my condo's assessed value was $350k - what do you think my taxes are (vs what they should be)?

[BlahBlahYouToo]

town assessed it to be $350k.
i thought taxes were supposed to be 1% of that. it's not.


condo is in the beautiful state of NJ.

 

[spidey07]

NJ? I'd guess probably close to 9K in taxes?

 

[Capt Caveman]

Originally posted by: BlahBlahYouToo
town assessed it to be $350k.
i thought taxes were supposed to be 1% of that. it's not.


condo is in the beautiful state of NJ.

Property tax rate will vary greatly based on the town/city you live in. Usually, it's a $ per $1k your property is valued.

 

[CPA]

can't help much without knowing your rate. Check your county tax assessor website or your school board website for tax rates.

 

[PingSpike]

When property value goes down...the rate goes up! When property value goes up...the rate stays the same!

 

[sjwaste]

The part of NJ that my folks live in is damn near 2% of assessed.

Mine is 0.85%. Not in NJ.

 

[spidey07]

I just quickly looked at some tax rates in NJ.

HOLY MOTHER!

3-5%

 

[BlahBlahYouToo]

Originally posted by: Capt Caveman

Originally posted by: BlahBlahYouToo
town assessed it to be $350k.
i thought taxes were supposed to be 1% of that. it's not.


condo is in the beautiful state of NJ.

Property tax rate will vary greatly based on the town/city you live in. Usually, it's a $ per $1k your property is valued.

bergen county. one of the most affluent counties in NJ, and perhaps the US.
and i wish it were $1 per 1000.

 

[spidey07]

Originally posted by: BlahBlahYouToo

bergen county. one of the most affluent counties in NJ, and perhaps the US.
and i wish it were $1 per 1000.

A quick google says that county has one of the highest property tax rates in the nation. You're hosed.

 

[GasX]

In Essex County, that would run you around $10k

 

[kranky]

And I thought our $3K/year real estate taxes were outrageous.

 

[sactoking]

Ahhhhh, makes me glad to be sitting on a $1500 tax burden that will go down in 2010 and 2011.

 

[slayer202]

Originally posted by: BlahBlahYouToo

Originally posted by: Capt Caveman

Originally posted by: BlahBlahYouToo
town assessed it to be $350k.
i thought taxes were supposed to be 1% of that. it's not.


condo is in the beautiful state of NJ.

Property tax rate will vary greatly based on the town/city you live in. Usually, it's a $ per $1k your property is valued.

bergen county. one of the most affluent counties in NJ, and perhaps the US.
and i wish it were $1 per 1000.

thats where I live too well, at least before I went to college

 

[ivan2]

7k

 

[alkemyst]

millage is right around 2.5% here.

 

[BlahBlahYouToo]

Originally posted by: Mwilding
In Essex County, that would run you around $10k

it's not quite that high, but close... it's a tad over 2%.


and what town in essex is it $10k on a $350k home? that's just ridiculous.

 

[Capt Caveman]

Mine is $7.36 per $1k and we get a $202k residential exemption.

 

[trmiv]

So somewhere around $7500? Your only choice may be to burn it down and flee the country.

 

[Lamont Burns]

up the insurance and have it robbed?

 

[sjwaste]

Originally posted by: BlahBlahYouToo

Originally posted by: Capt Caveman

Originally posted by: BlahBlahYouToo
town assessed it to be $350k.
i thought taxes were supposed to be 1% of that. it's not.


condo is in the beautiful state of NJ.

Property tax rate will vary greatly based on the town/city you live in. Usually, it's a $ per $1k your property is valued.

bergen county. one of the most affluent counties in NJ, and perhaps the US.
and i wish it were $1 per 1000.

Loudoun and Fairfax Counties here in VA are the two wealthiest in the US, and their respective property tax rates are 1.14% and 0.89%.

Arlington County, while not in the top 10, has a rate of 0.84%. I literally could not afford to own my house if I lived up in Bergen, or even the town in NJ where I grew up.

NJ just spends a lot of money and has great public education to show for it. VA has good public schools too, we just hide a fair amount of our taxes in other things -- notably personal property. Doesn't really hit hard until you cross the 20k mark on a car, but it does add up.

 

[Taughnter]

Originally posted by: BlahBlahYouToo

Originally posted by: Capt Caveman

Originally posted by: BlahBlahYouToo
town assessed it to be $350k.
i thought taxes were supposed to be 1% of that. it's not.


condo is in the beautiful state of NJ.

Property tax rate will vary greatly based on the town/city you live in. Usually, it's a $ per $1k your property is valued.

bergen county. one of the most affluent counties in NJ, and perhaps the US.
and i wish it were $1 per 1000.

It largely depends on what municipality you live in. The really interesting thing here is that Bergen county tax rates vary from around .5-4%, the key here is that the property values are so high and the Assessment ratios are close to 100%. (As an example, from looking at the tax chart, Hudson County has tax rates around 30-80%, but the property values are MUCH lower and Assessed Value to True Value Ratios are not very high).

I'm sure its not what you want to hear, but around 5,000-10,000 is pretty normal for a home of that value in any decent town in NJ. Obviously if you live in a municipality without a High School, i.e. Englewood Cliffs, your taxes would be a little lower than some of the surrounding towns.

Oh, and if you're looking for any more info I would imagine you could go to the County Tax Board website here: http://www.co.bergen.nj.us/taxboard/

 

[Homerboy]

Escrow that shit.
(this is where people laugh at me).

 

[GasX]

Originally posted by: BlahBlahYouToo

Originally posted by: Mwilding
In Essex County, that would run you around $10k

it's not quite that high, but close... it's a tad over 2%.


and what town in essex is it $10k on a $350k home? that's just ridiculous.

Based on my taxes and assesment, I'd be paying $9400 on your place.

 

[BlahBlahYouToo]

Originally posted by: Homerboy
Escrow that shit.
(this is where people laugh at me).

i used to do that. i then refi'd and chose to pay it myself. don't really know why.

 

[SSSnail]

Some will say, renting is throwing money away.