Tuesday, December 28, 2010

Kid Can Buy Home; Can't Afford the Taxes

My kid, who has been looking for her own place for just over a year now, found a place here in Linden.  Unfortunately, it looks like she won't be buying it.  She has a sizable down payment (25%) and has been pre-approved for a mortgage.  The problem?  Property taxes @ over $7,200 on this 2-bedroom, 2 bath townhouse.  No yard, no balcony, no anything else.    Her mortgage principal and interest payments would almost equal her property tax payments. 

Linden was always known for modest property taxes.  Linden was also a place where one could get one's foot in the door to home ownership, perhaps later moving on to a more desirable town.

I think this particular property is over-assessed, though I'm not certain she would be successful in a tax appeal. It's too bad.  She comes without any baggage and wouldn't add a dime to the local, school or county budgets.  She'd be a giver, not a taker. 

Wall Street and lenders are not only to blame for the housing mess in NJ or the Dems like Barney Frank who pushed lax lending practices.  Our elected and non-elected officials have done a bang-up job in creating a most unfriendly property tax environment.


Anonymous said...

Buying a house in NJ has become a liability, NOT AN INVESTMENT.

My advice to your kid is for her to stay at home and don't let her assets become subjected to government incompetence.

NFS said...

I think so too. Why would anyone want to get on the hook for billions in State liabilities by innocently buying a home.

Unless she moves out of State, I don't see home ownership as an option for her.

"NJ & You ... Separating Families, One Family Member At a Time".

No one give a shit. Most of our elected officials are either rich, have family on the payroll (like Union County) or work for the government. It's too bad the American dream is dead.

They are more worried about (and invested in) solar panels, illegal immigrants or whether the Gov. & Lt. Gov. should be out of State at the same time.

Most of them don't have a clue how the real world operates. After all, they are Union backed or just stupid backed.

NFS said...

I forgot. While neither me nor my kid have any kids in the school system, Linden has been rated one of the worst school systems in NJ.

We are suppose to pay for that? Go F yourself.

NFS said...

Just to show you how frigged up Linden is and the warped minds, I have two school teachers on my block, a retired city worker and three active city workers. This makes no sense in reality. How can this be? That's six government workers to 12 families on the block

What's the normal ratio?