Home Buying in Keyport>Question Details

Gerard, Renter in 08619

Do taxes in increase a lot in monmouth county? I am concerned if I buy they will keep going up and won't keep up with my salary. I

Asked by Gerard, 08619 Sun Sep 23, 2012

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Just last week Christie ordered Monroe Twp to return $500K to taxpayers for going over the 2% property tax cap.
Go to NJ.com and search "Monroe taxes". The first article should be "Gov Christie orders Monroe mayor to cut taxes....."
I'd post link but can't off my android.
1 vote Thank Flag Link Tue Sep 25, 2012
Thanks Mary - I will definitely look into it!
Appreciate the info.............
0 votes Thank Flag Link Tue Sep 25, 2012
Apparently several townships did put it to a ballot vote to allow residents to override the cap or they would have to cut either specific town services, cut back on employees etc.
If your taxes went up that much either your municipality did that or I think they are in violation too.
0 votes Thank Flag Link Tue Sep 25, 2012
There's a law capping the tax increase to 2% ???

Well...........I am up in northern NJ - Just got my new tax bill....highest ever..........they went up 10%!

Pass me a tissue, please..............
0 votes Thank Flag Link Mon Sep 24, 2012
I agree with Mary regarding Christie's 2% cap on township annual increases. HOWEVER, some towns (such as Brick in Ocean County) passed a referendum that overrode Christie's 2% cap. Therefore, it is best that you narrow your question to a township as taxes are assessed per township.

Francesca Patrizio, Broker Sales Associate, ePro, SRES
0 votes Thank Flag Link Mon Sep 24, 2012

The hard truth is that property taxes go up in EVERY township in New Jersey (and in other states as well for the most part). However, our Governor signed a law (I think in 2010) which limits the increases to a max of 2% annually (down from 4% under Corzine)

However, with the mortgage interest rates SOOOO low, (almost ridiculously low), it more than makes up for the property tax increases, and the interest rate remains the same for the life of your loan (or until you sell)

So, knowing this, does it help you make a decision to buy or not to buy???
0 votes Thank Flag Link Mon Sep 24, 2012
Hi Gerard, Every town is different so that is hard to say. The best way to address your concerns is to contact the tax assessor in the town you are considering moving to & ask them what the current tax rate is & how often the tax rate increases. Typically the taxes won't increase significantly after purchase unless you are planning on doing some major renovations to the house or if it is newly remodeled & has not yet been reassessed.
0 votes Thank Flag Link Mon Sep 24, 2012
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