Home Buying in Dumont>Question Details

Twilight, Home Buyer in New York, NY

How big or small are the average NJ tax increases each year for a smallish house? Is it about 1K or a couple of hundred dollars?

Asked by Twilight, New York, NY Sun Jul 11, 2010

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6
A few hundred dollars, unless the town has just been revaluated.
0 votes Thank Flag Link Tue Nov 16, 2010
Twilight - just as an update to your question -- Gov. Cristie is supposed to sign a bill tomorrow (Tuesday, 7/13) which will cap property tax increases at 2% a year................there are ways municipalities can get around this, but for the most part, the 2% will give most of us some breathing room.
0 votes Thank Flag Link Mon Jul 12, 2010
Your best bet would be to speak to the tax assessor in the town your looking to buy in. Maybe they can give you a history or an idea.
Web Reference: http://www.sjrates.com
0 votes Thank Flag Link Mon Jul 12, 2010
Twilight - there is no "average", as each town has it's own increase from year to year based on the new tax rate that is presented - it is not a universal figure.

I suggest you speak to an agent in Dumont, or whatever specific town you are interested in, and they can tell you exactly how much the increase (what the percentage) has been over the past new years. It's easy for an agent to provide you with that information.

(I don't cover Dumont, or I would have looked it up for you )


Best wishes........
0 votes Thank Flag Link Sun Jul 11, 2010
Afraid there is absolutely no way that you can answer that question as there are so many variables. It will vary from town to town depending upon how much money that town needs to raise in revenue for the upcoming year.
0 votes Thank Flag Link Sun Jul 11, 2010
I expect taxes to go up more or less with inflation.

What causes taxes to go up are simple little things. Gas increasing, heating oil costing more, salaries going up, needed repairs that can not be put off any longer (could add heavy to taxes), and so on.

Sometimes, in some towns you may find they have a funding crunch. They offered lavish retirement (and other benefits) and can not pay them. Those could cause a big increase in taxes. If instead the town had simply saved for that it would not be an issue.

You also have both county and state costs that are passed to the cities and towns. If the state passes on some costs to the towns taxes could jump a fair amount. Sometimes cost cutting at the state level means it increases costs at the local level.

I am from Maine, not nj, but these concepts should apply everywhere.
0 votes Thank Flag Link Sun Jul 11, 2010
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