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This is awesome! Thanks for posting this information - very VERY helpful! I'm a first time homebuyer too and I just prefer to be able to look up this information myself (as opposed to totally relying on the realtor).
Thanks again!
~m
You have the right idea, don't believe anything you are told. There are many resourses out there to help you find out anything you are looking for. It's your life and your money. The bottom line is buying a home is probably the biggest decision you will make and there are many people out there that are interested in making money and not your best interest. I know because several years ago, I got burnt on a house sale, failure to disclose and I learned a valuable lesson. Don't trust anyone when it comes to your money.
I have a question about property taxes after you buy a house.
Let's say there's a house on the market.
With the town wide revaluation, it was officially assessed at $500,000, and with the current tax rate of 2%, property taxes are $10,000.
Because of the market, the listing price is $450,000.
It finally sells for $425,000.
So what does the new owner that bought the house for $425,000, pay in property taxes?
Does the official assessment of $500,000, and the associated $10,000 in property taxes still stand? Or, would the new owner pay 2% on the $425,000, ending up with a $8,500 tax bill?
Also, it is mentioned in this thread that all of Essex County will have undergone a revaluation by 2011. Any news about Morris County? What an aggravating pain it would be to move, with the expectation of downsizing and lowering your property tax bill, and then a year later there's a revaluation upping your property taxes unexpectedly.
I have a question about property taxes after you buy a house.
Let's say there's a house on the market.
With the town wide revaluation, it was officially assessed at $500,000, and with the current tax rate of 2%, property taxes are $10,000.
Because of the market, the listing price is $450,000.
It finally sells for $425,000.
So what does the new owner that bought the house for $425,000, pay in property taxes?
Does the official assessment of $500,000, and the associated $10,000 in property taxes still stand? Or, would the new owner pay 2% on the $425,000, ending up with a $8,500 tax bill?
Also, it is mentioned in this thread that all of Essex County will have undergone a revaluation by 2011. Any news about Morris County? What an aggravating pain it would be to move, with the expectation of downsizing and lowering your property tax bill, and then a year later there's a revaluation upping your property taxes unexpectedly.
Thats why I am confused about purchasing a house right now because I know that within the next few years property taxes are going to be a big issue. God only knows where they will be in the next few years along with everything else going up. We have saved and have a price range...but that price range is dropping as property taxes go up.
As far as paying lower taxes if you purchase a house that was assessed higher....thats where everyone is getting screwed. If you were assessed between 04 and 07 you are probably overpaying property taxes. And all you can do is go through the pain in the ars of going through a tax appeal...and most people won't bother so we are getting raped by the man. The town budgets are just full of corruption....we need to trim the fat.
You can still get screwed on a low assessment if the tax rate is high. It's all based on the towns corrupt budget...even if they did lower everyones assessment they would still raise the tax rate to bring in the same amount of money. Some peoples taxes go up, some down, some stay the same.
Posted this on a different site....thought this worked good here also.
Recent comps in the area mean simply that some people are just stupid when they pay these prices or are not informed. There is no reason that these homes and taxes should be this high. The buyers are the ones that have to wait it out or only offer what they think a home should be really worth...by considering where the appreciation value every year (3-5%) added on starting from 2001. After that the appreciation values went out of control. (Not in line with job raises at all.) Thats why you research the neighborhood, see where similar prices were for similar homes in 01 and add everything up, including upgrades to today and come out with your price. Screw recent comps....most aren't even listing at fair market value anyway. It will take a while but as long as buyers are giving people these prices it will just screw up the market longer. As far as I know even people who bought in 07-08 are underwater now. So these buyers today might also be underwater also, their homes taking longer to gain back there value...serves em right if they want to continue to purchase at these crazy prices.
Oh and with the way everything is going, who knows where our taxes will be in the next few years...even more people underwater who can't pay anymore because of the property taxes. The gov can do whatever they want....and what are u going to do about it if your taxes go up much higher....
This post has excellent sites! I'm a first-time homebuyer still looking, and there are some great resources. I agree that many realtors don't know that much about what they are trying to sell, and are more interested in making the sale than helping you make an informed decision. That's why I want to do most of the homework, and your sites are great help!
Any suggestions to resources to check if home or area is in a flood zone?
This post has excellent sites! I'm a first-time homebuyer still looking, and there are some great resources. I agree that many realtors don't know that much about what they are trying to sell, and are more interested in making the sale than helping you make an informed decision. That's why I want to do most of the homework, and your sites are great help!
Any suggestions to resources to check if home or area is in a flood zone?
Sellers forget that ifhome buyers didn't drive up the market there house wouldn't have been valued as high in 05-06 to begin with. Because these buyers drove the market up, someones house went from 200k to 400k in a matter of 5 years. (In NJ some went from 200k to 600k in 5 years) Realistically it should have only been worth 250k in 5 years. And now todays sellers think that the 400k price is what their house is worth and are blaming the 05-06 buyers for crashing their phantom prices.
Humm.......
I am hearing this complaint from sellers all over....bashing the buyers back in 05-06...and I laugh to myself because they fail to recognize this.
Common sense people
So thank the buyers from 05-06 for making your property that valuable in the first place...especially all the lucky ones who got to sell high.
Now hopefully todays buyers can help put things back where they should be.
Another warning, for commuters. Properties are often advertized as "close to train!" Unless you are within walking distance, check to find out if you will actually be able to park a car at the train station. I was looking at a townhouse in Matawan so advertised, only to find out on this forum that there's about a six-year waiting list for a parking spot at the train station! I've since learned to research that situation in other train-station towns. The realtor is not going to tell you that part.
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