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

[spidey07]

Originally posted by: 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.

Because you earn interest on doing your own escrow account. Just say no to interest free loans to other people.

 

[mugs]

Yeah, property taxes are high in NJ. We also have good education (which is where a huge chunk of property taxes are spent), and we get shafted by the federal government. Least federal spending per dollar of income taxes in the country (NJ and CT have switched back and forth between the 1 and 2 spot for years now).

I believe you get some back from the state though... something like $1000 I think?

Edit:
http://www.state.nj.us/treasur...homeowneramounts.shtml

Looks like you get 20% back if your income is less than $100k, 10% back if between $100k and $150k, and nothing back if over $150k. That's combined income if you have a spouse.

 

[mugs]

Originally posted by: SSSnail
Some will say, renting is throwing money away.

Renters still pay property taxes, they just do it indirectly.

 

[Oyeve]

Originally posted by: mugs

Originally posted by: SSSnail
Some will say, renting is throwing money away.

Renters still pay property taxes, they just do it indirectly.

That we do.

 

[BlahBlahYouToo]

Originally posted by: mugs
Yeah, property taxes are high in NJ. We also have good education (which is where a huge chunk of property taxes are spent), and we get shafted by the federal government. Least federal spending per dollar of income taxes in the country (NJ and CT have switched back and forth between the 1 and 2 spot for years now).

I believe you get some back from the state though... something like $1000 I think?

Edit:
http://www.state.nj.us/treasur...homeowneramounts.shtml

Looks like you get 20% back if your income is less than $100k, 10% back if between $100k and $150k, and nothing back if over $150k. That's combined income if you have a spouse.

ahhh, is that why i got a few hundred back last year?
good thing i'm not getting married yet. our combined income would push us over the limit.

 

[richardycc]

$5000-$7000.

 

[imported_Lothar]

Originally posted by: SSSnail
Some will say, renting is throwing money away.

It is.

 

[Taughnter]

Originally posted by: mugs
Yeah, property taxes are high in NJ. We also have good education (which is where a huge chunk of property taxes are spent), and we get shafted by the federal government. Least federal spending per dollar of income taxes in the country (NJ and CT have switched back and forth between the 1 and 2 spot for years now).

I believe you get some back from the state though... something like $1000 I think?

Edit:
http://www.state.nj.us/treasur...homeowneramounts.shtml

Looks like you get 20% back if your income is less than $100k, 10% back if between $100k and $150k, and nothing back if over $150k. That's combined income if you have a spouse.

It looks like you're referring to the Homestead Rebate, which can be applied for by both Homeowners and Renters (as you point out in your later post, renters pay property tax also, just indirectly). I'm not particularly familiar with these rebates, but my accountant told me it was worth applying for and she was right, as I ended up getting around $75 I wouldn't have gotten otherwise. Considering I lived in a relatively low rent apartment at the time, I was surprised. (Homeowners I know received over $500, but I assume that your formulas are accurate.)

Two things that you should probably take note:

1. Homestead rebates can be expected to be nonexistent or incredibly smaller this year due to our state's budget issues. Obviously things can change at any given moment, but Corzine has already suggested that these rebates may not be feasible this year.

2. Real Estate Taxes are generally allowed as a deduction on your income taxes. Obviously talk to a professional about this, but even without the Homestead Rebate you can still get a pretty good portion of your tax money back.

 

[Jumpem]

Around here you'd be looking at $10-15k.

 

[DrPizza]

Around here, 350k = ~$14000 - $15000

1% :laugh:
I wish I paid 1%
1% in NJ or NY?? heh heh heh hahahaha!
(Sorry, I share your pain.)

My wife is looking over my shoulder and commented "he thought taxes were 1% of the assessed full value in NJ? What is he, retarded?"

On a more serious note - I find it incredibly difficult to believe that you just found out the tax rate for a house you already purchased. Is this a brag about the assessed value of my home thread?

edit: when my wife and I were considering moving to NC, a realtor in Statesville warned us that there was a huge difference in property taxes between property A and property B, because one was within city/town limits. With a concerned look on our faces, we asked "how much of a difference?" "About $60 a year." We both started laughing at him. When asked "what's so funny about that?" "If our taxes only went up by $60 a year, we would consider ourselves incredibly fortunate in NY"

 

[Homerboy]

Originally posted by: DrPizza
Around here, 350k = ~$14000 - $15000

1% :laugh:
I wish I paid 1%
1% in NJ or NY?? heh heh heh hahahaha!
(Sorry, I share your pain.)

My wife is looking over my shoulder and commented "he thought taxes were 1% of the assessed full value in NJ? What is he, retarded?"

On a more serious note - I find it incredibly difficult to believe that you just found out the tax rate for a house you already purchased. Is this a brag about the assessed value of my home thread?

edit: when my wife and I were considering moving to NC, a realtor in Statesville warned us that there was a huge difference in property taxes between property A and property B, because one was within city/town limits. With a concerned look on our faces, we asked "how much of a difference?" "About $60 a year." We both started laughing at him. When asked "what's so funny about that?" "If our taxes only went up by $60 a year, we would consider ourselves incredibly fortunate in NY"

You're surprised at the stupidity of current home owners? Have you not been watching the news lately? MANY people had no idea what the actual cost of their home was going to be. Taxes? Whats that?!?!

 

[PaNsyBoy8]

didn't someone tell you how much it would be when you bought the house?

 

[Homerboy]

Originally posted by: PaNsyBoy8
didn't someone tell you how much it would be when you bought the house?

...or you know... look for yourself like a homeowner would do?

 

[sdifox]

Toronto is 0.8749226%, 0.2640000% is education, rest is city

 

[alkemyst]

Originally posted by: Homerboy
You're surprised at the stupidity of current home owners? Have you not been watching the news lately? MANY people had no idea what the actual cost of their home was going to be. Taxes? Whats that?!?!

hmmm it's actually disclosed to you prior to closing. People have tended to prove they are very selective in what they signed/heard when they think they can now get free money or just walk away.

 

[BlahBlahYouToo]

Originally posted by: Homerboy

Originally posted by: DrPizza
Around here, 350k = ~$14000 - $15000

1% :laugh:
I wish I paid 1%
1% in NJ or NY?? heh heh heh hahahaha!
(Sorry, I share your pain.)

My wife is looking over my shoulder and commented "he thought taxes were 1% of the assessed full value in NJ? What is he, retarded?"

On a more serious note - I find it incredibly difficult to believe that you just found out the tax rate for a house you already purchased. Is this a brag about the assessed value of my home thread?

edit: when my wife and I were considering moving to NC, a realtor in Statesville warned us that there was a huge difference in property taxes between property A and property B, because one was within city/town limits. With a concerned look on our faces, we asked "how much of a difference?" "About $60 a year." We both started laughing at him. When asked "what's so funny about that?" "If our taxes only went up by $60 a year, we would consider ourselves incredibly fortunate in NY"

You're surprised at the stupidity of current home owners? Have you not been watching the news lately? MANY people had no idea what the actual cost of their home was going to be. Taxes? Whats that?!?!

i knew how much my taxes were before i bought the place almost 2 years ago.

before here, i lived in nassau county, so i've been living in 2 of the most expensive places in the US.
just wanted to see if 1% was the norm elsewhere in the country.

no need to be condescending dr. pizza by casually throwing in your wife's comment.

 

[AdamK47]

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

That's what I do. I don't even know what my property taxes are.