2007 Property Tax Bill

[POd]

I just got my 2007 Final / 2008 Preliminary tax bill with the new Assessed Valuations on it. My property taxes are going up almost 50%!
What is going on here? We were told that the new valuations would not result in any major changes to our tax bills.

I'm interested on how other Cranbury residents were affected. Please post how much your bill has gone up or down.

To calculate:
- Get your 2006 Property Tax Payments from your 2006 Tax Return or 2006 Tax Bill.
- Subtract that amount from the "2007 Net Tax" line on your 2007 tax bill
- Divide the result by your 2006 Property Tax Payment
- Multiply by 100

This is the percentage amount your property taxes have gone up/down.

[Guest]

It would also be useful to know how old your house is.

Typically older houses fair far worse in reassessments. Newer hoes pay disproportionate taxes prior to reassessments and are less affected. My home is 7 years old and my bill only went up about 8%. My icrease probably reflects the increase in the overall taxes this year and not a higher assessment.

[Another Guest]

50 year old house for me...up 50%

I was expecting an increase.....but a more reasonable one. Maybe 20%. 50% is pretty bad, especially for people on fixed income, or people that just bought a house and have to manage the payments, buying at the height of the market.

I can't complain....bought 8 years ago, but we have friends that bought fixer-uppers, and they will feel this one. Thought we had it good in Cranbury. Looks like the days of low taxes are over.

[ted]

what is the tax rate now? I am looking to buy one in cranbury. suppose my house is re-evaluated at $800K, i am trying to figure out my tax?

[Another Guest]

I am going to bed now.

Guesstimate for 800k - $11,000.00 maybe?

[ted]

thanks for the guestimate. I would think the re-assessment will affect a lot of people. Look at "cranbury home for sale". $1.9M house with 30 acres lot pays $8K while another $500K house paying $7K.

[POd]

[POd]

[ted]

thanks Pod.
The tax seems be increased a lit bid. but still 3K less than what in WWP for this price range

[Guest]

[Another Guest]

1.3 Mil $$$ Home pays 19K now

[Another Guest]

That surely will keep some of those houses that have been for sale for a long time on the market a little bit longer

[john]

My tax bill went up about 18%!

My house (in Shadow Oaks) was built in 1984. The new assessed value is about 756k.

[Guest]

Ours went up approx. 15.8%

[Another Guest]

I guess property owners with a lot of land got the worst of it.
My land assessment went up 600%, while my "improvements" only went up 233%.

[Guest]