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Old 03-27-2021, 02:38 PM
 
3 posts, read 2,452 times
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Hello, looking to relocate from NJ and trying to understand the property taxes for properties we are looking at. We looked at a new development (Artistry in PBG) and was told the tax rate is 2%. I was a bit surprised by this. I was told that when a buyer purchased a property the house value “resets” and will be taxed at the new higher value. Can anyone shed any light on how this works? We are looking to leave NJ partially to leave the tax burden but with private school expenses a likely possibility, the cost / benefit is beginning to dwindle if this is true!

Any guidance would be appreciated!
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Old 03-27-2021, 10:03 PM
 
Location: Palm Beach County
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Roughly 2% is a good estimate but often times it's assessed lower than purchase price. Once you homestead they take 50k off the assessed value, and you also get a 4% discount if you pay early.
Your taxes can only increase by a max of 3% a year once you're homesteaded as well
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Old 03-30-2021, 03:32 PM
 
12,812 posts, read 15,083,505 times
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Quote:
Originally Posted by AP 1238 View Post
Hello, looking to relocate from NJ and trying to understand the property taxes for properties we are looking at. We looked at a new development (Artistry in PBG) and was told the tax rate is 2%. I was a bit surprised by this. I was told that when a buyer purchased a property the house value “resets” and will be taxed at the new higher value. Can anyone shed any light on how this works? We are looking to leave NJ partially to leave the tax burden but with private school expenses a likely possibility, the cost / benefit is beginning to dwindle if this is true!

Any guidance would be appreciated!
https://www.pbcgov.org/papa/

Enter the address you are thinking of buying. Scroll to the bottom and click on "property tax estimator" and it will tell you what the taxes will be.
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Old 04-03-2021, 12:28 PM
 
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Is it possible to lower the official selling price? Let's say you're buying a house for 800k. Can seller and buyer agree to have the contract be for 700k, and have a separate deal for 100k of furniture? Would this lower the ongoing tax?
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Old 04-03-2021, 02:00 PM
 
12,812 posts, read 15,083,505 times
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Originally Posted by Chardo1 View Post
Is it possible to lower the official selling price? Let's say you're buying a house for 800k. Can seller and buyer agree to have the contract be for 700k, and have a separate deal for 100k of furniture? Would this lower the ongoing tax?
sure..............but the county will appraise it their way anyway for taxes but you will save on doc stamp fees.

It also screws with financing/the sellers capital gains liability.
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Old 04-07-2021, 01:49 AM
 
117 posts, read 223,289 times
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Default FL used to be inexpensive

Quote:
Originally Posted by AP 1238 View Post
Hello, looking to relocate from NJ and trying to understand the property taxes for properties we are looking at. We looked at a new development (Artistry in PBG) and was told the tax rate is 2%. I was a bit surprised by this. I was told that when a buyer purchased a property the house value “resets” and will be taxed at the new higher value. Can anyone shed any light on how this works? We are looking to leave NJ partially to leave the tax burden but with private school expenses a likely possibility, the cost / benefit is beginning to dwindle if this is true!

Any guidance would be appreciated!

I don't know how it is calculated, but one thing to note also is the cost of insurance. FL is a no fault state, we were told by the so called experts that we would save money on auto insurance in the long run because there would be fewer lawsuits, but now because we have so many terrible drivers our auto insurance s higher than ever.. EVERYBODY GETS PAID... no lawyers, though.



Plus, home owner's policies often do not include wind storm or hurricane insurance. So you must buy a separate windstorm policy, BIG BUCKS. In some areas you will also need flood insurance.



Clothing, food, utilities are cheaper, so consider this too. I would rather live here than in NJ, just do not go into it blindly.
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Old 04-07-2021, 05:42 PM
 
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Clothing is not cheaper in Florida. There’s no tax on clothing in New Jersey. I’ve lived in Palm Beach County as well as New Jersey, and Shoprite’s supermarket prices are lower for the most part than Publix. Electricity was cheaper in Florida.
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Old 04-08-2021, 07:22 AM
 
Location: Florida
5,567 posts, read 1,605,229 times
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Quote:
Originally Posted by Chardo1 View Post
Is it possible to lower the official selling price? Let's say you're buying a house for 800k. Can seller and buyer agree to have the contract be for 700k, and have a separate deal for 100k of furniture? Would this lower the ongoing tax?
Yes, you can find contractors who will do this. The biggest way they do this is by buying and selling a house in a trade deal, and then all you have to do is record the difference. Say your old house you sold for $300,000 and the new one is $350,000, you can set up a trade and only record that you paid $50,000 for the house. The "we buy ugly houses" people work this way. It's why they will offer to help find you a new house, and cover closing costs and moving expenses because they will put all the of the money being paid on the house you are going to buy and then only record the difference on the house they bought from you. This is why often times you look up tax history, you will see a property that should be valued at $700,000 but claim it was bought for $25,000.
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Old 04-08-2021, 01:20 PM
 
12,812 posts, read 15,083,505 times
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Quote:
Originally Posted by warhorse78 View Post
Yes, you can find contractors who will do this. The biggest way they do this is by buying and selling a house in a trade deal, and then all you have to do is record the difference. Say your old house you sold for $300,000 and the new one is $350,000, you can set up a trade and only record that you paid $50,000 for the house. The "we buy ugly houses" people work this way. It's why they will offer to help find you a new house, and cover closing costs and moving expenses because they will put all the of the money being paid on the house you are going to buy and then only record the difference on the house they bought from you. This is why often times you look up tax history, you will see a property that should be valued at $700,000 but claim it was bought for $25,000.
That is fine but the county will still come in and appraise it for current value..........

Buy a lot for 100K, build a house for 500K. County comes and looks at it and appraises it for 525K, taxes are about 10K a year. They tend to hit the house at 85% of market value.

Buy a house for 25K and the county will still look at it as a 3/2 xxxx sq ft, worth 350K......taxes 7K a year.
They also will surely consider the taxable value the last owner paid taxes on. If the house was valued in the 250K range over the last 10 years then sells for 25K they won't look at that sale price as actual unless the house burned down or had some other major catastrophe. Heck the empty lot would be worth more than 25K
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Old Yesterday, 10:05 PM
 
21 posts, read 13,311 times
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Quote:
Originally Posted by Chardo1 View Post
Is it possible to lower the official selling price? Let's say you're buying a house for 800k. Can seller and buyer agree to have the contract be for 700k, and have a separate deal for 100k of furniture? Would this lower the ongoing tax?

Did I just read this correctly? You are asking to mis-report official tax documents, or official documents to be used for that purpose? Pretty sure that's called evasion.

Are you allowed to mis-report actual prices in new jersey or falsify legal documents like that?

Did I mis-read something?
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