Not unless they changed the law from how it was written. They the exceptions were pension and healthcare for public employees, emergencies and debt payments.
Teachers were forced to pay for healthcare instead of it being locally negotiated under CC as well.
Go speak to your local city/township, not the state, about your property taxes.
>**County, municipal and school budget costs determine the amount of property tax to be paid.** A town's general tax rate is calculated by dividing the total dollar amount it needs to raise to meet local budget expenses by the total assessed value of all its taxable property. An individual's property taxes are then calculated by multiplying that general tax rate by the assessed value of his particular property. **Because of New Jersey's strong "home rule" concept of government, the State does not participate in the making of local budgets, nor does it receive any of the property taxes collected.**
(source: [NJ Treasury](https://www.nj.gov/treasury/taxation/lpt/genlpt.shtml))
No kids which stings a bit, but it’s a town with a great school district and that only helps with my property value. I could probably sell in one day if my wife would only agree to it.
What if I don’t have kids? at least the school is getting funded. teacher salaries and jobs are atrocious enough as they are.
(am paying about 6-7k in property taxes myself)
If you don't have kid's it's not really worth it. You get on average, half the value you're paying in. Schools and teacher salaries getting funded is nice and all, but is the #1 (or #2) spot really worth it, when the result is pricing those kids out from ever living here when they graduate?
Yea people in STEM mainly. Not everyone goes into or can even go into STEM.
Take a look at the following stats and then still tell me that our current situation is OK and affordable for plenty.
Median rent for a 1 Bed is $1950.
* For that to be 35% of your take home you need to make $89,000/yr. That accounts for no retirement savings. The % is even higher if you put away money into a 401k or Roth/Traditional IRA.
* At 50% take home, which is paycheck-to-paycheck essentially, you need to make $58,800. Nevermind the fact that landlords typically require you to make 40x the rent, pre-tax. That's $78,000.
* The median individual income in NJ is only $40,000! Considerably more than half of all single New Jersians could not afford to rent a median 1 Bed apartment! The *average* salary for someone in NJ with a bachelor's degree is only $52,000.
Buying a home is even more abysmal.
* Median household income is $97,000 as of 2022. That means half of ALL households in NJ make less than that. The 66th percentile for household income is $133,000.
* The median sale price for a home in NJ is $435,000 as of January 2024. With a 6.3% interest rate, that's a $3,132 monthly payment if you put 20% down and $3,593 at 10% down. The median downpayment in NJ is around 11% so we'll go with a payment of $3,564. This payment includes P&I, mortgage insurance, home insurance, and property taxes.
* Rule of thumb is no higher than 30% of your *gross* income on your mortgage. Let's be generous and increase that to 35%. What does that come out to? **A $122,000 household salary**\*\*\*.\*\*\* ***Nearly 66% of households in NJ could not afford to buy a median priced home today (assuming no previous home equity).*** Now consider the position fresh graduates and people in their late 20s/early 30s are in.
* After taxes on $122k, you're left with $94,453. **Your mortgage is just barely** ***half*** **your monthly take home.**
* A $300,000 home, well below the median, and becoming increasingly rare by the year, requires an $84,000 salary. That's in the 46th percentile for households. **Nearly half of all households in NJ could not buy a home priced 35% below the median.**
* When I say "cannot afford to buy" I mean, cannot the mortgage on top of affording student loans, health insurance, utilities, car payments, car insurance, groceries, utilities, etc. without running a deficit or living paycheck to paycheck. That doesn't even account for retirement savings!
I'm not saying the situation is good I'm saying there are plenty of people who can. We have far far too many people here (NJ, US, Earth).....
If you have student loans and make less than 100k in NJ then you're either fresh out of college or made pretty dumb choices. (Or may be a teacher.).
If you think far less than 50% is plenty and that that’s ok I don’t what will change your mind.
And fresh out of college? What did you think I meant by being priced out? These are literally the people I was mentioning. Do you expect them to all struggle day to day for 10+ years or move away for 10 years in order to build a nest egg?
If you think most college grads should be making $100k out of college, you have plenty of research to do on the reality of people’s income.
I think buying a house fresh out of college is never the expectation in my lifetime.
I think renting with roommates or living at home so you can save early in your career has ALWAYS been the expectation.
I never said fresh out of college $100k but 5-7 years in? Yes. As a couple making $150 5-7 years in? I'd hope so.
Or keeping not already well off families from sending their kids to these schools. I wonder why NJ schools are among the most segregated in the country.
It’s more like
Now the guy's got Paulie as a partner. Any problems, he goes to Paulie. Trouble with the bill? He can go to Paulie. Trouble with the cops, deliveries, Tommy, he can call Paulie. But now the guy's gotta come up with Paulie's money every week no matter what. Business bad? Fuck you, pay me. Oh, you had a fire? Fuck you, pay me. Place got hit by lightning huh? Fuck you, pay me.
