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NJ Beach real estate

RE: NJ Beach real estate




South Jersey used to be my favorite place in the world back in the 80s. Some of the best years of my life were spent in Ocean City on the Boardwalk at Sims and Mack and Manco...Family beach Homes and neighborhoods became businesses because regular folks couldn't afford the taxes and insurance. The entire state is a sorry, socialist experiment gone wrong now. My guess is that Jersey will fester and die after they finish taxing the bah-Jesus out of everyone and anything that produces a dime right behind New York. Of course all the people with all those bad Ideas will want to escape to some place more affordable and free (Down Here) so they can do it all over again. It's getting harder and harder to run from stupidity.


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RE: NJ Beach real estate




South Jersey used to be my favorite place in the world back in the 80s. Some of the best years of my life were spent in Ocean City on the Boardwalk at Sims and Mack and Manco...Family beach Homes and neighborhoods became businesses because regular folks couldn't afford the taxes and insurance. The entire state is a sorry, socialist experiment gone wrong now. My guess is that Jersey will fester and die after they finish taxing the bah-Jesus out of everyone and anything that produces a dime right behind New York. Of course all the people with all those bad Ideas will want to escape to some place more affordable and free (Down Here) so they can do it all over again. It's getting harder and harder to run from stupidity.

Angus Og


You couldn't afford to buy there could you?




RE: NJ Beach real estate






The crowd that helps complicate the tax code gets mad at the plebes who don't understand the flustercluck of a tax code? LOL

Anyway, it's not on top of, it's in addition to all of the insane taxes one pays in this state to finally get out of this state.

I cant wait for the day I can say here, take my money for the last time, I am out of here! File my non resident for one last time, get what I can back and never look back.

Only three tiers to go to Junk Bond status for NJ....ouch, why pay principal when you can pay extra interest to the street. ugh.

Frank N


It's not confusion, just the parroting of a soundbite without critical thinking.

For all the clamoring about it as an exit tax, this actually simplifies the sale tax payment and the final part year resident tax form for those moving out of state and saves millions in recovery and audits at taxpayer expense. Also saves fines, fees, and interest for the seller.

The people most inconvenienced are those who sell large/expensive properties and who relocate to much lower price point properties within the state.

States work their taxation of home sales differently, but real estate is one of the few sales/income taxes people expect to be able to pay later when they file. Imagine paying your closing costs then, or your real estate agent commission. All of those are paid when the event occurs as well.


RE: NJ Beach real estate




The folks we bought our NJ home from left for NC. They said they were getting an apartment for six months before going to their new place to avoid the exit tax. That's all I know about, definitely not an expert. Also, when we filed for the NJ Homestead Rebate that year, we couldn't get it because they did. Although we were in the home 9 months of the previous year.


RE: NJ Beach real estate




The folks we bought our NJ home from left for NC. They said they were getting an apartment for six months before going to their new place to avoid the exit tax. That's all I know about, definitely not an expert. Also, when we filed for the NJ Homestead Rebate that year, we couldn't get it because they did. Although we were in the home 9 months of the previous year.

TaraNJ


They used exemption 1, either because they didn't qualify for exemption 2 or because they didn't know about it. The irony there is that they avoided prepaying an obligation. Exemption two follows IRS Section 121 of the Internal Revenue Code which excludes up $500,000 of gain for married taxpayers, $250,000 for single taxpayers as long as the property was used as a principal residence the requisite number of the prior 5 years. NJ tax on the home works the same way.

Homestead Rebate operates solely based on who owner and occupied the home as their primary residence on 10/1 of the year.

It's not unusual that people get confused, but most of them have an attorney for closing, and could just ask.


RE: NJ Beach real estate




Wish we knew, we moved in October 9.
I can't keep everything straight, we bought our current home and sold our previous home on the same day. Certain things went wrong, of course, and we had three young kids.

"Homestead Rebate operates solely based on who owner and occupied the home as their primary residence on 10/1 of the year.

It's not unusual that people get confused, but most of them have an attorney for closing, and could just ask.

KDHBreeze



RE: NJ Beach real estate




My cousin reached out to me the other day to let me know that the family beach house we spent our childhood summers in Strathmere is on the market. My grandmother sold the place for about $250k in 1994 after my grandfather passed away and my father and aunt were not in a position to take it over (much to the dismay of us grandkids!). We had such wonderful memories of the house and the town.

So as soon as we can scrape together $2.3m among us four cousins we’ll be back in business...

Click to follow link...

