Is this statement always true?
2007-03-02 03:02:09 · 4 answers · asked by Dan 2 in Business & Finance ➔ Taxes ➔ United States
No.
There are two components that go into calculating the property tax. One being the tax percentage and other being the assessed value of the property.
While good neigborhoods have high property value, some of them have real low percentage that offset it. Some mediocre neighborhoods have high percentage leading to comparable or more taxes than the higher priced neighborhoods.
Example, two townships, both in Somerset county, NJ:
Bernards NJ - SF Home - $800K tax rate around 1.5% comes to $12K per year
Sommerville, NJ - SF Home - $400K tax rate around 4.5% comes to $18K per year
Without going into details, I could say that Bernards is a much better neighborhood.
2007-03-02 03:09:39 · answer #1 · answered by Harry 3 · 0⤊ 0⤋
No, of course not.
I lived in a nice neighborhood in So Cal in the early 80s. The place that I sold for $62k in 1983 recently sold for $429k. The taxes are MUCH higher than what I paid in the early 80s and the value of the home has certainly gone up substantially, BUT the old neighborhood is now a major TOILET. It's crawling with gang-bangers and drug activity and my old place is a bunk-house for migrant farm workers, most of whom are illegals. You couldn't pay me to live there now -- even if you GAVE me the house.
2007-03-02 03:58:30 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
not always. Some counties just have high tax rates through out the county and based solely on sq. ft. and land
2007-03-02 03:06:25 · answer #3 · answered by golferwhoworks 7 · 0⤊ 0⤋
Nope not always
2007-03-02 03:05:37 · answer #4 · answered by kelbean 4 · 0⤊ 0⤋