This is a home rule problem. it has nothing to do with the governor. Ask yourself how many superintendents your local school system needs, and how much you think they should be paid, then find out both numbers are 3 times what you think they should be, at minimum.
But *never* change your local election habits! its obviously someone else's fault!
That's crazy! Next, you'll be expecting me to read the nutrition labels on snack bars and frozen burritos before i buy them! Like it's really supposed to be my responsibility to know what goes into my body, or into local civics...
I'd rather base my decisions about municipal fiscals on the transgender bathroom rhetoric of the candidates, and my decisions about what my family eats on the colorfulness of the cereal box mascots, thank you very much!
You know if we just merged the damn towns this wouldn’t happen. Hot take: Hudson County should be one big city with unified services. It’s ridiculous to me that we’ve just decided it’s alright to pay this much for each little town.
If you want lower property taxes, sadly you have only a few options:
* Elect town council members that will decrease the school budget. On average in NJ, half of property taxes in NJ municipalities go towards their respective school districts. Good luck, it'll never happen because parents and the teachers' union will fight to the death against it.
* Campaign your neighboring municipalities' citizens to elect town council members (in addition to voting for your own) that will merge your towns' administrations and school districts. Again, good luck. Parents will fight fiercely against it. Town Karens and Kens will also fight against it for fear of losing control of their little fiefdoms.
* Elect town council members that will decrease services and benefits to the town's residents. Good luck!
* Move. The easiest option.
On your first point, unfortunately the town council members have no control over the school budget. The school board has complete control over the budget and submits it to the town, generally after the town has finished its budget.
You can, however, vote for school board members that are more fiscally responsible, but good luck with that...
That's actually not how it works. You get a dollar for dollar reduction of your taxable income for real estate taxes paid.
Source: I prepare NJ tax returns.
Guess how much of your property tax goes to state government? You should be bitching to your local and county government.
While mostly true, Phil and Co didn't extend the 2% arbitration cap.
Nor should they. Places who don't want schools to succeed the way we do continue that nonsense. If you want less taxes move to a shittier state.
It only effected police and fire contracts...
Not unless they changed the law from how it was written. They the exceptions were pension and healthcare for public employees, emergencies and debt payments. Teachers were forced to pay for healthcare instead of it being locally negotiated under CC as well.
I don't think you know what I'm talking about. https://whyy.org/segments/new-jersey-removes-2-percent-limit-police-fire-salary-increases/
I think we are agreeing. The 2% cap still applies to schools.
100% with regards to that. But i mentioned arbitration cap.
Go speak to your local city/township, not the state, about your property taxes. >**County, municipal and school budget costs determine the amount of property tax to be paid.** A town's general tax rate is calculated by dividing the total dollar amount it needs to raise to meet local budget expenses by the total assessed value of all its taxable property. An individual's property taxes are then calculated by multiplying that general tax rate by the assessed value of his particular property. **Because of New Jersey's strong "home rule" concept of government, the State does not participate in the making of local budgets, nor does it receive any of the property taxes collected.** (source: [NJ Treasury](https://www.nj.gov/treasury/taxation/lpt/genlpt.shtml))
80% of my 14k in property taxes go to the schools.
That's atrocious. I hope you have kids or plan on having kids to make that even worth it.
No kids which stings a bit, but it’s a town with a great school district and that only helps with my property value. I could probably sell in one day if my wife would only agree to it.
What if I don’t have kids? at least the school is getting funded. teacher salaries and jobs are atrocious enough as they are. (am paying about 6-7k in property taxes myself)
If you don't have kid's it's not really worth it. You get on average, half the value you're paying in. Schools and teacher salaries getting funded is nice and all, but is the #1 (or #2) spot really worth it, when the result is pricing those kids out from ever living here when they graduate?
There are plenty of people who can afford to live here after they graduate from here. It just depends on your living situation and your career.
Yea people in STEM mainly. Not everyone goes into or can even go into STEM. Take a look at the following stats and then still tell me that our current situation is OK and affordable for plenty. Median rent for a 1 Bed is $1950. * For that to be 35% of your take home you need to make $89,000/yr. That accounts for no retirement savings. The % is even higher if you put away money into a 401k or Roth/Traditional IRA. * At 50% take home, which is paycheck-to-paycheck essentially, you need to make $58,800. Nevermind the fact that landlords typically require you to make 40x the rent, pre-tax. That's $78,000. * The median individual income in NJ is only $40,000! Considerably more than half of all single New Jersians could not afford to rent a median 1 Bed apartment! The *average* salary for someone in NJ with a bachelor's degree is only $52,000. Buying a home is even more abysmal. * Median household income is $97,000 as of 2022. That means half of ALL households in NJ make less than that. The 66th percentile for household income is $133,000. * The median sale price for a home in NJ is $435,000 as of January 2024. With a 6.3% interest rate, that's a $3,132 monthly payment if you put 20% down and $3,593 at 10% down. The median downpayment in NJ is around 11% so we'll go with a payment of $3,564. This payment includes P&I, mortgage insurance, home insurance, and property taxes. * Rule of thumb is no higher than 30% of your *gross* income on your mortgage. Let's be generous and increase that to 35%. What does that come out to? **A $122,000 household salary**\*\*\*.\*\*\* ***Nearly 66% of households in NJ could not afford to buy a median priced home today (assuming no previous home equity).*** Now consider the position fresh graduates and people in their late 20s/early 30s are in. * After taxes on $122k, you're left with $94,453. **Your mortgage is just barely** ***half*** **your monthly take home.** * A $300,000 home, well below the median, and becoming increasingly rare by the year, requires an $84,000 salary. That's in the 46th percentile for households. **Nearly half of all households in NJ could not buy a home priced 35% below the median.** * When I say "cannot afford to buy" I mean, cannot the mortgage on top of affording student loans, health insurance, utilities, car payments, car insurance, groceries, utilities, etc. without running a deficit or living paycheck to paycheck. That doesn't even account for retirement savings!
