Jeannie in NJ Posted October 20, 2012 Share Posted October 20, 2012 this was part of my post on which township to move to. This question is just in regards to house prices and property taxes. In township A houses are less expensive than other area, around $250,000 to 300,000 but property taxes are from lowest of $8,000 up to 12,000. In township B houses cost more, around $300,000 to 350,000 but propery taxes are around $4,500 (not really much of a large range as township A is). so which is better, higher mortgage with lower property tax or less expensive house with larger property tax? Quote Link to comment Share on other sites More sharing options...
kokotg Posted October 20, 2012 Share Posted October 20, 2012 Well, first thought it that property taxes can (and probably will) go up over time, while your mortgage cost is fixed. Quote Link to comment Share on other sites More sharing options...
SJ. Posted October 20, 2012 Share Posted October 20, 2012 Is this a house you may live in during retirement? If so, definitely lower property taxes. Quote Link to comment Share on other sites More sharing options...
Catwoman Posted October 20, 2012 Share Posted October 20, 2012 Lower taxes. Absolutely. Quote Link to comment Share on other sites More sharing options...
Jeannie in NJ Posted October 20, 2012 Author Share Posted October 20, 2012 ha ha Dot, dh and I are not quite 65. However it will probably be our forever house. Quote Link to comment Share on other sites More sharing options...
Sandra in FL Posted October 20, 2012 Share Posted October 20, 2012 If it's your forever house, definitely lower property taxes. Also, since you're home schooling, the quality of the public schools (usually better with higher property taxes) doesn't matter. Quote Link to comment Share on other sites More sharing options...
staceyobu Posted October 20, 2012 Share Posted October 20, 2012 How do people pay 12,000 in property taxes alone? I can't even comprehend this. An additional $1000 a month? And then a mortgage on top of this? Our entire current mortgage and taxes is under $1000/month! We are considering a move to NJ, and this really scares me. And, the area we were looking at had property taxes of around $5000. Our current taxes are under $2000. Quote Link to comment Share on other sites More sharing options...
Unicorn. Posted October 20, 2012 Share Posted October 20, 2012 I commented in your other thread, but definitely higher mortgage over property taxes. Your mortgage will be paid off eventually, but those high property taxes will just continue to increase. Quote Link to comment Share on other sites More sharing options...
sparrow Posted October 20, 2012 Share Posted October 20, 2012 No question in my mind--I'd take the higher mortgage. Quote Link to comment Share on other sites More sharing options...
Alessandra Posted October 20, 2012 Share Posted October 20, 2012 How do people pay 12,000 in property taxes alone? I can't even comprehend this. An additional $1000 a month? And then a mortgage on top of this? Our entire current mortgage and taxes is under $1000/month! We are considering a move to NJ, and this really scares me. And, the area we were looking at had property taxes of around $5000. Our current taxes are under $2000. one answer: New Jersey! Comparisons between NJ & MD are often made (both relatively well-off states) population NJ approx 9 million MD approx 6 million school districts NJ approx 600 MD 24 NJ has tiny municipalities, each with own schools, police, government = $$$$$$$$$ Oh, and in NYC suburbs, $12,00 is for a small, modest house. Very big houses can have taxes in the $50,000 and up range.... Quote Link to comment Share on other sites More sharing options...
Alessandra Posted October 20, 2012 Share Posted October 20, 2012 ha ha Dot, dh and I are not quite 65. However it will probably be our forever house. NJ does have a senior tax freeze, but who knows if it will last? I'd go for the low taxes without a doubt. Better the devil you know.... Quote Link to comment Share on other sites More sharing options...
LibraryLover Posted October 20, 2012 Share Posted October 20, 2012 (edited) Location, location, location. Is the lower tax area on it's way down, desirability-wise? Edited October 22, 2012 by LibraryLover Quote Link to comment Share on other sites More sharing options...
In The Great White North Posted October 20, 2012 Share Posted October 20, 2012 Well, first thought it that property taxes can (and probably will) go up over time, while your mortgage cost is fixed. :iagree: Especially if they have a senior tax freeze. Then you could have the lower mortgage AND know your taxes won't go up. Quote Link to comment Share on other sites More sharing options...
Catwoman Posted October 20, 2012 Share Posted October 20, 2012 How do people pay 12,000 in property taxes alone? I can't even comprehend this. An additional $1000 a month? And then a mortgage on top of this? Our entire current mortgage and taxes is under $1000/month! We are considering a move to NJ, and this really scares me. And, the area we were looking at had property taxes of around $5000. Our current taxes are under $2000. I would be thrilled if my property taxes were only $12,000 a year. I guess it's all a matter of what you get used to paying. Quote Link to comment Share on other sites More sharing options...
Catwoman Posted October 20, 2012 Share Posted October 20, 2012 You must have one hell of a house. :D I'd love to say I live in a 20,000 square foot mansion, but the truth is that the taxes are just crazy around here! Quote Link to comment Share on other sites More sharing options...
