Home Buying in 08002>Question Details

Linda Ramirez, Home Buyer in 19147

I am looking to buy a home in Cherry Hill that has taxes of $6400. How much of this money do I get back if I?

Asked by Linda Ramirez, 19147 Wed Jun 25, 2008

make $48k a year? Is it cheaper to buy a home where taxes are cheaper?

Help the community by answering this question:


I know this is an old thread but if you still need any real estate help please call our office
(Keller Williams Cherry Hill) 856-321-1212 and ask for The Rifkin Team.

1 vote Thank Flag Link Mon Apr 1, 2013
My advice would be to leave the state. I left in 2009 because the tax rate was unbearable. Go to Delaware! Property per square foot is a little more expensive but that is a good thing. My home here was comparable in price to Cherry Hill but it was smaller. However, I was paying $6800 in property taxes there and I am paying $1400 here! I might add, that is the latest figure. My taxes just went up after three years a whole $90.

Also, here is something else to be aware of, NJ has an EXIT TAX. If you establish yourself in another state before selling your NJ property, the state taxes you to leave NJ. So if you decide that NJ is a good place to keep ownership of property as a rental while you relocate, think again!
0 votes Thank Flag Link Fri Jan 11, 2013
Hi Linda,

It sounds to me that it would be a huge stretch for you to buy a home in Cherry Hill. As you've discovered, even if the house itself is reasonable, the TAXES will KILL YOU. There might be towns nearby with lower property taxes and you would be well-advised to find one of these! Every 600 you save on property taxes is equivalent to an extra 10,000 on a mortgage!

If you CAN live in PA then leave NJ now! You'll save a LOT of money over your lifetime.

Please see my blog: http://www.trulia.com/blog/jefferson/
0 votes Thank Flag Link Thu Mar 4, 2010
Sections of C.H. that meet your tax criteria woud be,Brookfield,Downs Farm,Windsor Park,Apple Hill. I can
easily e-mail you any details.As to your tax question you should consult an accountant .
Let my 30 years of experience Benefit you in your purchase.

Glenn Nazarok
Sales Associate
Prudential Fox Roach ,Realtors
Haddonfield Office
856-428-2600 x7038
Cell 856-986-0770
0 votes Thank Flag Link Tue Mar 2, 2010
Are you talking about as an income tax deduction or the NJ property tax rebate? If you are talking income tax, then use your prior year return to compute the tax benefit for interest and property tax. If you are looking at the NJ rebate, then look on the NJ tax website for the amount you would be entitled to receive.
0 votes Thank Flag Link Sat Aug 9, 2008
Linda, knowing you make $48k a year isn't enough information to figure out your marginal tax rate. Some tax prep services will tell you the marginal tax rate when they prepare your taxes. If your marginal tax rate is 28% then you will get back 28% of 48,000 if that is your marginal tax rate after you itemize deductions. You will also get back that same percentage of the interest you pay on your mortgage. Since you know the taxes of the home you want to buy I could assume you already have an agent that is working for you (at least I hope they are working FOR you and not for the seller).

Since that agent is going to get paid when you settle, you should feel free to ask them questions such as this and although generally they might not be able to answer they should be able to refer you to an accountant who can.

You can't generalize and conclude that it is cheaper to buy a house where taxes are cheaper. The tax rate of various towns depends on their budget (which depends on services provided such as police, fire, schools etc) in conjunction with their tax base. Not only that but since it has been years since some towns were reassessed there are wide variations in the taxes for similar property even within the same town.

If this has confused more than helped that is probably a good thing because you won't stop asking questions. You should expect the agent you have chosen, to help you get answers.
Paul Howard
0 votes Thank Flag Link Sun Jun 29, 2008
Hi Linda,

I think your question is geared towards a tax accountant rather than a real estate professional. If you need the names of some local accountants in the area, please call me and I would be happy to forward that information.

Good luck with your purchase. I have sold many homes in Cherry Hill and it is a great town with excellent schools. I'm sure that you will be happy with your purchase.

If I can help, please contact.

Rosanne Gentile
Broker - Sales Associate
Weichert, Realtors - Moorestown Office
856 235-1950 x 140
609 680-8490 cell
0 votes Thank Flag Link Wed Jun 25, 2008

Your taxes will really depend on all your itemized reductions. Your DTI( debt-to-income) ratio as well as a few other factors will determine if what you qualify to purchase. Call me in my office. I'm right here in Cherry Hill. I have helped many local families make the most out of their real estate investment.

Best Regards,
Jeremy S. Hill, Realtor
Keller Williams Realty
1814 Route 70 East
Cherry Hill, NJ 08003
Office: 856.685.1651
Fax: 856.321.1414
Direct: 609.876.5817
"Your Interest 1st Always!"
0 votes Thank Flag Link Wed Jun 25, 2008
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