DAMN! My property taxes went up costing me an extra $200 per month more!
 

This sucks...I got a letter from my bank saying that my payment is going from $1004 a month (P&I + Escrow) to $1197 per month! I could come up with $2313 to keep my payments the same....or $1300 to lower the payment to $1088. I can't wait to see what my assesments is gonna go up to....it went up $28 a month last year.

...and I haven't had a raise in 2 years!!! Can you say....cost of living increase!!! :whyme:

Exactly my fear of buying a house. That sucks, man. Coming from the land of high taxes, I can relate.

$200 a month is alot of money!

I heart California..Proposition 13 owns!!!!!
No increase in prop. taxes.

I feel your pain... I got the same letter a few weeks ago. We bought our house less than two years ago, and between the re-assessments and tax changes, I feel like the original motgage payment was a bait-and-switch!

we're going to increase your membership fee for posting in the wrong forum :)

scary stuff!!! :nervous:

Thank God the law in FL is that they can't increase more than 3% annually if your house is homesteaded (file a piece of paper work on your primary residence & get $500 off your taxes).

Now - if you have rental property..... you're toast! They can readjust it to full appraised value each year.

That blows but I'm with LuvMyTsx I wouldn't buy a house in Jersey eventhough my girl and parents want me to. It's ridiculous here a house in the hood cost $400K and you can't even sit on your steps without ducking bullets.

Its like a kick in the nuts!

I'm just waiting for mine to go up. :scared:

should be a law against that

that law is FL blows....i just bought a house and i get hit with the big increase in taxes, because they reassessed the value of the house....I think my taxes went up around $1k. oh yeah and homestead needs to be increased from 25k to atleast 100k.

I got the letter too. Mine went up about $170 a month. Mainly because they screwed up their estimate when we closed on the loan and there was like $50 in my escrow account. The letter said something to the effect that they are allowed to keep 3 months of property tax in the escrow account. Of course they choose to keep the max the law allows.

The county I live in is one of the fastest growing in the state, so of course everyone is getting screwed around here...

Thanks Jeebus for Prop 13 here in CA.

But I dont impound my account. Half my income tax return goes to my property taxes. Works out better for me that way...

Actually its a maximum 2%/year increase. Still, kicks a$$ over other states.

I got mandatory impounds when I refinanced.

Nicky, check to see if you can protest it. I did and won, actually decreased my taxes...

https://acurazine.com/forums/showthr...ghlight=fought

Yeah, My Stepdad and Mom did the same thing... Found out that some people with bigger houses, paved driveways, and a bigger lot were paying less than them (it's all public record) and put up a stink...

We've got Prop 2 1/2 here in MA to limit the tax increases. My taxes have gone up from 1800 to 2200 in the last few years, but I knew going in that my town had one of the lowest rates in the area. We're a small town (16K residents), but with the mall and the businesses on route 6, we've got a good tax base.

They did a reval in town, which accounted for most of the increase I guess... Assessed value on my house doubled from 2001 to 2006 :rofl:

Glad a close relative just got elected to be our county's Property Value Administrator :woot:

Try FL insurance rates going up 70%!. My grandma's went up more like $500/month

The town I live in is some of the highest taxes in the area....and they ar build a shitload of condos and new businesses in the downtown area....so AH was reassesed in 2005, snd since taxes are a year in the rear...I got hit now. I was talking to my neighbor and hes got the same thing....I'll look into it alittle more, but I'm pretty sure I'm fucked!

My parent's property taxes are going up 19% every year for the next 3 years.

Self escrow and your monthly to the mortgage company won;t change, you just have to add more to a short term investment account so you can make a bit of money on your tax payments.

BTW, my taxes in TX are ridiculous, but no state income tax will do that.

We are around $2.81 for every $100 assessed, so the $400K home in NJ would pay about $11,000 annually in taxes here.

HOLY SHIT ARE YOU SERIOUS?! $11,000 in taxes on a house assessed at $400k?

Dead frickin serious.

Think about it, those 750K hoses in CA and the NE would be over $20K in annual taxes.

Although without paying state income taxes you are saying ~5% of your income so I guess in a way it equals out... a little.

Yeah but how many "typical" houses have tax assessments that high?

My parent's house is assessed by the state at $370k this year but it could be sold for over $600k.

At 28.10 per 1000$ of value :nod: it would actualy be closer to 14.2k a year.
Dont know if its the same there as here but reval years usually help to drop that mill rate to a average thats similar to the increase.

$400 x $28.10 = $11,240


:dunno:

Oops, slight key punch error with the calc

No worries, at least you're not paying either amount, unlike some :sigh:

My place is assessed at ~$200K I'm at ~$9K in propery taxes. Welcome to Jersey.

Wow, that is way worse than me. About 4.25 per $100. I am the same tax bill at ~10K, but my new house is way under assessed, next year will see the correction, and I expact $14K. Thank gawd we have no state income tax.
That will suck.
btw curr assessment is $360K and should be about $450

Sure it does because I dont have to pay that amount every month. And I dont have to add anything to a short-term account for paying it because for the amount I pay in intrest on the mortgage, the tax returns more then pay for the property tax. So that $300 a month pretty much stays in my pocket.

Once you get to P and I, assuming a fixed rate, your payments won't change. Hence the self escrow so that isn't a part of the payment, it is in effect a payment to yourself for the short term (12 mos).

And I understand the tax benefits of mortgage interest, but I was trying to address the fluctuation in payments which move as your escrow acccount fluctuates based on assumed amounts and a buffer, recalculated annually.

Jersey people, prepare to be ass raped again by our government. They are getting ready to pass a law so they can not only base your property taxes on the value of your house, but also your INCOME. So, our income is basically going to be taxed twice. :whyme: :whyme: :annoyed:

Pretty soon, there will be no middle class left in this state because they'll have priced so many people right out of their homes.