Lakewood Property Tax

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amother

Goldenrod

Sun, Feb 19 2017, 8:11 am

We are seriously considering a single house in Lakewood but the high property tax is very worrisome to us. Our broker says that Lakewood is reassessing all the properties and that the tax rates will be going down. Is that true? What is the current tax rate? If you have a single house (new construction), can you let me know how much tax you currently pay per month? Thank you so much for your help.

amother

Denim

Sun, Feb 19 2017, 8:45 am

You are smart for not trusting a realtor. They want to sell the house.
Property taxes are very expensive in Lakewood and surrounding areas (with Jackson and Toms River slightly less so).
(To give you an idea I pay over 6000 for a 2 bedroom 1200 sq ft home in an undesirable location). Most new homes are over $12000 a year. Hopefully someone will give you an exact amount for a new home today.

Sun, Feb 19 2017, 9:04 am

Look at real estate listing sites such as realtor.com to find tax rates and history for properties both for sale and not.

I hope someone local will chime in about a reassessment. Perhaps you could call the office of the assessor in Lakewood to find out more.

amother

Yellow

Sun, Feb 19 2017, 9:23 am

It works something like this. The total tax Levy (the amount of money the township will collect) stays the same (ish)

Since houses are being reassessed, if you live in certain neighborhoods, (mine for example) the value of your house has gone up substantially and your taxes will go up as well. That means that some other neighborhood will pay less since the township wants to end up with same revenue. If someone else pays more, you will pay less.

Assuming he is honest, because why shouldn't we, the realtor is making a guestimate based on the comps available.

amother

Powderblue

Sun, Feb 19 2017, 9:26 am

amother wrote:

Because there's no way for him to guess
My grandparents bought a house in Lakewood a couple of years ago. The realtor told them that taxes will be between 7k and 8k based on the cheshbon that your realtor used. Their taxes are actually close to 11k.

amother

Goldenrod

Sun, Feb 19 2017, 9:42 am

amother wrote:

[/b]

Because there's no way for him to guess
My grandparents bought a house in Lakewood a couple of years ago. The realtor told them that taxes will be between 7k and 8k based on the cheshbon that your realtor used. Their taxes are actually close to 11k.

Thank you so much for your information. There's no way to figure out the tax for this new construction? Do people in same neighborhoods pay similar tax rates? If I post the name of neighborhood, would I get an approximate figure from other folks with single homes in same neighborhood? Thank you.

amother

Yellow

Sun, Feb 19 2017, 10:30 am

if its new construction the taxes are going to be high. But it depends, an addition can be 12k. A whole new house, you are looking at 18-22k in taxes

Notsobusy

Sun, Feb 19 2017, 10:51 am

amother wrote:

Of course there's a way for him to guess. He can look at similar properties in the area and see what they're paying. He has that information easily accessible to him. That's his job. It's like the realtor who told us about the house we were looking at that it needs about $10,000 in cosmetic repairs. We did our research, figured it needed more like $50,000, mostly not cosmetic. We bought the house anyhow, because we ran the numbers and the total price worked for us. There are very few trustworthy realtors anywhere. They're like car salesmen.

Op you can find the same info, go on Zillow and see what similar size new construction are paying in taxes. From what I've read, with the reassessment they are lowering the tax rate, but raising the assessed value of our houses. So for now our taxes probably won't go up. In another year or two they will raise the tax rate, and our taxes will go up. Don't trust him, and figure that whatever you find people are paying now, even if it won't up go in the reassessment, it's unlikely it will go down and it will definitely go up in the near future.

sourstix

Sun, Feb 19 2017, 12:05 pm

Taxes are one of the things that only go up. Never in history has it gone down. New Jersey is one of the highest. Check out zillow for similar homes.

I just asked dh and he laughed. Whatever your realtor is telling you, is a joke.his words " it's a nice dream"

Op, I'm being honest. Check houses in Lakewood, on zillow and see if you can see in history if any houses taxes went down. It's the toughest expense here.

amother

Goldenrod

Sun, Feb 19 2017, 12:43 pm

Thank you so much for all your responses. Now I am rethinking whether we should go through with the house. I don't know if we can afford the high tax of a single house. Crying

Notsobusy

Sun, Feb 19 2017, 12:53 pm

amother wrote:

Thank you so much for all your responses. Now I am rethinking whether we should go through with the house. I don't know if we can afford the high tax of a single house. Crying

I'm sorry. You should at least check it out on Zillow before you drop it, but many people don't build single houses for that reason. Many other people don't do their research and trust the realtor and end up paying thousands more than they expected.

sourstix

Sun, Feb 19 2017, 1:14 pm

The only way to survive it is with a rental. And it's pretty crazy getting anyone to rent these days. Look in masa umatan at the amount of rentals. Lakewood also has its times. Rentals go in cycle of up and down. At this point it's up. Too many available. So rent is pretty cheap. And hard to get.

Then it goes down and there's hardly any available and rent goes up. If you can deal with it now till it comes down. Then you can get a good tenant that will cover the taxes. That's the best you can get.

In a developement you'll pay less taxes.

amother

Goldenrod

Sun, Feb 19 2017, 1:21 pm

sourstix wrote:

Thanks. Actually I am not too worried about that as the house is in a really desirable area and neighbors told me it is very easy to find tenants. The main issue is property tax and how high it is. Is there some one who works in property tax who may be a good person for us to talk to? Would you provide any names of people who we can speak to? Thanks so much.

sourstix

Sun, Feb 19 2017, 1:37 pm

I don't know anyone that's in property tax. Maybe a real estate lawyer can help? I'm not sure what you would gain? I'm not sure what type of person you want to speak to?

I'm guessing you want to know for sure how the taxes are gonna be so you can figure things out. I don't have any advice on this. I'm obviously not the biggest expert.

If your in a good neighborhood and get good tenants then your doing great. Find out how much you can get in rental and see if that covers tax. If yes then your doing very good. Not sure what your worried about. Yes rentals go in cycles of up and down. Is that's what worrying?

MagentaYenta

Sun, Feb 19 2017, 1:44 pm

Be aware that NJ has the highest property taxes in the nation. They will never go down. I almost choked when my cousin told me she was paying in excess of $25K on property taxes.

sourstix

Sun, Feb 19 2017, 2:19 pm

Magenta your cousin has a couple of properties or a big business. That's correct. No is one of the highest. Monsey is even higher

Last edited by sourstix on Sun, Feb 19 2017, 2:23 pm; edited 1 time in total

amother

Yellow

Sun, Feb 19 2017, 2:19 pm

you will pay whatever the neighbors with similar homes pay. You can find that info on Zillow.

There are very honest car salesmen in Lakewood, and honest realtors as well. Stick to the ones with a good reputation.

MagentaYenta

Sun, Feb 19 2017, 2:21 pm

sourstix wrote:

Magenta your cousin has a couple of properties or a big business

She has a large home with a pool.

amother

White

Sun, Feb 19 2017, 3:32 pm

Op maybe say which neighborhood your looking at so maybe someone can give u an idea of what taxes are in that area .

amother

Goldenrod

Sun, Feb 19 2017, 4:25 pm

amother wrote:

Op maybe say which neighborhood your looking at so maybe someone can give u an idea of what taxes are in that area .

Thank you, it's in the Arlington area. I have been looking on Zillow but the tax rates are from 11K to 12K range in 2015. A lot of houses have even lower tax rates. It really varies. If you live in the Arlington neighborhood, can you share how much you pay for property tax? Thanks.

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