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We are thinking of purchasing a home in Allendale. Taxes are a bit expensive. Does anyone have any good links on property tax calculations. In other words what are the property taxes based on?
The primary driver for the tax rates in towns like Allendale are the size of the property, square footage of the house (heated) and quality of construction (this does not mean nice tile and fixtures).
Allendale has a property tax rate of 2.55 and what is known as an equalization-assessment ratio of 80.51. So for the tax rate, this is equivilant to 2.55% per $100 of value.
The equalization-assessment ratio is a number that gives an avg of the town's property assessment vs the market. In the case of Allendale, this means, that in general (very general), Allendale tends to assess property at around 80% of market value. This number should just be used for a guide - and in extreme economic environments, like today, it may not hold very well since it reflects long term trends and is not a gauge of current realities.
A home assessed by the town at $600k with some recent upgrades, could have estimated tax of $12k/yr. A similarly priced home with little updates could be taxed as low as $10k or as high as $15k.