Saturday, August 8, 2009

Frugal Rant: NJ Taxes are Unreal

We moved to Bergen County around two years ago and made the move due to a new job I had accepted. Moving enabled both my husband and I to enjoy an 8-mile commute. In the process, we looked at no less than 30 homes. Many times, we would avoid entire towns due to their ridiculous tax rate. For example, for a small piece of land, you could pay $10,000-$15,000 a year in taxes. I just couldn't bear to pay more than $1,000 a month in taxes.

Eventually, we confined our search to Mahwah, one of the towns with a very reasonable tax rate for living in Bergen County, NJ. Keep in mind, the State of NJ boasts one of the highest property tax rates in the entire country.

When we first moved in two years ago, we were paying $7,800 for our home on 1.3 acres. I just received our new tax bill, which is now $8,800!! How on earth do our taxes go up $1,000 in two years when property values throughout the U.S. are dropping?!?!? I can't fathom how this works.

Anyone want to clue me in? I'd love to know how this works. Ah, the joys of home ownership...

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