Quote:
Originally Posted by Kristinas_Cap
i was looking at the property taxes on 3 houses I have owned and own currently and their property tax increases from 2012 to 2022 - a 10 year period. all in bergen county
house #1: urban area, 3 br 1.5 bath 1920s colonial on 40 x 90 lot
2012 taxes: 4,200
2022 taxes: 7,200
avg increase per year: 300
house #2: suburban area,1950s cape cod, 3 br, 1 bath on 50x100 lot
2012 taxes: 7,000
2022 taxes: 10,000
avg increase per year: 300
house #3: elite haughtyville type suburb, 3 br 1 bath 1950s ranch
2012 taxes: 10,000
2022 taxes: 12,400
avg increase per year: 240
so to me it seems that the property taxes seem to go up about 300 per year on average. given the current rate of increases, how much are you willing to pay before you consider your housing payment to be unaffordable. also does your income outpace your property tax increases? mine certainly wasn’t keeping up.
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Well, you also should not think of average increase in dollar amounts but rather percents. $300 increase on $4,200 is much worse than $300 increase on $7,000. That last house really isn’t bad at all. The first increased 71% in 10 years, the second 43%, and the third 24%. Most things in fact are more expensive now than they were 10 years ago. That is quite natural. Old timers will complain that they used to be able to get a candy bar for a quarter.
I think the reality is probably more like it doesn’t go up $300 every year but rather most years is pretty stable, and during that 10 year period there might be a year with a very large increase due to reassessment.
If you are making roughly the same amount now as you were in 2012, that is the real source of your problems.
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