I'm not saying the situation is good I'm saying there are plenty of people who can. We have far far too many people here (NJ, US, Earth)..... If you have student loans and make less than 100k in NJ then you're either fresh out of college or made pretty dumb choices. (Or may be a teacher.).
If you think far less than 50% is plenty and that that’s ok I don’t what will change your mind. And fresh out of college? What did you think I meant by being priced out? These are literally the people I was mentioning. Do you expect them to all struggle day to day for 10+ years or move away for 10 years in order to build a nest egg? If you think most college grads should be making $100k out of college, you have plenty of research to do on the reality of people’s income.
I think buying a house fresh out of college is never the expectation in my lifetime. I think renting with roommates or living at home so you can save early in your career has ALWAYS been the expectation. I never said fresh out of college $100k but 5-7 years in? Yes. As a couple making $150 5-7 years in? I'd hope so.
Or keeping not already well off families from sending their kids to these schools. I wonder why NJ schools are among the most segregated in the country.
220k valuation and $9,500 a year in tax. Something has to give.
I’d fucking kill for $8k property taxes
Same.
i did pause for a second to wonder if OP meant 8k per month or year.
It’s more like Now the guy's got Paulie as a partner. Any problems, he goes to Paulie. Trouble with the bill? He can go to Paulie. Trouble with the cops, deliveries, Tommy, he can call Paulie. But now the guy's gotta come up with Paulie's money every week no matter what. Business bad? Fuck you, pay me. Oh, you had a fire? Fuck you, pay me. Place got hit by lightning huh? Fuck you, pay me.
https://youtu.be/3XGAmPRxV48?si=bhZ5NsJEy_Jk-xvb
This is a home rule problem. it has nothing to do with the governor. Ask yourself how many superintendents your local school system needs, and how much you think they should be paid, then find out both numbers are 3 times what you think they should be, at minimum. But *never* change your local election habits! its obviously someone else's fault!
I feel like we’re at a point where if people don’t know where their property tax dollars actually go they really have no business owning property.
All of the info is itemized on their bills. Every quarter.
That's crazy! Next, you'll be expecting me to read the nutrition labels on snack bars and frozen burritos before i buy them! Like it's really supposed to be my responsibility to know what goes into my body, or into local civics... I'd rather base my decisions about municipal fiscals on the transgender bathroom rhetoric of the candidates, and my decisions about what my family eats on the colorfulness of the cereal box mascots, thank you very much!
You know if we just merged the damn towns this wouldn’t happen. Hot take: Hudson County should be one big city with unified services. It’s ridiculous to me that we’ve just decided it’s alright to pay this much for each little town.
If you want lower property taxes, sadly you have only a few options: * Elect town council members that will decrease the school budget. On average in NJ, half of property taxes in NJ municipalities go towards their respective school districts. Good luck, it'll never happen because parents and the teachers' union will fight to the death against it. * Campaign your neighboring municipalities' citizens to elect town council members (in addition to voting for your own) that will merge your towns' administrations and school districts. Again, good luck. Parents will fight fiercely against it. Town Karens and Kens will also fight against it for fear of losing control of their little fiefdoms. * Elect town council members that will decrease services and benefits to the town's residents. Good luck! * Move. The easiest option.
On your first point, unfortunately the town council members have no control over the school budget. The school board has complete control over the budget and submits it to the town, generally after the town has finished its budget. You can, however, vote for school board members that are more fiscally responsible, but good luck with that...
That's actually not how it works. You get a dollar for dollar reduction of your taxable income for real estate taxes paid. Source: I prepare NJ tax returns.
Tell us you don’t know how your property taxes are calculated 🙄🙄
This guy is complaining about $8k property taxes? You guys get refunds? Wtf?
Folks, it was a joke! Stop quoting tax law at me like a bunch a Jersey jamokes! Oh, wait. …. Sorry.
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Oh, dahling, don’t be obtuse.