4 ms·
Not where I live in NJ. 1.2M house is going to be < 20K taxes.
by HarHarVeryFunny 4y ago
Not where I live in NJ. 1.2M house is going to be < 20K taxes.
- macNchz 4y agoYeah this is very market dependent, especially with regard to whether there are state/local income taxes or the government depends mostly on property taxes. Here in NYC I’d expect to pay $10k or less in annual taxes for a property in that price range, however there are city and state income taxes plus apartment building building common charges. It’s hard to compare this stuff apples to apples, but the one constant regardless of locality is that higher rates significantly reduce buying power for people relying on mortgages.
- googlryas 4y agoWhere do you live in NJ? The average effective property tax rate is 2.470% of the home value. Property taxes would be ~$38k in Gloucester county(across the river from Philly).
- HarHarVeryFunny 4y agoI'm in Ridgewood - Bergen county.
- exhilaration 4y agoIs that the town-assessed value? This [1] shows 2.708% so on $1.2M that would be $32k in taxes, I think something is special about your situation? https://www.state.nj.us/treasury/taxation/pdf/lpt/gtr/2021taxrates.pdf https://www.state.nj.us/treasury/taxation/pdf/lpt/gtr/2021ta...
- mancerayder 4y agoNJ and NY both have some pretty wide ranges of property taxes from town to town, county to county, not just because the percentages might be a bit different, but because their valuation systems are wildly confusing and inconsistent.