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and I thought NY was cra$$$y..

post #1 of 10
4/21/10 at 12:10am
Thread Starter 
$25,972 and going up in property taxes for a tiny 4BR crapbox in a so-so town. everyone must want a piece of snooki. http://blog.nj.com/njv_paul_mulshine..._property.html
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post #2 of 10
4/21/10 at 1:02am
I remember reading a similar article a few years ago. It was at the height of the property value boom. Older residents who had paid down their houses years ago could not afford to pay the high property taxes assessed at inflated property values. In some cases the yearly tax was more than the purchase price itself! Of course people can sell and move elsewhere but why should anyone be forced to do so? I didn't know things were so bad in Jersey. How did it get to this? How could the voters put up with something so atrocious?
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post #3 of 10
4/21/10 at 3:41am
That's insane. Don't they reassess the properties when the real estate market tanks? Obviously the city has an incentive to keep them high, but christ...
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post #4 of 10
4/21/10 at 10:01am
Oh, that's just FUBAR! According to the value of the guy's property, he's looking at 5% property tax -- annually! Looks like the residents of West Orange got shafted pretty good.
Quote:
But what about the current governor, the Republican who ran on a promise of cutting taxes? Chris Christie is moving West Orange farther over the line than any governor in history. Even if the voters take the governor’s advice and vote down the school budget, that vote would have at best a minor impact on property taxes. The major factor driving up property taxes in that town and other suburbs in the state is the bizarre school-funding formula Christie adopted. All school aid comes from the Property Tax Relief Fund, which consists of the entire income tax and half a cent of the sales tax. And in this regard, West Orange’s problem is simple: The town pays a whole lot into the fund. But it gets back just a pittance. West Orange residents pay more than $60 million a year in state income taxes. Under Corzine, the pittance they received in property tax relief was $9.5 million, about 15 cents on the dollar. Christie cut aid to $3.5 million, or a little over a nickel for every dollar the town sends to Trenton. As a result, property taxes will skyrocket next year no matter what the voters do today. Their only hope is that the pols of both parties in Trenton will finally get the message and do something for people who are being taxed out of their homes. Maybe they will finally put on the ballot a property tax reduction plan similar to that adopted by California or perhaps Michigan.
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post #5 of 10
4/21/10 at 1:02pm
Thread Starter 
Quote:
Originally Posted by GQgeek View Post
That's insane. Don't they reassess the properties when the real estate market tanks? Obviously the city has an incentive to keep them high, but christ...

sometimes yes, many times no - you can always write a letter of appeal to your township..

i know in nyc (which wasn't hit as hard) there isn't always a direct relationship b/w property value and property taxes..

in times of 'economic turmoil' it's normal to see property taxes actually go up, despite value going down..

the excuse given is that there are state/local cuts and our very efficient govt's (harr) need to find another source from the taxpayers, and re taxes are easy to bump up.
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post #6 of 10
4/21/10 at 1:45pm
What a "normal" % for property tax, out of curiosity?
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post #7 of 10
4/21/10 at 1:51pm
Somebody's gotta pay for all those essential government services. If it's not a property tax it'll be an income tax or a sales tax. No one is ever happy when it affects them.
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post #8 of 10
4/21/10 at 2:14pm
Quote:
Originally Posted by GQgeek View Post
What a "normal" % for property tax, out of curiosity?

About 2% in my area.
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post #9 of 10
4/21/10 at 2:23pm
Thread Starter 
1.25% in LA County as i was looking for second pad when was working there M-Th couple years back.. EXTREMELY CHEAP when you compare to NJ/NY/CT (as well as golf carts/fees)
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post #10 of 10
4/21/10 at 6:44pm
Quote:
Originally Posted by zillka View Post
1.25% in LA County as i was looking for second pad when was working there M-Th couple years back..

EXTREMELY CHEAP when you compare to NJ/NY/CT (as well as golf carts/fees)

You can argue that Prop 13 artifically inflates real estate prices in California to an extent.
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