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I considered buying in Montclair a few years back, but it seemed most houses in the 850-1.2m range had absurd taxes from 30-40k. Browsing listings today, I see that seems to have changed. Seems like finding a house with taxes in high teens/low twenties is now quite possible. In fact, Montclair now seems a little cheaper than places like Ridgewood. Am I missing something, or is Montclair now a decent deal?
Many houses sell for 10-20% over asking price. Most houses are priced low to create bidding wars. Which is why houses seem more affordable if you’re looking at asking prices.
Montclair just had a town wide reassessment. Typically on average the assessment is 90% market value x 3.094% rate. Zillow isn’t capturing the mid year change of taxes so Zillow listings show 50% of the tax bill. But if you’re looking at correct taxes on njmls etc, and taxes do seem low, it’s likely due to the fact that the real estate market is very seasonal tied to the school enrollment cut off. Houses in need of a ton of work are held off and listed during winter months since there is less supply, with a better chance of getting sold. And those houses in need of said work are usually assessed lower, therefore taxes are less than you may think. Many listings you are looking at now likely fall in that category.
But generally a 3000 SF house that is in move in ready may be listed at 899, sell for 1.1mm and taxes are 30k.
Listed in 2017 for 989. Move in ready. Sold for 1.255. Family must of had to move abruptly within a year. So the house was listed again in 2018. Broker lists AGAIN for 989, regardless that is just sold for 1.255. Guess what? House sold again for 1.26.
You’ll see the House was reassessed at over 1mm. Zillow is showing half the tax bill of 16k which is obviously wrong. The taxes should be 3.094% x 1.05mm or 32k
Listed in 2017 for 989. Move in ready. Sold for 1.255. Family must of had to move abruptly within a year. So the house was listed again in 2018. Broker lists AGAIN for 989, regardless that is just sold for 1.255. Guess what? House sold again for 1.26.
You’ll see the House was reassessed at over 1mm. Zillow is showing half the tax bill of 16k which is obviously wrong. The taxes should be 3.094% x 1.05mm or 32k
Oh boy. Yes, I saw a number of houses in that range showing taxes of 22k or so. And you’re telling me that’s really 40k or something close. So same old absurd property taxes, just a Zillow glitche. Too bad. But thanks for pointing that out.
40k seems high for the price range you noted. I realized that some listings simply have the wrong taxes but not sure if that’s the case 100% of the time. Zillow seems to have the correct updated assessment amount for 2018. Just times it by 3.094 when in doubt.
Did you think the town miraculously cut the taxes in half
40k seems high for the price range you noted. I realized that some listings simply have the wrong taxes but not sure if that’s the case 100% of the time. Zillow seems to have the correct updated assessment amount for 2018. Just times it by 3.094 when in doubt.
Did you think the town miraculously cut the taxes in half
Taxes are 31k. Again take the new assessment value per Zillow x 3.094% to arrive at the tax bill. Taxes for that house are actually down after the reassessment (were 32k pre reassessment in 2017/18 and would have naturally grown to 33k for 2018/19.
There’s something wrong with that house. It’s been in the market over a year with price cuts. Most houses in that area go under contract in 3 days over asking prices. Price cuts here are a huge red flag given most brokers use a price low/sell high bidding war tactic.
Taxes are 31k. Again take the new assessment value per Zillow x 3.094% to arrive at the tax bill. Taxes for that house are actually down after the reassessment (were 32k pre reassessment in 2017/18 and would have naturally grown to 33k for 2018/19.
There’s something wrong with that house. It’s been in the market over a year with price cuts. Most houses in that area go under contract in 3 days over asking prices. Price cuts here are a huge red flag given most brokers use a price low/sell high bidding war tactic.
Thanks, I understand. Seems like reassement didnt change the fundamental value proposition of Montclair. To be compelling, you need to have a midtown commute and see a ton of value in the town/restaurants.
That property tax is disgustingly high consider there are homes in NJ valued over $10million that have the same tax bill.
I hear you, and I have a hard time signing up for these taxes on principle. It’s only going to go up from there.
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