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Old 04-15-2008, 01:18 PM
 
Location: New Jersey
22 posts, read 57,590 times
Reputation: 15

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Not the first time I have asked this question but I am getting closer to selling my home here in NJ so I am giving it one more shot.

I visited FC back in late 2006, the downtown was great place to drink some brew and eat. The dryness and difference in weather will take some getting used to but some of the things I always enjoyed like Cycling is always a plus.

Some of the differences in the FC area vs. NJ which you can comment on

1. I found out there is some yearly auto tax which we don't have here, I will assume it is offset by much lower auto insurance rates? What is this tax?

2. Property taxes, night and day so there is no need to reply, it's one of the reasons we are moving from the North East out West.

3. Property costs about half as much. I am still clueless as to how the market is doing there overall this year? Got some stupid nonsensical upbeat email from a broker I hooked up with, If I was a seller that would be good news but I am taking it on the chin as a seller in NJ so it did not make any sense to email me that upbeat information. Maybe someone has a non brokers perspective on the true market there. I have not seen anything that would indicate a turn around anywhere in the country.

4. Anything else you can tell me about the differences going from NJ to Colorado in general cost of living wise would be helpful. I see natural gas has gone up has your heating costs also increased?

OK gasoline is more expensive and I have to get out of my car, not a big deal. Better beer but that is not a cost savings or additional expense just a plus.

Any help would be appreciated.

GB
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Old 04-15-2008, 02:02 PM
 
3 posts, read 9,048 times
Reputation: 13
Default The Fort

My take on your questions

1. Fort Collins charges annual tax on registering motor vehicles. I think I figured it to be in the neighborhood of 3% of the car value. E.g. a $20k valued car would pay 600$ for CO tags. It depreciates quickly, i.e. the next year, the 20k car might get a value of 12k or something. Larimer County also doesn't require vehicle inspection like some other counties (Boulder, Denver) so it's a little cheaper.

2. Property taxes in Fort Collins run about 0.9%. I've heard it's among the lowest in the nation.

3. Houses have take a minor hit of late but I don't think Fort Collins has seen any major real estate swings. My house (I bought in '99) has increased in value about 4.5% average annually over the past 9 years. Not bad for residential real estate.

4. I don't know the NJ market but I have lived in Connecticut and Washington State and I've found it cheaper in Colorado almost across the board on everything. My natural gas heating bill runs 100-200$ a month in winter (for a 2400-sq-ft. house). I don't think this is bad and hasn't gone up too much.

Good luck!
-Joe
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Old 04-15-2008, 08:41 PM
 
423 posts, read 1,846,940 times
Reputation: 123
Joe hit the nail on the head. I am a broker but I will add that even though our market has gone down like the rest of the country it has not taken quite the hit. Houses are selling for less but they are still moving at a good pace. In fact I have received multiple contracts on some of my listings. My point is that there is still competition out there and our market has not hit rock bottom like other parts of the country. So once again this is probably not the best news for you since you will be buying here.
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Old 04-16-2008, 09:17 AM
 
Location: New Jersey
22 posts, read 57,590 times
Reputation: 15
The fact that prices have gone down somewhat is still a good sign as a buyer. I have never purchased a home with the intention of making a killing or as an investment even though it always works in my favor at the end of the day. Now if only I had the same luck in the stock market as I do with homes.

Maybe I'm too hung up on the numbers here, but as a buyer if you know that overall prices have fallen 10% since the bubble burst, you can do a better guesstimate of pricing out a certain neighborhood. I still have neighbors listing homes at early 2007 prices and I think they will realize that they will have few buyers or get low ball offers. Homes were also taken off the market I assume in the belief that it will be a quick change over to increasing prices again. I am not so optimistic.

The inventory in the county is still pretty high from what I can see on my MLS listings, plus you also have to put the price range of the home into the equation. Of course a $200K home will move much faster than a $400k home in any given market. I guess I would be looking at the upper end of that scale. Its the same here in NJ cheaper homes are selling much faster. The drop in price again would be smaller on a $200K home which makes prices look stable. Just basic math here. I guess thats why a % is easier to digest.

I guess my two cars of late 90's and early 2000 vintage will be less than a 2007 auto, so thats a sign of relief. I found a site which lists insurance rates by state and the difference being $1000 per auto from NJ to CO. Here is a link.

Most and Least Expensive States For Car Insurance - AOL Money & Finance

I have been watching natural gas prices rise so I am surprised your gas bills have not reflected the almost 40% rise in natural gas prices over the last two months. I know CO is a gas producing state so maybe those market increases are passed along to other states like NJ, ha.
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Old 04-19-2008, 09:00 AM
 
1 posts, read 1,952 times
Reputation: 10
Default Car Tax is a killer

Quote:
Originally Posted by Fort Collins Joe View Post
My take on your questions

1. Fort Collins charges annual tax on registering motor vehicles. I think I figured it to be in the neighborhood of 3% of the car value. E.g. a $20k valued car would pay 600$ for CO tags. It depreciates quickly, i.e. the next year, the 20k car might get a value of 12k or something. Larimer County also doesn't require vehicle inspection like some other counties (Boulder, Denver) so it's a little cheaper.

2. Property taxes in Fort Collins run about 0.9%. I've heard it's among the lowest in the nation.

3. Houses have take a minor hit of late but I don't think Fort Collins has seen any major real estate swings. My house (I bought in '99) has increased in value about 4.5% average annually over the past 9 years. Not bad for residential real estate.

4. I don't know the NJ market but I have lived in Connecticut and Washington State and I've found it cheaper in Colorado almost across the board on everything. My natural gas heating bill runs 100-200$ a month in winter (for a 2400-sq-ft. house). I don't think this is bad and hasn't gone up too much.

Good luck!
-Joe

I used to live in Virginia and they were eliminating the car tax there. Here in Colorado it is HIGH!

I bought a new car this year. The MSRP (which is what they go by) was $31,000. They take 85% of the MSRP and apply a tax rate depending on the county your live in. The tax was close to $700 a year. It does go down each year, but not that fast. It might take a few years to get below $300.

If you move out here, you'll wonder where that tax money goes. The roads are bad. Most of the money will go to Denver for their endless road projects that take litererally decades to complete.
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Old 04-20-2008, 06:21 PM
 
Location: New Jersey
22 posts, read 57,590 times
Reputation: 15
After living in NJ its a small price to pay. My total savings the first year will pay the additional car tax for the next 30.

I could go on and on about NJ as well as most people. Everyone has some grip about taxes wherever they live. I think you have to be living in the highest taxed state in the nation to appreciated what you have there. I figure I save 18K per year not including a loan of 10K each year that will go away, big difference.
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