After all the pain and suffering everyone has endured since the Financial crisis, Securities rating scandal and distressed property mismanagement, several forecaster/analysts are explaining just how bad it still is for the New Jersey lower priced areas. Values remain down significantly, due to a confluence of multiple factors most beyond the control of homeowners. In fact often improvements in their home, updates to kitchens, bathrooms, .... will increase their homes tax assessment meaning they may pay more property tax. Really do need to explore real Property Tax reform in New Jersey, given;
- Our aging population, heading south, west, east, read less expensive, warmer climes, so sad to see these these folks and several of their former employess leave or planning to depart
- Millennials and other age group changing characteristics
- Falling school rolls in most towns, Manage education quality & costs Shared services (Schools, Law Enforcement, Utilities,...)
- Affordable housing requirements for each town - still unclear, in the courts
- Cost of total home ownership vs Renting,
- Where's the PUBLIC TRANSPORT & PARKING
- Sewer availability vs septic, various alternatives
- Energy availability/pricing- natural gas, oil, electric, propane, ....
- Environmental cleanups, open space, farm preservation, ...
- Building codes, design & approval process, oversight, ......
What is being done with various institutions to measure, monitor, correct and improve certain trends before they reach worse proportions? Example the level of rentals in certain towns, just like in Condo complexes, can seriously affect access to mortgage finance, composition of elected officials, master plan, business approvals, financial decision making.
Is it time to try some alternative building styles for real affordable, lifestyle matching homes, rather than Colonials, Condo's, Ranches?
Do NJ Municipalities, Counties, ... have enough of the right data plus a capability to model it to make well informed, smart business decisions? Time will tell.
Author:Mark Scuderi Phone: 908-347-9652 Dated: June 10th 2016 Views: 2,390 About Mark: ...