In the meantime, I’m enjoying our place in Frisco. To my suburban Philly cousins, Hatteras Island is like traveling to the surface of the moon.

Brad Z


Cool house !



RE: NJ Beach real estate




My sister paid 515 for a house near me in NJ exactly a year ago, the people across the street from her are asking 750k for an identical house.
It’s the same thing in OBX, just met one of my new neighbors who think they got such a great deal, little do they know or didn’t care, the house sat on the market on and off for 5 years until the China flu.
Once reality kicks back in all of these new owners are going to be disappointed with actual house values.

Jbrew74


1-1/2 to 2 years will be a great time to buy on the OB


RE: NJ Beach real estate




My mortgage, taxes and insurance on our OBX home cost less than just the taxes in NJ. People up north are realizing that. I don’t ever think they will go back down.


RE: NJ Beach real estate




And if you have a septic system more than 5 years old it’s more likely than not that the masterminds in Trenton will force you to replace it if you’re selling. This could cost upwards of $30,000. I know this bc my son and his family are stuck in a house too small for them bc they can’t afford to replace their septic at this point.
Nice deal for the septic companies. They have an unending supply of customers who are over a barrel.
Stay far away from NJ!!!!


RE: NJ Beach real estate




wow, all this "dislike" for NJ...not from there, but have family lots of buds there. I'd say that places like Montclair, Mantoloking, Princeton and Point Pleasant are very cool.


RE: NJ Beach real estate




Not so much "dislike" but anger at all extra $$$ burden placed on everything ,,,,,gotta keep paying those pension checks,,,, healthcare,,,, somehow,,,,,yes I know pensions are " underfunded",,,,politicians make the deals, disappear and we keep on paying


RE: NJ Beach real estate




Also in NJ, existing non active buried oil tanks, even if they were decommissioned years ago, also need to be completely removed before selling/buying a home in NJ. From what I understand it is impossible to get a mortgage on a property with an abandoned tank and also difficult to get insurance if you currently have one on your property. Where I live you can tell which houses have been recently sold when you see the equipment roll in to remove a tank. If your tank has been compromised, thats when the real fun begins.


RE: NJ Beach real estate




Not so much "dislike" but anger at all extra $$$ burden placed on everything ,,,,,gotta keep paying those pension checks,,,, healthcare,,,, somehow,,,,,yes I know pensions are " underfunded"

Tburg


Yep. And they get their early retirement and take their nice pensions out of state leaving the rest of us to pay the high taxes.


RE: NJ Beach real estate




I can attest to the abandoned tank scam in NJ but it was an abandoned oil tank, removing those suckers cost big bucks, big.The cost is not the removal of the tank but "soil remediation" that's where the money is. Such a scam. It happened to us when we went to sell our home. Surprise surprise all the previous buyers and sellers never discovered it because it was not a problem until some idiot decided it was. We were lucky that the oil tank was properly abandoned-filled with sand I think, but still cost us 6000.00 to remove it and that was 20 years ago, I can't imagine what it costs now. Our friends were not so lucky and it cost them 40,000 to remove a tank and soil remediation. The radon and asbestos business was dying down so in NJ they moved to abandoned oil tanks to scam people. Still bitter but still love NJ.


RE: NJ Beach real estate




wow, all this "dislike" for NJ...not from there, but have family lots of buds there. I'd say that places like Montclair, Mantoloking, Princeton and Point Pleasant are very cool.

OceanBlue


Those places are great. To rent. Buyers are going to face some sort of scam from the state before they get out. I like my town, too. I'm one hour south of Princeton, 1 1/2 from Montclair and Pt. Pleasant. Nice hiking and kayaking parks, great schools, 20 minutes from Philly, 2 hours from NYC. I had a town refuse to accept my taxes, saying it was the home of a disabled veteran. I put it in writing that neither my husband nor I were disabled or veterans. When we sold the house, there was a 19K fine plus all of the taxes. No lawyer would touch it. Jersey fun! The state just also lost the test scores I need on file for my teaching license, and won't accept the originals from me. So I am sour on Jersey this month.


