Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
i was looking at the property taxes on 3 houses I have owned and own currently and their property tax increases from 2012 to 2022 - a 10 year period. all in bergen county
house #1: urban area, 3 br 1.5 bath 1920s colonial on 40 x 90 lot
2012 taxes: 4,200
2022 taxes: 7,200
avg increase per year: 300
house #2: suburban area,1950s cape cod, 3 br, 1 bath on 50x100 lot
2012 taxes: 7,000
2022 taxes: 10,000
avg increase per year: 300
house #3: elite haughtyville type suburb, 3 br 1 bath 1950s ranch
2012 taxes: 10,000
2022 taxes: 12,400
avg increase per year: 240
so to me it seems that the property taxes seem to go up about 300 per year on average. given the current rate of increases, how much are you willing to pay before you consider your housing payment to be unaffordable. also does your income outpace your property tax increases? mine certainly wasn’t keeping up.
Wait until they become creative and start increasing utilities instead of raising property taxes. My water bill went from like $80 a quarter in 2020 to $500 a quarter in 2021.
Wait until they become creative and start increasing utilities instead of raising property taxes. My water bill went from like $80 a quarter in 2020 to $500 a quarter in 2021.
Question.... Does that include your sewer bill?
When I lived in "The Occupied Zone", My sewer bill came payable twice a year, totaling an amount equal to my total water bill.
An average increase of $300 per year is $25 extra on each mortgage payment. That's cheaper than my daily commute to NYC. Doesn't sound like a breaking point.
Eh… it could be worse. My old apartment in Bergen County now rents for approx. $400 more than I’m paying all-in, with property taxes, on my five-year-old townhouse in Western Morris County. Taxes ain’t cheap here, of course, but they’re more reasonable than in many other towns.
An average increase of $300 per year is $25 extra on each mortgage payment. That's cheaper than my daily commute to NYC. Doesn't sound like a breaking point.
well it is a big deal when your entire take home paycheck for 2 weeks work goes to your mortgage and taxes, and when your pay doesn’t go up, but all other expenses do such as healthcare, which is a big part of the deductions taken out of your paycheck
given the current rate of increases, how much are you willing to pay before you consider your housing payment to be unaffordable. also does your income outpace your property tax increases? mine certainly wasn’t keeping up.
1923 build, burbs, 50x100 lot, 900+ sqft, 2 bed/1 bath, Morris county, 5 person family. purchased in 2000
Mine is going up approx 200 a year. In the grand scheme of things, its not that bad even through there are bigger homes in the area that have almost the same property tax (we are fighting it). What is the alternative here... rent? My mortgage+insurance+tax payment currently would barely pay for a large enough apartment for 5. I would be subject to possibly much larger increases in rent at the discretion of the landlord who is probably examining market values. I wouldn't have any backyard for my children at all. I wouldn't have much to show in terms of long term investment. My property is almost 3x what i paid for it. I have the option of pulling a home equity loan for emergencies at a much lower rate than personal loans. I'm also in a desirable area; nice town, nice downtown, walking distance from train that services to NYC and good schools. I am also 2-4 years (depending how much extra I put in) from payoff currently at just under 3% rate.
It would take a significant increase in property taxes to convince me to sell. After pay off, even more so. If property taxes jumped significantly, I have neighbors with much bigger financial obligations that would raise hell... I'm at the bottom of the range for property and I am glad. If anything the property taxes (and cost of materials/labor) is factor that I reconsidered actual renovations/expansion of my home. The actual jump in property values is what convinced us to make do with what we have...
There are so many factors to consider than just the monthly payment here. Unless renting is significantly cheaper, difference can be re-invested or one needs mobility, I see very little upside to renting in my area. In my family situation, even more so.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
