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i did some research on the tax situation and the 3.55% is not on the sale price of the house, but on the assesed value. looks like for this year and the next, they are assesing the value at 115k and for the forseeable term, they are gonna base it off 350k for a lancaster/manchester selling for 600k. So thats about 12k for a year.
Also, since the town is collecting so much in tax from us (12k for a townhouse, seriously?), after our 5yr tax abatement is getting over, we can do an appeal together as a group and try to keep it under 10k. again, all my numbers are based off a 600k sales price.
Just to correct you---
for a 600k house,taxes are 15k not 12k
Pultes values are 2.54% of 600k = 15k (No abatement)
They are pretty steep for the level of the schools in Wood-Ridge ( Level 4 /10)
But I guess W-R is banking on the fact that there will be too much development in the future and the residents are paying upfront for that.
That is good to hear. How were you able to find this information? Did you pull it from the town's tax collection website? How did you come to know of the 350k as the base assessed price for lancaster/manchester models? This is a crucial piece of information which would be really helpful.
Got a letter from Pulte in the mail last week where it said the land is valued at 115k and the house at 255k. total 370k. this is for a lancaster.
also, it said Pulte paid taxes for me this year so I have to re-imburse them. $1083 every 3 months for 2015 and $2166 for first 2 quarters of 2016.
i also visited the tax assesor few weeks ago and he told me he hasnt decided what hes going to assess pulte at, but it wouldnt be the sale price for sure.
the letter also said that the tax rate is 3.55% for 2015-16. however, i dont think that means much since the 'assesed price' is what really matters.
im still not 100% sure about the tax situation but this is all the information i was able to gather.
Got a letter from Pulte in the mail last week where it said the land is valued at 115k and the house at 255k. total 370k. this is for a lancaster.
also, it said Pulte paid taxes for me this year so I have to re-imburse them. $1083 every 3 months for 2015 and $2166 for first 2 quarters of 2016.
i also visited the tax assesor few weeks ago and he told me he hasnt decided what hes going to assess pulte at, but it wouldnt be the sale price for sure.
the letter also said that the tax rate is 3.55% for 2015-16. however, i dont think that means much since the 'assesed price' is what really matters.
im still not 100% sure about the tax situation but this is all the information i was able to gather.
Thanks for sharing this information... does anyone have the assessment for a Belwood?
Thanks for the amazing responses as always Chino but please help me out here.
Am confused.
If the effective tax rate is at 2.4% -2.5% ,why are the tax checks coming in at 3.6.% from some of the posters on this forum and the FB forum? Are they in error from W-R township-I dont think so.
Also, since the town is collecting so much in tax from us (12k for a townhouse, seriously?), after our 5yr tax abatement is getting over, we can do an appeal together as a group and try to keep it under 10k. again, all my numbers are based off a 600k sales price.
I wouldn't count on the appeals having much of an effect. The Wesmont Station development, when complete, will be a very large percentage of the Wood-Ridge township population (I estimate around 30-40%). If lots of people appeal, then the property tax burden just gets shifted around to the unlucky few residents that don't appeal.
FWIW, I attached a very simple Excel calc to compare the target versus actual assessed value. The inputs are your purchase price and your model's improvement assessment.
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