Glen Ridge often sees taxes in the mid $30K for certain homes.
Mahwah might offer similar sized homes for $16k-$20k. Difference: $15k+/year.
Again, these are broad examples. Your homework will be to check the towns you personally feel drawn to. But these patterns repeat over and over throughout the state. Monthly Impact on Buying Power Most homeowners think of taxes in yearly chunks, but lenders calculate affordability monthly. A $1,000.00 less in taxes per month could increase your buying power by well over $150,000.00 depending on interest rate, credit profile, and loan terms. Here is a simple illustration. These are estimates only. Your results will vary based on your credit score, loan type, down payment, lender guidelines, and current rates. Additional Buying Power Approx. -------------------------------------------------------------------- $500 $75,000 to $90,000 $750 $110,000 to $140,000 $1,000 $150,000 to $190,000 $1,250 $185,000 to $230,000 $1,500 $225,000 to $275,000 Monthly Savings This means: • Lower taxes can help you move to a better town without raising your monthly cost. • Lower taxes can allow you to buy a larger home with the same payment. • Lower taxes can free up money for renovations or updates. • Lower taxes can simply reduce stress.
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