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Is a home worth it when the taxes cost more than the mortgage monthly? My taxes are about $850/month but my mortgage is $700/month. I am sure the gap will get wider as time goes on.
It’s often about where to live contingent upon the specific employment opportunities or wishing to be close to your family.
Once we retired from a great paying job in the Northeast, it was time to relocate and swap the yearly tax charge from $13K to less than $3K for a bigger newer, nicer home
Is a home worth it when the taxes cost more than the mortgage monthly? My taxes are about $850/month but my mortgage is $700/month. I am sure the gap will get wider as time goes on.
Quote:
Originally Posted by jerseygal4u
My house costs $165,000 in the Philly area. I am actually in Jersey though.
Your taxes are $850/mo for a house that only cost you $165K??? As someone here stated, that's insane. I've heard New Jersey's property taxes are off the chain but I had no idea. That's horrible, even by California standards.
There is no relationship between taxes and mortgage. Taxes are fixed by the local political entity. Mortgage payments are determined by the homeowner.
All cash buyer has no mortgage payment.
"Barely making it" buyer has high mortgage payment due to only 3% down payment.
Long time owner has paid off mortgage so no mortgage payment.
It not a logical comparison.
Well see that is my problem. My house was only $165,000 in 2017, the year i purchased it.
I thought what a lovely mortgage payment for a nice renovated house. At that time,the payments were about equal. Then the house got reassessed to $210,000. I also refinanced to 2.5% mortgage.
Well see that is my problem. My house was only $165,000 in 2017, the year i purchased it.
I thought what a lovely mortgage payment for a nice renovated house. At that time,the payments were about equal. Then the house got reassessed to $210,000. I also refinanced to 2.5% mortgage.
Hence my thread.
Can you grieve the taxes? If you’re lucky you may be able to get it down a little.
I would think the purchase price of $165k only 3-4 years ago would have helped in the assessment.
One of the most expensive areas is scarsdale ny ...my son had an 1800 ft house worth 850k and paid 24k a year in taxes in westchester so that’s 2k a month so I would say 850 a month really is high ...
Now he bought a home 15 minutes north in ryebrook and got 4800 sq ft for 1.25 million and pays 31k.
Where in jersey are you paying so much ? Our other kids are in Montclair area and pay about 9-10k
Property Taxes. What do you get in return? Are they high because other entities are not paying adequately for what they get in return? Places like businesses, churches, etc. Are there archaic tax laws that favor long term owners over new owners while both receive identical benefits?
Those are what I would look at. The fact that your mortgage is low is a separate benefit that shows how smart you were to buy that house.
Property Taxes. What do you get in return? Are they high because other entities are not paying adequately for what they get in return? Places like businesses, churches, etc. Are there archaic tax laws that favor long term owners over new owners while both receive identical benefits?
Those are what I would look at. The fact that your mortgage is low is a separate benefit that shows how smart you were to buy that house.
What do you get ? Usually it is you get to live in an area that is highly desirable,has high home valuations, Close proximity to the higher paying jobs and close proximity many times to family . All can be priceless.
Try finding a decent home in westchester today despite having some of the highest taxes in the country .....my son sold his home the day after it listed in a bidding war ..he bought his next home the day after that one listed.
We are actually interested in a high rise condo in westchester . it is a less costly area ,hartsdale ,since we don’t need the schools real estate is a bargain compared to surrounding areas with higher rated schools .... a 2 bedroom 2 bath is 450k , 7-8k in taxes for an apartment and hoa dues about 600 a month..it is a popular area to retire to
One of the most expensive areas is scarsdale ny ...my son had an 1800 ft house worth 850k and paid 24k a year in taxes in westchester so that’s 2k a month so I would say 850 a month really is high ...
Now he bought a home 15 minutes north in ryebrook and got 4800 sq ft for 1.25 million and pays 31k.
Where in jersey are you paying so much ? Our other kids are in Montclair area and pay about 9-10k
Are you sure about that? I find that very hard to believe. Montclair is a very desirable town, and taxes in desirable towns in north Jersey have not been that cheap in years. There is a somewhat lower-end section of Montclair, but I'm surprised that they would even be that low there.
I live in a 940 s.f. one-story condo in a townhouse-type complex, and my taxes are just under $4K. I have no schools, no police, no fire department, but of course our taxes pay the surrounding towns for those services.
I am getting ready to put my mother's house on the market. Bergen County, NJ. Suggested price is $549,900, which is low for the neighborhood because the house is not updated. Taxes are just over $17K, which might deter buyers, even in this current hot market for NYC 'burbs. We shall see.
Anyway, as others have pointed out, there's really no relation between what you owe on a property and what the taxes are.
Are you sure about that? I find that very hard to believe. Montclair is a very desirable town, and taxes in desirable towns in north Jersey have not been that cheap in years. There is a somewhat lower-end section of Montclair, but I'm surprised that they would even be that low there.
I live in a 940 s.f. one-story condo in a townhouse-type complex, and my taxes are just under $4K. I have no schools, no police, no fire department, but of course our taxes pay the surrounding towns for those services.
I am getting ready to put my mother's house on the market. Bergen County, NJ. Suggested price is $549,900, which is low for the neighborhood because the house is not updated. Taxes are just over $17K, which might deter buyers, even in this current hot market for NYC 'burbs. We shall see.
Anyway, as others have pointed out, there's really no relation between what you owe on a property and what the taxes are.
Correction. New tax bill came and is now 11,609 so they did adjust them up. 2300 sq ft no basement
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