vpb: He and his wife bought land and built their home for $360,000 in 1985.In 2013 dollars that would be about $783,000. I'm guessing that this isn't a poor neighborhood.
FrancoFile: Don't cry for me, Egg Harbor.He's a victim of his own success. House went from $350k to $1.1M in 20 years. Boo-farking-hoo. Downsize, get a reverse mortgage, or move to Florida.
MyRandomName: FrancoFile: Don't cry for me, Egg Harbor.He's a victim of his own success. House went from $350k to $1.1M in 20 years. Boo-farking-hoo. Downsize, get a reverse mortgage, or move to Florida.So you are the one person who cheers when the elderly woman who has lived in their house for 50 years has to leave because she cant pay taxes. She should just downsize. fark her.
Thunderpipes: Can't believe farkers think 31k property taxes on 1.1 million is fine, because of the evil rich.....
Wendy's Chili: I thought Governor Ow My Balls fixed that whole property tax thing by firing all the cops and teachers.
EbolaNYC: FROM HIS WEBPAGE: "Sonny is currently serving his 22nd year on the Township Committee. For 18 of those years he has been selected as mayor. The mayor is not elected but rather chosen by the five members of the committee, so Sonny's repeated selection shows the great respect the other committee members have for his leadership abilities. "
vudukungfu: Lemme guess.It's Jersey.Someone named "Sonny" is involved in "politics" and this happens to be in a town near "AC" where suddenly a bit of swampland is surprisingly not affordable any more.I would be willing to bet without looking at the article that there is a very, very old vineyard nearby with gangsters buried in it.Old, Eye-tie, gangsters./DRTFA, but it's joisey, so....
BMFPitt: Woodland, not swampland.
DMZ DEATH: There should be laws put in place where once a home is paid for, the taxes are greatly reduced and/or the rate frozen.
Lucksbane: Thunderpipes: Can't believe farkers think 31k property taxes on 1.1 million is fine, because of the evil rich.....Jesus! $31K on $1.1M? Do the trashmen personally come in and empty all the cans around the house for you? What are you getting for that? I live in Orange County, CA (arguably one of the more expensive counties in the country to live) and my property taxes on a house of that value would be about $12K.
varmitydog: We keep getting hundreds of these refugees from New Jersey and New York down here in north Florida, fleeing from paying these high taxes. And most of them make more money on their retirement than the working joes make around here.I like the ones from upstate New York the best, not only are they nicer, they jump right in and volunteer in the community. The folks from New York city are alright too, once you get used to them insulting everybody and everything and swearing all the time. I have learned to avoid the people from Long Island and New Jersey. They have a tendency to be lawsuit happy and want to tell you how you should keep your property and generally are pains in the ass. They rank right up there with people from north Virginia and the Chicago area as some of the worst people in the nation.Just general observations, and there are many exceptions.
Katolu: So, when the value of my home increases the property tax increases too?
thurstonxhowell: Would it dissuade you from continuing this racist mess if I pointed out his last name is McCullough?
gar1013: FrancoFile: Don't cry for me, Egg Harbor.He's a victim of his own success. House went from $350k to $1.1M in 20 years. Boo-farking-hoo. Downsize, get a reverse mortgage, or move to Florida.Math, how does it work?If you compound $350k over 20 year, you have an annual growth rate of just under 5.75%. Compare that to annualized growth rates over a similar period for the DJIA (7.1%), the S&P500 (6.1%) and the NASDAQ (7.93%). The result is that waterfront realestate in an affluent community lags these other benchmarks....BUT WAIT!!!!If you bought and held a basket of any of the above, you'd only get hit for taxes when you received dividends or when you actually sold.What about the property? Well, he's paying about 2.8% of the property valuation PER YEAR in taxes. So that annual growth rate of 5.75% is actually a bit of an illusion. If you subtract out the value of the property taxes he's paying per year (assuming a constant tax rate), the compound annual growth rate is more like 3.67%. And that's before we incorporate any assumptions regarding inflation.It's also before we consider the financing structure utilized as well. The point being is that your comparison is about as valid as someone screaming "this is an outrage" that Coca Cola doesn't cost a nickle anymore.You want to know what WOULD cause him to make out like a bandit? Lower property tax rates.NJ's property tax rates are an outrageous burden because their income tax base doesn't really reflect high wage earners. Every single person who commutes from NJ into NYC to work pays NY state income taxes, which typically wipe out any income tax liability that you face in NJ. Really and truly, NY state is the villian, because they get to collect full state income tax from a sizeable amount of people who don't consume their social services.
GopherGuts: I've known Sonny McCullough for decades, and I've been in that house. He's a decent, hard-working guy who didn't exactly become rich in his political career (mainly because he's also honest). I'm sorry he needs to move. All the folks up here who blindly criticize him... well, you're wrong.
DMZ DEATH: I was talking with a coworker this morning about the ridiculous property taxes these days. It's sad seeing older people who have worked all their lives, and have paid off their homes then lose them because they can't afford to pay the property tax. It happens alot more often than most people think. There should be laws put in place where once a home is paid for, the taxes are greatly reduced and/or the rate frozen. My brother has a small house in Pawtucket RI that he bought dirt cheap. The taxes are so lopsided on the place. He pays what my parents do for their house that has a big yard in an upscale neighborhood in MA. The systems broken.
Kraftwerk Orange: MyRandomName: FrancoFile: Don't cry for me, Egg Harbor.He's a victim of his own success. House went from $350k to $1.1M in 20 years. Boo-farking-hoo. Downsize, get a reverse mortgage, or move to Florida.So you are the one person who cheers when the elderly woman who has lived in their house for 50 years has to leave because she cant pay taxes. She should just downsize. fark her.She should pass the family home on to the next generation - her son or daughter - who by this point is likely needing a home to raise their own family in, and is at a point in their career where they can afford the upkeep (and reap the benefits of not having a mortgage!). Then, she'll move into a smaller granny flat, either on the same property or nearby, so as to provide cheap child-care to her grandkids (on occasion, not as a default) which will allow her to pass on the family history and values to the next generation, while allowing her to maintain an independent lifestyle.Othewise, fark grandma for holding onto a house she can't afford while her kids work themselves to the bone to maintain a lower standard of living.
redmid17: FrancoFile: Don't cry for me, Egg Harbor.He's a victim of his own success. House went from $350k to $1.1M in 20 years. Boo-farking-hoo. Downsize, get a reverse mortgage, or move to Florida.You're a quick one. If only he had followed your advice....FTA: McCullough says he hopes to find another home in the township. But if he doesn't, the couple purchased a $150,000 waterfront condominium in Florida, where the property taxes are $2,569.
durbnpoisn: The system is indeed broken.Most of our property taxes here in NJ are going to the schools. That in itself is stupid considering the number of people that have no children in the schools. But what makes matters even worse is having 15 superintendants in each district when there is only a need for one. What makes matters even worse is that there are so many districts to begin with.But what really riles me up is that the schools are cutting back on services they can't afford. Like, sports programs, or bussing.That second one REALLY pisses me off, because my son is starting high school this year. Because the school is 2.3 miles away and not 2.5 miles away, he can't get bussing.So this is what out property taxes are paying for.System = broken and farked up
Links are submitted by members of the Fark community.
When community members submit a link, they also write a custom headline for the story.
Other Farkers comment on the links. This is the number of comments. Click here to read them.
You need to create an account to submit links or post comments.
Click here to submit a link.
Also on Fark
Submit a Link »
Copyright © 1999 - 2017 Fark, Inc | Last updated: May 01 2017 03:44:57
Runtime: 0.368 sec (367 ms)