U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New Jersey
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 07-30-2008, 01:40 PM
 
1,462 posts, read 4,404,969 times
Reputation: 1014

Advertisements

I'm looking at a property, and one of the things I like about the property is that it has pretty decent taxes. (around 6K)

Well, I just found out the assessment is due in 2009. Not only that, a newer property (by 5-6 years) less than three miles away from the one I'm looking at (but in the same price point) has taxes that are nearly 3-4K what I'm looking to pay now.

My question is, how concerned should I be. Is it possible that the assessment can jack my taxes up to the levels of those newer properties down the road?

I'm brand new at home ownership, so I have no idea. I read these horror stories about these people yelling at town council meetings that they can't pay their taxes now and it freaks me out.

Anybody?
Rate this post positively Reply With Quote Quick reply to this message

 
Old 07-30-2008, 01:46 PM
 
Location: Savannah GA/Lk Hopatcong NJ
13,173 posts, read 26,624,286 times
Reputation: 11372
We were reassessed a few years back..I think my taxes actually dropped by $50
no biggie..but the new development next to me, the mcMansions their taxes jumped as they assessed for much more then what was paid for....those people are now paying between 9-11K..bottom line my taxes are no where near what the newer, bigger homes are paying
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-30-2008, 01:57 PM
 
1,462 posts, read 4,404,969 times
Reputation: 1014
Quote:
Originally Posted by njkate View Post
We were reassessed a few years back..I think my taxes actually dropped by $50
no biggie..but the new development next to me, the mcMansions their taxes jumped as they assessed for much more then what was paid for....those people are now paying between 9-11K..bottom line my taxes are no where near what the newer, bigger homes are paying
Both homes are condominium type complexes. One was built in 2004, the other (that I'm looking at) was built in 98.

I'm justifying it to myself that property values are nose-diving, but I'm still concerned about getting whaled on an assessment and having to pay out the nose on taxes since they've been pretty stable.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-30-2008, 02:01 PM
 
Location: Savannah GA/Lk Hopatcong NJ
13,173 posts, read 26,624,286 times
Reputation: 11372
Quote:
Originally Posted by SweepTheLeg View Post
Both homes are condominium type complexes. One was built in 2004, the other (that I'm looking at) was built in 98.

I'm justifying it to myself that property values are nose-diving, but I'm still concerned about getting whaled on an assessment and having to pay out the nose on taxes since they've been pretty stable.
Well what area? What is the current assessment? What's the selling price?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-31-2008, 08:59 AM
 
5,340 posts, read 13,190,060 times
Reputation: 1176
Assessments in NJ are scary business.... your taxes can spike... and they do more often than they do not. It's a gamble.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-31-2008, 09:11 AM
 
20 posts, read 172,508 times
Reputation: 20
Quote:
Originally Posted by EEEPNJ View Post
Assessments in NJ are scary business.... your taxes can spike... and they do more often than they do not. It's a gamble.
yes, this is true

ITs good that you are "Worried" about it and also showing concern

However in my experience, as someone above mentioned.. its no way near what a NEW HOME would be at.

You should consul with some agencies, for their opinions and dont be afraid to ask the neighbors and such.

I have family who lives a mile away, little smaller but taxes are about 1/3 less than me in Monroe Township because theyve been there over 10 years.

meanwhile they have 2 more acres of land? Theres a price to pay for everything right =)

GOOD LUCK !
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-31-2008, 09:18 AM
 
Location: NJ
12,284 posts, read 33,616,549 times
Reputation: 5275
folks -

doing an assessment does not raise the amount of $$$ collected by the towns - it more or less redistributes it. after an assessment, typically 1/3 will see an increase, 1/3 will see a decrease, 1/3 will be status quo. You can't say "everyone" will rise, or "everyone" will decrease, since the pot does NOT get larger.

unfortunately, i know of no way to determine what a particular home is going to do. the only way i figured out i personally was up sh*** creek was searching homes AFTER the new assessments were posted. i saw my *assessed* value more than double while most others only increased 50% or so. even then, you don't know the final numbers until the tax rate is posted, which doesn't happen until a few weeks before your taxes are due.

bottom line to OP - there's no way to tell. you can wait until the reassessment to buy to be sure.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-31-2008, 09:21 AM
 
Location: NJ
12,284 posts, read 33,616,549 times
Reputation: 5275
Quote:
Originally Posted by EEEPNJ View Post
Assessments in NJ are scary business.... your taxes can spike... and they do more often than they do not. It's a gamble.
that's not true. see my post above. you just hear from those whose taxes rise, those who drop keep their mouths shut.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-31-2008, 09:25 AM
 
5,340 posts, read 13,190,060 times
Reputation: 1176
Quote:
Originally Posted by tahiti View Post
that's not true. see my post above. you just hear from those whose taxes rise, those who drop keep their mouths shut.
He Tahiti...I just know my luck, trust me, I know my luck... LOL mine would go up - and up. LOL

Depends on the type of assessment too... some towns were doing them to bring the "assessment of each home up to current market value" those people got screwed BIG time.

I live in fear of that. My house's "assessment" is currently on $180,000 and my taxes are $6500.... the house value was $425 a year ago, now it is $365...even so... if they did a "current value" assessment... I could double...and I'd have to sell, but of course with $13000 taxes, my home value would depreciate.... so I'd sell for a lot less.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-31-2008, 09:28 AM
 
Location: Savannah GA/Lk Hopatcong NJ
13,173 posts, read 26,624,286 times
Reputation: 11372
Quote:
Originally Posted by EEEPNJ View Post
He Tahiti...I just know my luck, trust me, I know my luck... LOL mine would go up - and up. LOL

Depends on the type of assessment too... some towns were doing them to bring the "assessment of each home up to current market value" those people got screwed BIG time.

I live in fear of that. My house's "assessment" is currently on $180,000 and my taxes are $6500.... the house value was $425 a year ago, now it is $365...even so... if they did a "current value" assessment... I could double...and I'd have to sell, but of course with $13000 taxes, my home value would depreciate.... so I'd sell for a lot less.

Where in the heck do you live that you're paying $6500 on a home assessed at $180000???
Rate this post positively Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:




Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New Jersey
View detailed profiles of:

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top