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!
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/
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.
Prudential Fox Roach ,Realtors
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.
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.
Broker - Sales Associate
Weichert, Realtors - Moorestown Office
856 235-1950 x 140
609 680-8490 cell
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.
Jeremy S. Hill, Realtor
Keller Williams Realty
1814 Route 70 East
Cherry Hill, NJ 08003
"Your Interest 1st Always!"