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Hello Everyone,
Just wanted to get some thoughts on what you think about the high property taxes in NJ ( aside from the obvious opinions ). I purchased my new construction home 3 years ago, my taxes were estimated at 4200, max of 4800; 3 years later and my taxes are almost 10,000. At what point do you say to hell with it and walk away. I live in East Orange and my home is worth less than what I paid for it ( like so many other homeowners ). For me, it's not the mortgage, it's the taxes. Anyone walk away because of the high taxes?
I purchased my new construction home 3 years ago, my taxes were estimated at 4200, max of 4800; 3 years later and my taxes are almost 10,000.
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Wow! Amazing. And some folks on this forum are warning about possibly drastic increases in 2011! Sorry, as a renter, I can't offer you any advice, but I must say that your post is making Delaware, as an option, look better and better.
I don't recall the exact amount, but I think it was around 5300. My last tax statement was 400 more than the previous quarter; at this rate my taxes will exceed my mortgage amount. Insult to injury, I paid 260,000 for my townhouse; city appraised at 237,000, but my taxes just keep going up and up and up!
We are trying to sell our house to move to NC where what I pay per quarter here will be my yearly paymenr there. Only problem is the real estate market is bad here now and we can't sell!
I don't recall the exact amount, but I think it was around 5300. My last tax statement was 400 more than the previous quarter; at this rate my taxes will exceed my mortgage amount. Insult to injury, I paid 260,000 for my townhouse; city appraised at 237,000, but my taxes just keep going up and up and up!
ok, well....
i don't know how much taxes went up in EO starting 8/1....
i don't know how well i'll explain this, but i'll try.
the fiscal year for property taxes are your bills for 8/1, 11/1, 2/1 and 5/1. however your yearly tax amount is calendar year.
for example, say your yearly tax bill for 2009 is $1000 (yeah, I know! LOL). you pay 8/1/09 and 11/1/09, $250 each.
same for 2/1/10 and 5/1/10 - $250 each payment. come july you find out that taxes were doubled - they are now $2000 for 2010. you've paid $500 already, so you owe $1500. for 7/1/10 and 11/1/10 you owe $750 each payment.
when 2011 rolls around, you owe $500 for 2/1/11 and 5/1/11 (one half of $2000). after the new rate is struck in July, they'll adjust for the 8/1/11 and 11/1/11 payments.
so when you say your last tax statement was $400 more, it could mean a few things - but your next statement will NOT be $400 more than this one. odds are your 2/1 statement will be less than your 8/1 and 11/1 statements (in fact, my feb and may bills have been as much as $500 LESS than Aug/Nov) the best way to figure it out is to look at your assessment and your tax rate. If you're saying you pay $10K/yr, and you're assessed at 237K, your tax rate per thousand is 23.7. Is that right?
hope this makes sense ~ i'm pretty sure this is how it's done throughout the state, otherwise i wasted all that time! LOL
ETA: i found a home for sale in EO - assessed at $264, taxes are ~$7.5K?
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Wow! Amazing. And some folks on this forum are warning about possibly drastic increases in 2011! Sorry, as a renter, I can't offer you any advice, but I must say that your post is making Delaware, as an option, look better and better.
renters pay taxes too my friend!
as for Delaware, I hope you don't have kids because the public schools there aren't so good. my brother in law lives in wilmington and sure, his taxes are $2,000/yr, but he gets nothing for it. i'm not saying NJ taxes are "right", but the old saying "you get what you pay for" at least partially applies. in West Orange i get a lot of service for my tax dollars, though taxes are high here.
Quote:
Originally Posted by tahiti
you say they were estimated, what were they *actually* when you closed?
I'm aware of that, but the number is embedded in my monthly payment. As I thus have no direct experience with NJ tax bills, I could not help with the OPs question.
Quote:
Originally Posted by bradykp
as for Delaware, I hope you don't have kids because the public schools there aren't so good. my brother in law lives in wilmington and sure, his taxes are $2,000/yr, but he gets nothing for it. i'm not saying NJ taxes are "right", but the old saying "you get what you pay for" at least partially applies. in West Orange i get a lot of service for my tax dollars, though taxes are high here.
exactly!
No ... no "kids". My stepson is 27, and I'm 55 and not planning to have any more babies. The only thing that concerns me regarding DE is the medical facilities, which I've heard mixed reviews on.</p>
While I am happy with the "services" here in NJ, I kinda doubt they are really worth what some are paying. I may actually wind up buying here, but I'm trying to keep my eyes open while I make my decisions for retirement. Some of the tax bills I'm hearing about sound like a real ripoff.
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NJ Property Taxes
The only thing that concerns me regarding DE is the medical facilities, which I've heard mixed reviews on.</p> 
