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$3,600 in taxes for a $300k house sounds pretty high- my taxes on a similarly priced house are only $2,700/year.
Oh, wait- never mind- I forgot I'd stepped back over to the NJ forum. Please disregard the statement above and replace with the following:
Were you out of your mind when you signed the original closing papers? Why would you possibly have thought you'd only be paying $3,600/year in property taxes in NJ? The taxes on a cardboard refrigerator box in Newark are more than that!
I agreed (and I will never go back to him) - he did have the seller signed a letter agreeing to pay the omitted assessment tax - I guess the letter doesn't do me any good now that the seller filed for bankruptcy. It was one expensive lesson for me.
I donno what you were thinking by paying the 8k youself. The lawyer made a mistake and he should pay for it.
My lawyer made a similar mistake an he called me to apologized and offered to pay the balance if the sellers wouldn't send me the balance
$3,600 in taxes for a $300k house sounds pretty high- my taxes on a similarly priced house are only $2,700/year.
Oh, wait- never mind- I forgot I'd stepped back over to the NJ forum. Please disregard the statement above and replace with the following:
Were you out of your mind when you signed the original closing papers? Why would you possibly have thought you'd only be paying $3,600/year in property taxes in NJ? The taxes on a cardboard refrigerator box in Newark are more than that!
Bob who picks up the education cost in whatever state you live in? Property taxes would be much lower had the cost not been passed on to home owners in Nj. How do they fund education?
Bob who picks up the education cost in whatever state you live in? Property taxes would be much lower had the cost not been passed on to home owners in Nj. How do they fund education?
Its quite simple, actually- they don't have 500+ school districts, each with a superintendent making $200k per year, a personnel department, a business manager, etc. They can do things much more effectively with a county-based system.
Thanks for the sympathy and useful advice...or lack thereof. And thanks for the tough-beans NJ attitude. What I don't understand is, why am I paying 10% of the cost of the house each year in mortgage payments? The mortgage itself is barely 50% of the payment. How is it that taxes and surcharges and insurance payments jack this up to $2500-3000 per month? It's as if you need to be making $125,000 a year to buy a dinky little house in NJ, but in this economy most of the people I know barely make half that much. The taxes are so high, its as if people are being taxed as if the year is still 2001, when everyone was rich and employed and flying high. Now that the economy is tanked 70% off that peak, shouldn't taxes be pro-rated to be 70% less? I was looking on the internet, and I found that I can buy a home in Michigan in the Detroit area as big as my own home, for only about $55,000. Instead of being a hamster on a treadmill for the rest of my life here in NJ, barely acquiring any equity because I'm blowing it all on real estate taxes, I can liquidate my NJ lifestyle, buy this $55,000 house with cash, and literally retire right now at the age of 35. What am I doing in NJ?
If you don't know, why are you asking us? More importantly, making a purchase such as a home requires a lot of investigation as to the costs involved. The internet makes that extremely easy. What your tax rate would be should not have been a surprise. Real estate sites such as Zillow allow every home's tax rate in the town to be investigated. Most town's have on line assessment sites. This should not have been surprise.
Quote:
I can buy a home in Michigan in the Detroit area as big as my own home
I'd say if you can minke a suitable salary to support the home, go for it. I'd be a bit curious how you plan to live retired at 35 unless you now have a sizable portfolio to live on.
Its quite simple, actually- they don't have 500+ school districts, each with a superintendent making $200k per year, a personnel department, a business manager, etc. They can do things much more effectively with a county-based system.
That sounds interesting but with home rule that will never happen here in NJ regardless of what party is in power. The thing is that can't be the only reason for lower taxes. Sure downsizing the upper management would save us all some money but that cant be the only problem. What state do you live in? Do they have a sales tax that pays for education? Do you have a lot less kids per capita? Thanks.
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