Could Someone Please explain NJ Real Estate Taxes???
I can't comprehend how open farm land that has been paying only several thousand dollars a year for huge Acreage, can suddenly be worth $10,000 - $15,000 - $20,000 in Tax Revenue per LOT a YEAR to municipalities that didn't spend any money to build that community??
Where is all the extra CASH going to these towns and worse, how can they justify that amount of money?
When a builder develops a community, they incur all the expenses of roads, sidewalks, installing utilities - basically everything!
A good example is Glassboro.
They had open farm land that was developed by a builder (at the builder's complete expense!) as a 55+ Community. As a 55+ Community, they are not going to have too many school kids, won't need too much police activity since the neighborhood watch is probably the best in Glassboro, the Fire Dept is on minimal call since the homes were all built to new building codes.
So - the question is WHY are the taxes($8-10,000 per tiny lot - 6,000 Sq.Feet) sooooo high??? And where is all that NEW CASH MONEY going in Glassboro???
I was speaking with a resident who purchased a large new home in Woolwich Township on 1.5 Acres of open land (not a tree in sight!!) 2 years ago in a regular development (not 55+) that had all the streets, utilities, etc built by the developer and their taxes are now $18,000 a YEAR!!!!!!!!!!!!!!!!!!!
Now the sad part - these people are leaving New Jersey because of the TAXES!!!!!
Can someone please explain how these towns can justify such high TAXES!!?!?!?!
How about a basic standard rate for the type and amount of land you own? Farm Land would be minimal; unimproved land would be low; improved (with ANY structure) would be high; 55+ Communities would be exempt from the school portion; and commercial would be highest? Then it wouldn't matter what is built on it. Each town would determine how many acres it had and base everything from there. Here's a novel idea, as a structure is added - taxes would actually drop each year since that would then be an improved lot and contribute to the town's tax base.
Let's go back to Glassboro with that 55+ Community - they have gained at least $500,000 in Revenue a year from it, yet the Revenue Dollars needed by the town are still higher each year?????
I am only pointing out Glassboro because it's easy with a 55+ Community that is forced to pay so much - each town has its nemesis, believe me!!
Help - before everyone has left NJ broke and in disgust!!