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So, how do you guys in Jersey...

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So, how do you guys in Jersey...

Old 03-31-2017, 11:45 AM
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Default So, how do you guys in Jersey...

Afford your property taxes?
My sister is selling her home in Trenton and moving to Virginia. Her home has an assessed value of $172,500.00 and she paid just under $10,000.00 last year in property taxes.
That is obscene.
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Old 03-31-2017, 11:59 AM
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IMO she's getting raped, but in most cases we get paid more or charge more for our services here then in other lass populated (PSM) states.

It's one of the reason entry level jobs in this area demand a greater starting wage then minimum in many cases. Rent it higher, taxes, income, nightlife etc. It's all relevant to the area, also why we move down south or west when we retire, our pensions will take us further there then here.
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Old 03-31-2017, 12:03 PM
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we need to get school funding out of our property taxes. I wouldn't even mind raising the sales tax to cover schools, or lottery. They just added .23 to gas tax, now our state tax was lowered to 6.85%. Raise it to 7.5, or even 8% and use that. Even if doing that only lowers the property tax, that would be fine.
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Old 03-31-2017, 12:51 PM
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Easy, it's collected as part of the Mortgage payment. Out of site out of mind

We pay about $6,500 on a house valued around $250K.

Essentially, monthly payment is $1,500 which includes tax, homeowners insurance and mortgage. It's the going rate of any dumpy apartment and we get a 3 bedroom house!
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Old 03-31-2017, 01:05 PM
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Originally Posted by Coverguy View Post
we need to get school funding out of our property taxes. I wouldn't even mind raising the sales tax to cover schools, or lottery. They just added .23 to gas tax, now our state tax was lowered to 6.85%. Raise it to 7.5, or even 8% and use that. Even if doing that only lowers the property tax, that would be fine.
If school funding comes from property taxes, how does the state get 'the fair share' from people who rent? It seems only the rich land owners pay for education.

I suggest you guys read up on Ca Prop 13 and start a taxpayer revolt like we did.
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Old 03-31-2017, 01:05 PM
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Originally Posted by Wolakrab View Post
Afford your property taxes?
My sister is selling her home in Trenton and moving to Virginia. Her home has an assessed value of $172,500.00 and she paid just under $10,000.00 last year in property taxes.
That is obscene.
I live in one of the highest tax jurisdictions in VA.
Here, $10k in taxes is about what you pay on $800k home.

I was pretty amazed in the thread about home value and property tax.

I've stopped whining.
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Old 03-31-2017, 01:30 PM
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Originally Posted by Wolakrab View Post
Afford your property taxes?
My sister is selling her home in Trenton and moving to Virginia. Her home has an assessed value of $172,500.00 and she paid just under $10,000.00 last year in property taxes.
That is obscene.
I don't live in NJ anymore, but yes property taxes are crazy, but property taxes are deductible from your federal tax returns. Therefore, its not $10k, its more like $6.5-7k, and its paid via escrow on your mortgage.

~$500 a month the cost to live in wonderful NJ. On the up side NJ public schools are really good in most towns.

In NJ out of pocket expense= $7k in property taxes + Free public school = $7k

In NC out of pocket expense = $1,500 property tax + 2 x $7k Tuition for private school = ~$15.5k
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Old 03-31-2017, 01:34 PM
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Pretty sure that if you spend $10k in taxes...you've spent $10k in taxes. That argument about getting a tax deduction means you didn't pay income tax to earn that $10k that you spent in taxes....but you still paid $10k.
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Old 03-31-2017, 01:53 PM
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Originally Posted by saltwaters View Post
If school funding comes from property taxes, how does the state get 'the fair share' from people who rent? It seems only the rich land owners pay for education.

I suggest you guys read up on Ca Prop 13 and start a taxpayer revolt like we did.
You charge more for rent, crapola flows down stream. I have a 1 Bd rm apt that rents for 1K per mo. a studio that I get $800 for and a 2bd w office space for $1,600. This is in avg neighborhoods in a city near by. If it was in an upcoming area the rents would be triple that.
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Old 03-31-2017, 01:57 PM
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Originally Posted by beber View Post
I don't live in NJ anymore, but yes property taxes are crazy, but property taxes are deductible from your federal tax returns. Therefore, its not $10k, its more like $6.5-7k, and its paid via escrow on your mortgage.

