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Jeff's GeekBearCave on LJ

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April 3rd, 2008

Mom sent... @ 06:01 pm

Location: apartment 9B
Mood: worried worried

Mom sent the tax assessment notice for 2008.

There was a 58% increase in valuation of the house and property from the '07 bill to the '08 assessment notice - Yay!

Oh, wait... That means that the assessed taxes will go up as well.

If the property tax bill scales linearly with the assessed value, the property taxes will increase $4,400.00 between '07 and '08.

Holy F'n sh*t - YIKES!

yes, I realize that with a little simple algebra, you can figure out the current and possible taxes from the info that I've provided - and if you dig well enough you can also find out the current assessed value of the property meh - whatever.
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(no subject) - (Anonymous)
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Date:April 4th, 2008 12:48 pm (UTC)
NJ - You are correct!

We won't get the actual tax bill for another couple of months, but a simple estimate is that it will go up by that amount.

I calculated as follows:
                              ( 2008_valuation      )
est_increase = taxes_2007  *  ( --------------  - 1 )
 [$4,441]                     ( 2007_valuation      )
(no subject) - (Anonymous)
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Date:April 4th, 2008 01:05 pm (UTC)

Re: HUH?

I bought the place from Mom in 2003, after Dad passed on.

I'm pretty sure that there hasn't been an re-assessment in at least a decade or more. I figure that the county tax assessor has a procedure that they need to go through and that it's costly to do a revaluation run on the whole of Bergen County, NJ - so they don't do it all that often. Mom got notices for Great Aunt Lil's house (a couple of towns away) and the house that she's living in (my) house over the last year.

My hope is that the tax rate (per thousand of assessed value) goes DOWN considerably which will cause a smaller step-up in the property taxes due for 2008, but we won't get the tax bill for another couple of months.

NJ being, something like, $4 BN in shortfall and a governor whose main premise is cleaning up NJ and getting the fiscal house in order, I'm not surprised to hear of a property tax increase, but I only hope that my calculations are wrong!!

If the taxes go up any where near my simple estimate, we won't be living in the state for much longer, although it kills me to say that...

Edited at 2008-04-04 01:06 pm (UTC)

Jeff's GeekBearCave on LJ

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