Re: New Tax Rate is Insane!

Posted by jcneighbor on 2018/4/3 14:05:39
Quote:

hero69 wrote:
wow. they're asking $2.4 million for a townhouse in dtjc with taxes poised to rise sharply. what happened to the market collapse people were talking about?

https://jerseydigs.com/250-grove-street-for-sale-jersey-city/


Agree with K-Lo2 about it being too soon to gauge a trend. But as for the $9,000 rental income, say the buyer puts down $400k and mortgages $2M at 4.18% fixed for 30 years. That's $9,839 in debt service, plus taxes, plus insurance, plus maintenance/repairs, plus loss of investment return on the down payment. In other words, a seriously-negative cash flow investment. There's been an empty just-remodeled 4-family on my block for sale for a year or so listed at $4M. No surprise it's still on the market, and their taxes just jumped to over $40k.

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