APRIL 23, 2015 LAST UPDATED: THURSDAY, APRIL 23, 2015, 1:21 AM
BY KATHLEEN LYNN
STAFF WRITER |
THE RECORD
* Employment, interest rates cited as Passaic, Bergen home sales rise
Fueled by a stronger job market, housing sales activity is picking up steam, with existing home sales up 6.1 percent nationwide in March, the National Association of Realtors said Wednesday.
A separate report, from the Federal Housing Finance Agency, said that home prices nationwide were also on the rise — up 5.4 percent in the 12 months ending in February. But prices were up only 2.6 percent in the Middle Atlantic region, which includes New Jersey.
That story was reflected in Bergen and Passaic counties, which saw little price improvement but an increase in sales activity.
“After a quiet start to the year, sales activity picked up greatly throughout the country in March,” said NAR economist Lawrence Yun. “The combination of low interest rates and the ongoing stability in the job market is improving buyer confidence and finally releasing some of the sizable pent-up demand that accumulated in recent years.”
Existing-home sales nationwide in March were at an annual level of 5.19 million.
https://www.northjersey.com/news/business/jobs-encourage-housing-1.1316077
so why are our property taxes rising if property prices are not ?
#1: Because property prices simply act as a general measure as to how the total amount to be collected is shared.
But Declan, nationwide property taxes are falling… if our overall assessed prices aren’t rising, our property taxes shouldn’t be rising unless they increase the mill rate. We’re already at 2.38% vs. 1.4% nationwide. When is enough, enough?