The new tax bills have arrived in the mail, and some are finding their taxes have gone up, while others are in fact finding their taxes lowered. How does that work?
As earlier reported on TLS, the Municipal taxes have in fact remained flat once again, but there’s more to your tax bill.
Half of every Lakewood property tax dollar goes to the Public School District; nineteen cents go to the County; two cents to the Fire Department, and twenty-nine cents to the Municipal Township budget.
So although the Municipal budget remains flat, the other components of your tax bill will affect the total due based on the overall picture.
However, some homes may pay less of tax rate than others, and this is why.
Mayor Coles explained to TLS, that newer homes could in fact go down after the Tax Revaluation, and older homes up. Coles explained, that when purchasing a newer home, the tax rate is based on the value recently assessed, and being that the home is new, its assessment is more recent and closer to the real value than older homes.
Older homes, or homes which have recently been renovated, upon revaluation will be brought closer to the actual value of current. So for example, if you purchased your older home at $300,000, the new value could now be much higher based on the current market value.
Taxes are due February 1, May 1, August 1 and November 1.
Unfortunately this article fails to explain what the title promised to answer.
So maybe go back and really put out there all about the reevaluation of the entire town and not just back up an earlier post about municla taxes staying flat.
Look at the link in the article where it explains the tax revaluation. It also states very clearly also about why some will go up and some down. I’m not sure your what question is.
Not sure what is considered old and what is considered new in this town… my home was built three years ago and my taxes are up.
If anyone else in a similar situation can comment on whether their taxes went up or down, please do.
isnt there a limit to ‘up’? my taxes are $2000 a year greater than they were last year!!
My house was bought 3 years ago and my taxes went down. The real question is, did the other parts of the tax bill go up? School? County? Etc. That question is not answered here.
1. My home was built on vacant land within the past 5 years so why did my taxes go up?
2. The amount of new construction on vacant land in Lakewood over the past 5 years has been explosive! There should be so much more revenue pouring in because of it… So if the twp. budget has remained flat, taxes should be going down across the board year after year,no?? What am I missing?
mine went up $2000
There is a new revaluation on the books for 2017. All assessments should reflect true market value as of October 1, 2016 irrespective whether the home is old or new.
Please explain the term FLAT TAX. Is it % of the bill or a dollar amount? One difference is, if it is % than the total tax intake is actually more money for the township. Since there are more property’s paying real estate taxes than last year. Were it to be a total $ number for the entire Lakewood than the tax rate should have gone down?
lets say….
yankel bought a duplex house 5 years ago for 350,000 and the house was assessed at 350,000. as of today its still assessed at 350,000…….
jose bought a duplex this past year for 599,000 his house got assessed for 599,000 because when the house was created the tax assesor gave it the value of today…… he didn’t go back and look at yankels house thats still assessed at 350,000 because they weren’t doing a reassessment.
so its 2016 and yankel is paying taxes based on 350,000 and jose is paying based on the value of his house being 599,000
the tax rate was approx 2.93 so yankel pays $10,255 and jose pays $17,550 for a very similar value house….. the reason is because yankels house is still valued at 5 years ago prices and jose is valued at today prices. so how do we make it more fair……
we make a reassessment and tell all the yankels that their house is worth
589,000 today and then we have much more ratables to tax…. so the tax rate goes down to approximately 2.03 per 1000 and now both yankel and jose are paying the same amount….. yankel was lucky to have been underpaying his fair share and now has to pay $11,956 and jose can stop overpaying his fair share that was making up the underpayments of all the yankels. he now pays approximately $12,159 which is basically the same as his duplex neighbor across the street that happened to have bought his house 5 years earlier….. last year he was paying $7,000 more than his neighbor yankel who lives in a similar house because his house was assessed properly and his neighbor was under assessed. so basically all the underpaying yankels chip in a thousand to take off the 7,000 from all the joses who were paying too much…..
an outrageous over 20% increase this quarter. with no warning. thanks Lakewood, thanks a lot.
No warning? We know they were doing new assessments…
Lined, plenty of warning was provided. Stop complaining. Letters with your new assessment went out months ago.
Does anyone know if this is the FINAL result of the re-assesment or are we getting more next round?????