Most buyers of their first home usually worry about the price and terms only without giving thought to one more piece of critical money that has to be factored into the equation or you will most certainly meet with disaster.
Have You thought of it yet?
T – A – X – E – S!
Yes, your taxes. Most people forget about how the taxes will factor into their overall cost of owning your new home. Yes, home are cheaper because of the mortgage meltdown but taxes have not gone down. In fact, you may be able to get a $500k home for almost half of the price, but the taxes may still be higher than you might expect. So what can you do about that?
A – P – P – E – A – L
You can appeal to your local tax board for a reassessmentl of the property and that may help reduce your tax bill a few hundred or more but be ready to duke it out with the board and don’t give up until you get some kind of an answer. Don’t just settle for the board telling you there is nothing you can do. If you need help, find an appraiser and/or attorney who specializes in this particular area. Remember, New Jersey is one of the most expensive states to live in. It will be worth your time to lower your taxes.