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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Paul Viapiano who wrote (10982)	6/3/2003 1:54:49 PM
From: George8	Read Replies (1) \| Respond to of 306849

Paul: My current $600k home is a 2900 square foot 4 bd room 2.5 bath with full basement and 1/3 acre. The Northern Valley school district regularly ranks among top 50 in NJ. We had the house custom built for us in 1990 for about $380k. We paid $7.2k in property taxes in 1991. So, the increase has been moderate. Norwood is in a very pretty and desirable section of Bergen County. It is also only 25 miles to Times Square in NYC. The $450k townhouse was my cost in 1997. I'm not sure where the market value may be. ($800k-$1M ?) The first year of my ownership, we paid $8k in property taxes. And it has more than double in the last 5 years in property taxes. The townhouse has 3300 square foot, 4 bed room, 3.5 bath. And it is a water front unit at an exclusive location. Please note that if we had similar law as Prop. 13, then the property taxes would have been much lower, especially for my townhouse. Therefore, the market value would have been much higher, I guess. George