Hoping for less than $50K? Then take a look here...
These towns were chosen randomly; the team is familiar with MANY more towns than just these. Please just let us know if you would like information on any other towns.
If you want to know how to have all that you want in a home while keeping your taxes low, you need to factor in the valuation of the home and the tax rate. Each town has different formulas for figuring out what your yearly amount of taxes will be for living in that particular town. Taking a closer look at the valuation and rate per town will assist in the process to help find a town that will allow you to have the home that you want and pay less than the maximum taxes you are hoping for in the end. Do keep in mind that even though the math is supposed to be an exact science, it doesn't always show up that way. However, this is a safe rule of thumb if taxes are a priority with in your home searching.
Please see the following list for town name, tax valuation ratio, tax rate and the approximate taxes for a $3M home.
Short Hills:
Tax Rate = 1.93%
Valuation Ration = 92.31%
$3M home = $53,447
Harding:
Tax Rate = 1.152%
Home Valuation = 88.64%
$3M home = $30,633
Summit:
Tax Rate = 4.365%
Valuation Ration = 42.77%
$3M home = $56,007
Bedminster:
Tax Rate = 1.375%
Valuation Ration = 96.75%
$3M home = $39,909
Bernardsville:
Tax Rate = 2.038%
Valuation Ration = 99.19%
$3M home = $60,644
Far Hills:
Tax Rate = 1.357%
Valuation Ration = 101.71%
$3M home = $41,406
Upper Saddle River:
Tax Rate = 2.378%
Valuation Ration = 82.14%
$3M home = $58,598
If you have any questions or would like more information concerning taxes or home searching in NJ, fee free to reach out to Melanie Rosenbaum at [email protected].
CEO, Melanie Rosenbaum of The Rosenbaum Group provides concierge real estate services with a focus on renovations and new construction with direct access to design build architect Matthew Rosenbaum of Simonian Rosenbaum Architects.
