New Jersey and Taxes, Perfect Together
Property taxes take a pretty big chunk of cash out of New Jersey residents pockets every month. I wonder if the rush out of Jersey to more tax friendly states will accelerate over the next two decades as baby boomers begin to retire en masse. If that is the case, then maybe there will be a glut of houses in New Jersey 10 or 20 years from now. As I see it, today’s 40 and 50 year olds, which already bought their first houses in the 80s an 90s are now financially secure enough to buy their vacation houses at the shore, thereby driving up prices (as we have seen) and increasing the supply.
Eventually though, many of the 40 and 50 year old people are going to turn 60 and 70, and they are only going to need one house, so they sell off their original residence in Flemington and keep the beach house in Bay Head. Or, instead of staying in NJ, they sell both houses and move to North Carolina, where their social security checks will go a lot further.
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[Brown and other residents of both the borough and township have many of the same concerns faced by residents throughout much of New Jersey.
"What do people call me about, stop me in the store (about)?" Freehold Township Administrator Thomas Antus said. "It's traffic, quality of life, taxes."
"Between the county buildings and churches, we have a quarter of our property nontaxable," Freehold Mayor Michael Wilson said. The borough is the county seat, and Borough Historian Kevin Coyne estimated it's got 30 houses of worship.]
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Eventually though, many of the 40 and 50 year old people are going to turn 60 and 70, and they are only going to need one house, so they sell off their original residence in Flemington and keep the beach house in Bay Head. Or, instead of staying in NJ, they sell both houses and move to North Carolina, where their social security checks will go a lot further.
Snip…
[Brown and other residents of both the borough and township have many of the same concerns faced by residents throughout much of New Jersey.
"What do people call me about, stop me in the store (about)?" Freehold Township Administrator Thomas Antus said. "It's traffic, quality of life, taxes."
"Between the county buildings and churches, we have a quarter of our property nontaxable," Freehold Mayor Michael Wilson said. The borough is the county seat, and Borough Historian Kevin Coyne estimated it's got 30 houses of worship.]
Continue…
posted by Little_Silvered at 8:12 PM
3 Comments:
Just got a 25% raise in my propetry taxes- I've got no kids using the school system which accounts for 60% of the tax. Bye- Bye NJ!!!
Not sure what your point is... I live in Freehold Borough, and yes, approx. 30% of potentially taxable property in town is in fact lost to the tax base through governmental or religious use. But one thing the APP article declined to report on is the strain on services in the Borough as a result of the refusal by state, federal and county officials to enforce immigration, employment and tax laws and the directly resultant influx into our town by illegal aliens. Obviously our taxes are significantly higher than they should be.
And no one I know in town owns a vacation home.
NJ has been able to get away with high property taxes because it has the three most important characteristics of good real estate, but any retiree who stays here is either loaded or nuts.
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