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

Help the community by answering this question:

+ web reference
Web reference:

Answers

7
Mary Petti, Agent, Edison, NJ
Tue Sep 25, 2012
Debbie

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
Debra (Debbi…, Agent, Livingston, NJ
Tue Sep 25, 2012
Thanks Mary - I will definitely look into it!
Appreciate the info.............
0 votes
Mary Petti, Agent, Edison, NJ
Tue Sep 25, 2012
Btw
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
Debra (Debbi…, Agent, Livingston, NJ
Mon Sep 24, 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
Francesca Pa…, Agent, Manasquan, NJ
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.

Sincerely,
Francesca Patrizio, Broker Sales Associate, ePro, SRES
Francesca@PatrizioRE.com
732.606.2931
0 votes
Mary Petti, Agent, Edison, NJ
Mon Sep 24, 2012
Gerard,

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
Joan Congilo…, Agent, Freehold, NJ
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
Search Advice
Search
Ask our community a question
Home Buying in Keyport Zip Codes

Email me when…

Learn more