First off, I dont know if this is the best forum to post this in.. but I couldnt figure out exactly where it belongs… so mods, feel free to move it if you think its not the right place.
Ok, my question basically is… what determines property tax? I’m looking to buy a house, and really wanna get away from Brooklyn… figured New Jersey is the next best thing, but alot of people are telling me that property taxes are higher in Jersey as compared to Brooklyn… is that true?? I thought property tax goes by size of house, location, etc etc…not varying from state to state..
Can someone fill me in?
Oh, and Im not very familiar with Jersey anyway… is Trenton a good place to move to? What can you all tell me about it? And which places in Jersey are the best in terms of houses, schools, prices, etc etc. Money is not an issue so long as quality is good.
property taxes do vary from location to location (including state to state)
For example, taxes get lower within long island if you move further east towards Suffolk County…
VA and AR states have property taxes on cars too
Jersey is good place but Trenton is way south.. unless you are willingly and knowingly moving… It’s exit 7 on I-95 (Jersey Tpke) just to give you an idea…
Princeton/ Heightstown near Princeton University is exit 8…
what type of neighbourhood you are looking into..? Edison/Iselin is desi community in north part of jersey… (Exit 10 on Tpke)…
If interested nearby Rutgers university, then check out New Brunswick …
I know that Bergan county, just off the Washington Bridge is decent but posh and expensive…
Jersey city, hoboken, weehawken are some other choices that is if you want access to NY city via path.. otherwise, for NY, you will be using NJ Transit trains… unless you are driving… but then, who takes the car to city besides weekend…
This should be in Business/Economics .. but anyway ..
NJ rates might be higher but NY prices are higher and property Tax is % based on the value of the property, so in dollar amount, you would be paying higher amount in NY.
Scroll down on this page to check the rates by States
valuation of house based on factors such as size, location and tax rate is what you have to look at.
tax approaches vary from state to state. its not just state, but also country and city that you have to worry about.
Now lastly what u may say is that if u are lookign at place A and place B, and the total out of pocket for you including taxes is the same
lets assume in NY its
1600(mortgage) + 400 (taxes) per month = 2000/month
and in NJ its
1300 (mortgage) + 700(taxes) per month = 2000/month
the interest gives u nothing, but in NY, you are paying more in interest and thus when u itemize..it helps your taxes.
you also need to look at property value trends and see for that $2K/month that you are paying when u sell, which area will give you a bigger increase in your sale price.
Oh wow thanks for all the help. I dont wanna move too south into New Jersey.... something less than 2 hours away from Brooklyn or as close to the city as possible is what I'm looking for. Again, totally unfamiliar with Jersey.... someone help me out please. I wanna go house hunting asap.... what is the best place to look? And what are the avg selling prices these days?
