High Property Taxes Hurt Values
“What if New Jersey homeowners could get a 30 percent reduction in their property tax bill without paying higher taxes and at the same time see fiscal responsibility restored to state and local government?”
New Jerseyians (Jerseyites?) could probably get the local real estate bubble to inflate a little more if property taxes were lowered. A 10% reduction in a year on a $10,000 per year property tax bill will give you an extra $83 per month. If someone can afford to pay an extra $83 per month on a mortgage payment, (all else being equal on a $500K mortgage at 6%) then the value of the home should be worth about $13,800 more.
New Jerseyians (Jerseyites?) could probably get the local real estate bubble to inflate a little more if property taxes were lowered. A 10% reduction in a year on a $10,000 per year property tax bill will give you an extra $83 per month. If someone can afford to pay an extra $83 per month on a mortgage payment, (all else being equal on a $500K mortgage at 6%) then the value of the home should be worth about $13,800 more.
posted by Little_Silvered at 7:03 PM
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