~$500 a month the cost to live in wonderful NJ. On the up side NJ public schools are really good in most towns.

In NJ out of pocket expense= $7k in property taxes + Free public school = $7k

In NC out of pocket expense = $1,500 property tax + 2 x $7k Tuition for private school = ~$15.5k
Yeah but you only pay that while your kids are in school, in NJ we pay until death.
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Old 03-31-2017, 02:03 PM
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Originally Posted by saltwaters View Post
If school funding comes from property taxes, how does the state get 'the fair share' from people who rent? It seems only the rich land owners pay for education.

I suggest you guys read up on Ca Prop 13 and start a taxpayer revolt like we did.
From the landlord through the rent payment
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Old 03-31-2017, 02:06 PM
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If NJ is such a crappy place to live, how come so many people live here?

The funny answer, though its true for a lot of people is "they can't afford to move."
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Old 03-31-2017, 03:31 PM
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Originally Posted by Strike1 View Post
If NJ is such a crappy place to live, how come so many people live here?

The funny answer, though its true for a lot of people is "they can't afford to move."
That and EVERYONE is here. All my family. Friends. Blah blah.
Where else can I go 20 mins (no traffic) to the city and an hour to the shore ?
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Old 03-31-2017, 03:34 PM
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Originally Posted by myyellas2k View Post
That and EVERYONE is here. All my family. Friends. Blah blah.
Where else can I go 20 mins (no traffic) to the city and an hour to the shore ?
Agreed, I can't make nearly the same living in Fl. as I do here ( don't hate NJ, just the political system) all my family is here or not near Fl. And every friend I have that moved to Fl tells me how lonely they are and "when you coming down again?"

People from Fl just aren't the same and sharing stories with people that were there or understand the mind set is important.
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Old 03-31-2017, 03:55 PM
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Some towns figure in a percentage of real value. 172k sounds awful low for a house in NJ.
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Old 03-31-2017, 04:04 PM
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Originally Posted by phillipgo View Post
Some towns figure in a percentage of real value. 172k sounds awful low for a house in NJ.
Have you been to Trenton? Lots of places in south west NJ are cheap, little industry to afford higher prices. All the money is within an hour of NYC and prices will slowly go down the further out you go. Philly has a similar effect in that area but not nearly as drastic, Princeton is high end. Shore towns hold value due to water access.
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Old 03-31-2017, 07:26 PM
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I miss NJ. It's a beautiful place.
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Old 04-01-2017, 03:21 AM
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I think New Jersey is cool, although I have never lived there. Visited and work there many times. Good people. To bad about the taxes, although I hear the guys out on Long Island also pay through the nose on property tax. As said above, your pension would certainly go further down south.
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Old 04-01-2017, 03:38 AM
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Originally Posted by MilesExpress View Post
I think New Jersey is cool, although I have never lived there. Visited and work there many times. Good people. To bad about the taxes, although I hear the guys out on Long Island also pay through the nose on property tax. As said above, your pension would certainly go further down south.

So IF we raise our property taxes down South they will QUIT MOVING DOWN HERE JK


Yea I get quite a few clients that retire from up North and they tell me the 2 main reasons they move to this are 1-Lower cost of living , particularly TAXES and 2-Weather


Several told them it is hard to get buy up North on what looks to me to be pretty decent pensions compared to down here.

Can't blame any one


As for school taxes, GOT TO HAVE SCHOOLS. Without good schools you lose industry so. EVEN if you are retired you need a booming economy where you live to keep costs down and property values up
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Old 04-01-2017, 04:16 AM
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Originally Posted by Tainui View Post
Pretty sure that if you spend $10k in taxes...you've spent $10k in taxes. That argument about getting a tax deduction means you didn't pay income tax to earn that $10k that you spent in taxes....but you still paid $10k.
In NJ the state income tax has a $10K limit on property tax deduction. People are getting a double whammy in NJ, we are paying very high property tax and are limited to only a max of $10K as a deduction.
Only the federal income tax allows for all property tax to be deducted.
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