RE: NJ Beach real estate




Speaking of oil tanks. My dear father was forced to excavate a tank (from the 1920’s) on his NJ business property in 1996 with the threat hanging over him of soil remediation if a minuscule bit of leakage was found which would have cost have $100,000, ruined him financially and put him (along with 20 employees) out of business.Thank God there was no leakage found, but 2 months later my dad had a massive stroke (age 59) that disabled (right side paralyzed and loss of speaking ability) him for the rest of 13 years he lived. I’m sure the tremendous stress of that ordeal contributed to the stroke.
The politicians in Trenton couldn’t have cared less, and the people doing all the excavations and all the inspectors were making lots of $$$$




RE: NJ Beach real estate




Also in NJ, existing non active buried oil tanks, even if they were decommissioned years ago, also need to be completely removed before selling/buying a home in NJ. From what I understand it is impossible to get a mortgage on a property with an abandoned tank and also difficult to get insurance if you currently have one on your property. Where I live you can tell which houses have been recently sold when you see the equipment roll in to remove a tank. If your tank has been compromised, thats when the real fun begins.

Mike Zw


That is the same in PA.

I tried to buy an adjoining 8 acres to my property about 15 years ago. It was zoned commercial but I wanted to revert it to residential/agriculture. I planned on putting a few horses on the land. Problem was the state required a ground survey and removal of any underground tanks. Older neighbor assured me that there were most likley tanks buried as this was a working farm and he had tanks on the property. Seller was not willing to take that on, and it fell on me. Needless to say I did not buy, and to this day, those 8 acres sit unused.




RE: NJ Beach real estate






That is the same in PA.

I tried to buy an adjoining 8 acres to my property about 15 years ago. It was zoned commercial but I wanted to revert it to residential/agriculture. I planned on putting a few horses on the land. Problem was the state required a ground survey and removal of any underground tanks. Older neighbor assured me that there were most likley tanks buried as this was a working farm and he had tanks on the property. Seller was not willing to take that on, and it fell on me. Needless to say I did not buy, and to this day, those 8 acres sit unused.

Bill


I would have thought that you could have made some $$$ by taking it on.

We bought a home in PA built in 1802 that had a fuel tank (not disclosed by the elderly women who sold us the property but visible due to an old pump and vent pipe). The morning of settlement we brought in a back hoe, drained the tank, dug it out, cut it up, and hauled it to a junk yard. Problems averted. We restored that old house and made some $$$ off of it. Glad we didn't walk due to the existence of the tank.

As for what they would require in NJ, I have no idea. I attended college there and after graduation I never returned!


RE: NJ Beach real estate




In 1996 the estimated cost for my dad for soil remediation if needed was $100,000. All on his shoulders


RE: NJ Beach real estate




And it wasn’t a case of just digging it up and getting rid of it. That would have landed my dad in jail.
There were all kinds of state inspectors involved - and of course, THEIR jobs were important - not my dad’s business and the families that relied on the jobs he had created.


RE: NJ Beach real estate




In 1996 the estimated cost for my dad for soil remediation if needed was $100,000. All on his shoulders

Banks68


That is horrible what happened to your father and I am sorry that he had to go through that experience. I agree, the cost of remediation is outrageous. I am thankful that when we had to pull tanks we never saw any leakage.


RE: NJ Beach real estate






That is the same in PA.

I tried to buy an adjoining 8 acres to my property about 15 years ago. It was zoned commercial but I wanted to revert it to residential/agriculture. I planned on putting a few horses on the land. Problem was the state required a ground survey and removal of any underground tanks. Older neighbor assured me that there were most likley tanks buried as this was a working farm and he had tanks on the property. Seller was not willing to take that on, and it fell on me. Needless to say I did not buy, and to this day, those 8 acres sit unused.

Bill


I would have thought that you could have made some $$$ by taking it on.

We bought a home in PA built in 1802 that had a fuel tank (not disclosed by the elderly women who sold us the property but visible due to an old pump and vent pipe). The morning of settlement we brought in a back hoe, drained the tank, dug it out, cut it up, and hauled it to a junk yard. Problems averted. We restored that old house and made some $$$ off of it. Glad we didn't walk due to the existence of the tank.

As for what they would require in NJ, I have no idea. I attended college there and after graduation I never returned!

Fossilridge


My problem though was the Township knew it was there, and was going to require proof. If it was there they would have called in the EPA to assess if there was ground water contamination. Was told that it would probably be nothing more than an inspection and I could move on like you; however, if there was any leakage, the EPA came in possible soil remediation and all bets were off.

Just too risky




RE: NJ Beach real estate




It’s scary when the EPA gets involved.
They have to find SOMETHING to justify their existence and the $$$ they get from taxpayers


RE: NJ Beach real estate




wow, all this "dislike" for NJ...not from there, but have family lots of buds there. I'd say that places like Montclair, Mantoloking, Princeton and Point Pleasant are very cool.

OceanBlue


Shhhhhh Wink smiley


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