider it specifically, but you ought to be doing that anyway.

[Bolanders]

Originally Posted by jjjeee3333

we're talking about property taxes, you're the one making apples to oranges comparisons about, income tax, lets throw in gas tax, and tolls while we're at it. I'm not comparing cost of living.



And you have no idea what peoples income tax situation is like, if they are below certain threshold they aren't paying much of NJ income tax. Even ultra blue NYC has lower property taxes then both NJ and and Dallas.....


Point is it's crazy to be paying those amounts of taxes, as you always hear about the south and lower property taxes, and always hear what a hell hole NJ is with property taxes the highest in the nation, but it seems like the whole nation is quickly turning into a property tax police state.


Or maybe I was under the impression that Texas had low property taxes like a Florida, just shocking to see that they are that high.


And why in gods earth are people getting all defensive about it and defending that sort of theft is beyond me..... I'm not going to be defending NJ's high property taxes, like you insulted my child. lol.

We considered Florida prior to moving to DFW. The reason we did not move to FL was partly because property taxes far exceeded DFW. If I moved to a similar type city to DFW, Miami for example it would run me an additional $700,000-$1M for the house plus an additional $10,000 in property taxes. The only place that came close to having the same or lower property taxes was Atlanta, Minneapolis, Phoenix, or one of the other TX cities (Houston, SA).

In other words we ended up moving to DFW because of the surprisingly low property taxes. That still hold true.