DAMN! My property taxes went up costing me an extra $200 per month more!
11-07-2006, 12:10 PM
#1
Fuct in the hed!
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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!!!
...and I haven't had a raise in 2 years!!! Can you say....cost of living increase!!!
11-07-2006, 12:16 PM
#4
The sizzle in the Steak
I heart California..Proposition 13 owns!!!!!
No increase in prop. taxes.
No increase in prop. taxes.
11-07-2006, 12:17 PM
#5
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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!
11-07-2006, 12:25 PM
#7
Senior Moderator
Originally Posted by Mockenrue
I feel like the original motgage payment was a bait-and-switch!
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11-07-2006, 12:48 PM
#8
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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.
Now - if you have rental property..... you're toast! They can readjust it to full appraised value each year.
11-07-2006, 12:50 PM
#9
Tristate ViP Crew
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.
11-07-2006, 03:00 PM
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Originally Posted by fla-tls
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.
Now - if you have rental property..... you're toast! They can readjust it to full appraised value each year.
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.
11-07-2006, 04:47 PM
#14
Team Owner
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.
11-07-2006, 06:04 PM
#17
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Originally Posted by Moog-Type-S
I heart California..Proposition 13 owns!!!!!
No increase in prop. taxes.
No increase in prop. taxes.
Originally Posted by joerockt
But I dont impound my account. Half my income tax return goes to my property taxes. Works out better for me that way...
11-09-2006, 02:20 PM
#18
Got da Internet Goin Nutz
Nicky, check to see if you can protest it. I did and won, actually decreased my taxes...
https://acurazine.com/forums/showthr...ghlight=fought
https://acurazine.com/forums/showthr...ghlight=fought
11-09-2006, 06:15 PM
#19
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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
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
11-10-2006, 10:11 AM
#22
Fuct in the hed!
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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!
11-10-2006, 01:34 PM
#24
Honda+Blue=My garage
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.
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.
11-10-2006, 02:03 PM
#26
Honda+Blue=My garage
Originally Posted by mrsteve
HOLY SHIT ARE YOU SERIOUS?! $11,000 in taxes on a house assessed at $400k?
Think about it, those 750K hoses in CA and the NE would be over $20K in annual taxes.
11-10-2006, 02:16 PM
#28
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Originally Posted by pmptx
Dead frickin serious.
Think about it, those 750K hoses in CA and the NE would be over $20K in annual taxes.
Think about it, those 750K hoses in CA and the NE would be over $20K in annual taxes.
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.
11-12-2006, 02:05 PM
#29
Senior Moderator
Originally Posted by mrsteve
HOLY SHIT ARE YOU SERIOUS?! $11,000 in taxes on a house assessed at $400k?
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.
11-13-2006, 10:31 PM
#31
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Originally Posted by mrsteve
$400 x $28.10 = $11,240
11-14-2006, 11:22 AM
#33
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Originally Posted by mrsteve
HOLY SHIT ARE YOU SERIOUS?! $11,000 in taxes on a house assessed at $400k?
My place is assessed at ~$200K I'm at ~$9K in propery taxes. Welcome to Jersey.
11-14-2006, 11:41 AM
#34
Honda+Blue=My garage
Originally Posted by NSXNEXT
My place is assessed at ~$200K I'm at ~$9K in propery taxes. Welcome to Jersey.
That will suck.
btw curr assessment is $360K and should be about $450
11-14-2006, 12:11 PM
#35
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Originally Posted by pmptx
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.
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.
11-14-2006, 12:53 PM
#36
Honda+Blue=My garage
Originally Posted by joerockt
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.
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.
Last edited by pmptx; 11-14-2006 at 12:55 PM.
11-16-2006, 03:26 PM
#37
Senior Moderator
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. 
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.
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.
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