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Old 07-12-2007, 06:41 AM
 
Location: NJ
12,284 posts, read 32,366,851 times
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Quote:
Originally Posted by joe moving View Post
mri I think it depends on the municipality, but it is most likely quarterly. Your mortgage company will "impound" up to 4 months of property taxes on closing, depending on how far away your closing date is from when the next taxes are due. Then, they will possibly build in the property taxes into your mortgage payment.
you can also ask your lender to allow you to pay your property taxes yourself and provide proof each quarter. no escrow needed, and you don't get a shock every year an escrow analysis is done.
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Old 07-12-2007, 04:09 PM
 
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Thanks Joe. What if I do not have a escrow account and want to pay the taxes myself. Whats the procedure for that?
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Old 07-15-2007, 01:05 AM
 
10 posts, read 32,367 times
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Quote:
Originally Posted by mikenbacismama View Post
I wonder if someone can explain to me how homes are assessed in NJ. If I were to buy an avg size (3 Bed/1 Bath) home for $275,000, which shows it's taxes are $3,000 on realtor's website...would the taxes jump thru the roof based on the purchase price, or are they assessed in another way?

Wouldn't want to be surprised if the taxes were to double or triple due to the fact the the house was assessed based on the current owner's purchase price, which could possibly be less than half of what they are selling it for if they have been living in it for any length of time!

Thanks!
The tax laws are very fair in NJ. The only way your assessment of your property can increase is either by doing work and obtaining permits or a re-evaluation of the town or area that you live in. If they increased your property based on the sale of your home its called spot assessing. In most cases if the entire town has not had a re-val and the assessments are at 50% of the market value they are getting ready for one. The counties mandate it when they fall below a certain percentage. Hope this helps
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Old 07-15-2007, 01:15 AM
 
10 posts, read 32,367 times
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[quote=shigatsu1974;1037705]Where can I find property taxes specific to towns in Hunterdon, Mercer, Somerset? Especially helpful if is information that is easy to understand. [/QUOTE

If you go to this site and click on the county it gives you a list of the tax rates for each individual town. Don't forget the assessment is per 100
State of New Jersey Division of Taxation (http://www.state.nj.us/treasury/taxation/index.html?lpt/taxrate.htm~mainFrame - broken link)
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Old 07-15-2007, 10:53 AM
 
3 posts, read 9,516 times
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Yes, I am also trying to find a town in NJ with low propety taxes and a reasonable communte to NYC (downtown area). Any thoughts?
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Old 07-15-2007, 10:59 AM
 
9,124 posts, read 33,306,249 times
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Quote:
Originally Posted by Stace View Post
Yes, I am also trying to find a town in NJ with low propety taxes and a reasonable communte to NYC (downtown area). Any thoughts?
I'm looking for a blonde, mute, nymphomaniac who owns a liquor store and a 40' speed boat. I might have a better chance of finding what I'm searching for than you have of finding what you're looking for....lol.

Bob
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Old 07-15-2007, 11:21 AM
 
120 posts, read 314,167 times
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Just a heads up..I am a Brick Resident and properties are going through a re-assessment...the property taxes will go higher...I believe the last assessment was done 7+ years ago.
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Old 07-15-2007, 12:03 PM
 
Location: 32082/07716/10028
1,346 posts, read 1,754,468 times
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Quote:
Originally Posted by StaceyNJ View Post
Just a heads up..I am a Brick Resident and properties are going through a re-assessment...the property taxes will go higher...I believe the last assessment was done 7+ years ago.
reassessments are not tax increases, a general rule of thumb is that 1/3 get assessed higher, 1/3 get assessed lower and 1/3 stay the same.
When a town reassesses the tax rate is adjusted and in a perfect world a reassessment does not automatically mean higher taxes, its just a reassessment of who pays what
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Old 07-15-2007, 12:45 PM
 
120 posts, read 314,167 times
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Yes you are absolutely right..but my guess is mine is going up...last time mine was evaluated the value was about $91,000..Do you know the factors in which they consider for an increase
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