Jeannie in NJ Posted October 20, 2012 Author Share Posted October 20, 2012 Dot, don't apologize, it made me laugh. Quote Link to comment Share on other sites More sharing options...
QueenCat Posted October 20, 2012 Share Posted October 20, 2012 Which location will make you happiest in the long run??? Quote Link to comment Share on other sites More sharing options...
Jeannie in NJ Posted October 20, 2012 Author Share Posted October 20, 2012 I like the larger wooded lots in Township A, more country feel and more privacy. Dh likes the lower property tax, dd likes that there is less traffic (she is a new driver) and ds just wants a garage for him to have a workshop lol. So it looks like we will be looking more in Township A. Quote Link to comment Share on other sites More sharing options...
Firestar Academy Posted October 20, 2012 Share Posted October 20, 2012 How do people pay 12,000 in property taxes alone? I can't even comprehend this. An additional $1000 a month? And then a mortgage on top of this? Our entire current mortgage and taxes is under $1000/month! We are considering a move to NJ, and this really scares me. And, the area we were looking at had property taxes of around $5000. Our current taxes are under $2000. you said it. our mortgage is 600 a month. taxes are about $1200. we are in central NJ. robin Quote Link to comment Share on other sites More sharing options...
TravelingChris Posted October 21, 2012 Share Posted October 21, 2012 Wow, just wow. We have an expensive house around here and our taxes are only 1500 a year. Quote Link to comment Share on other sites More sharing options...
1bassoon Posted October 21, 2012 Share Posted October 21, 2012 Wow, just wow. We have an expensive house around here and our taxes are only 1500 a year. Yeah, it's wild, the difference. When we moved from CT to AL, I went to the Tax Assessor's office to - oh, phoo, turn in my plates or something. Being my chatty self, I mentioned that we would be paying $900 in taxes a year. In ct, it was $3200. "$900!" the assessor exclaimed, "What kind of SERVICES do you get for $900 a year?!" "I'll BUY whatever services I need, thankyouverymuch." True story. We do pay sales tax on groceries, though. That stinks.:glare: And OP: Higher mortgage, lower taxes. Hands down. Quote Link to comment Share on other sites More sharing options...
happypamama Posted October 21, 2012 Share Posted October 21, 2012 My concern about taking the higher mortgage, lower taxes now would be what if they raised the taxes? Our area did a county-wide reassessment, and it hurt us terribly -- we had purchased an older home with low taxes, even for this area, and our taxes ended up going up quite a bit. Stuff like that can happen. I might still want to go for the higher mortgage, lower taxes now, especially if I expected to be there forever, but it's something to consider. Quote Link to comment Share on other sites More sharing options...
Catwoman Posted October 21, 2012 Share Posted October 21, 2012 Wow, just wow. We have an expensive house around here and our taxes are only 1500 a year. I saw an episode of House Hunters recently, and the buyers purchased a home in Huntsville. It was a lovely home and the area looked beautiful. I thought the home prices were very reasonable, but I didn't realize the taxes were low, as well. Quote Link to comment Share on other sites More sharing options...
kalanamak Posted October 21, 2012 Share Posted October 21, 2012 If it's your forever house, definitely lower property taxes. Also, since you're home schooling, the quality of the public schools (usually better with higher property taxes) doesn't matter. Most houses don't turn out to be forever houses, and schools can weigh heavily on resale value if it is a "family" house. What about safety? Is there a difference? I pay a bit higher taxes than a mile over because he have our own police force, and they get to know who should be there and who shouldn't. People are friendlier, too. Quote Link to comment Share on other sites More sharing options...
Jeannie in NJ Posted October 21, 2012 Author Share Posted October 21, 2012 okay this is kind of odd but the township with the lower property tax sends their kids to our high school which is one of the best around while the high school in the township with the much higher property tax has one of the very worst high schools in the area. Many people move to the lower property tax township just to send their kids to our high school (our school is a receiving school). So obviously higher property tax does not always equal better schools (don't know if it ever does lol). Quote Link to comment Share on other sites More sharing options...
VA6336 Posted October 21, 2012 Share Posted October 21, 2012 We chose lower mortgage, higher taxes. Our city is very new and the projections are actually that property taxes will go down over time. I know, yeah right! Either way, when we did the math on the extra mortgage and interest, the higher taxes each year were actually cheaper (ESP if you are talking a $100k price difference). So, I suggest doing the math, assuming that other factors like location/neighborhood style/amount of property are about equal. Quote Link to comment Share on other sites More sharing options...
justLisa Posted October 21, 2012 Share Posted October 21, 2012 Lower taxes. Absolutely. :iagree: Quote Link to comment Share on other sites More sharing options...
TravelingChris Posted October 21, 2012 Share Posted October 21, 2012 My low taxes still pay for the best public schools in Alabama. We have a good library here, nice facilities like ice rink and natatorium, and we have plenty of police and fire protection too. We don't have union wages for anyone, though. But then, the police and teachers have enough money to live in good neighborhoods and buy homes. Seems to work out fine. Quote Link to comment Share on other sites More sharing options...
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