Greater Moncton Real Estate and Community News

April 19, 2021

Everything about property taxes in New Jersey

 

Like most states in the US, New Jersey charges property taxes too. Irrespective of the fact you own a residential property or commercial, taxes are levied on both property types across all counties in New Jersey. It is important to understand property taxes as they are an important part of closing costs and appear in the ALTA statement as well.  

Generally, property Tax payments in NJ are mailed once a year in July that contains 4 quarterly payments that are due on February 1, May 1, August 1, and November 1. 

Property Tax rates across counties in New Jersey:

Property taxes are paid as a percentage of the total value of the property owned. In New Jersey, property taxes are relatively higher and come to 2.27% of the value of the property with some variations from one county to another. Here is the list of the median values of property taxes. 

 

County Median Annual Tax Tax Rate
Atlantic $6,088 2.79%
Bergen $10,000+ 2.18% (approx.)
Burlington $6,730 2.72%
Camden $6,770 3.46%
Cape May $4,472 1.51%
Cumberland $4,379 2.69%
Essex $10,000+ 2.68% (approx.)
Gloucester $6,767 3.12%
Hudson $8,395 2.31%
Hunterdon $9,384 2.33%
Mercer $7,487 2.63%
Middlesex $8,050 2.39%
Monmouth $8,450 2.07%
Morris $9,595 2.14%
Ocean $5,599 2.05%
Passaic $9,722 2.89%
Salem $5,588 3.02%
Somerset $9,260 2.20%
Sussex $7,237 2.72%
Union $9,788 2.74%
Warren $7,058 2.71%

How to calculate property taxes in New Jersey?

Calculating the property tax for any county in New Jersey is easy. Simply use the following formula

Total property tax payable = (Property Value* rate of tax for the county)

                                           ------------------------------------------------

                                                                      100

It is necessary to pay property taxes in New Jersey?

Yes. In fact, there is a separate item in the mortgage statement, if you are paying one already. If you have no mortgage, then you can also pay online using your debit or credit card.  

Are there any exemptions for property tax in New Jersey?

Yes, there are multiple conditions in New Jersey that allow exemptions property tax exemptions. These are:

  • Property Tax Deduction is provided for Veterans or Surviving Spouses
  • NJ state law also provides exemptions for senior citizens and disabled individuals. 
  • 100% exemptions for disabled veterans or their surviving spouses.  
  • Homestead exemptions for property owners 
  • Tax abatement for properties built on an urban enterprise zone.  

How to find property tax records for New Jersey?

Finding property tax information for New Jersey is very easy as it is for other states. There are many websites where you can enter the property details and county to find the details. propertyshark.com is a reliable site that allows you to search tax details for properties across New Jersey. 

 

Posted in Selling Your Home
April 9, 2021

Closing Costs in New Jersey

 

Closing costs are an itemized list of expenses such as transfer taxes, title insurance costs, deed recording fees, and much more to prep the property for sale, approve the mortgage and transfer the ownership from the seller to the buyer. 

Both buyer and seller have their own share of closing costs that they incur to facilitate the transaction mutually. While closing costs are normatively divided between the seller and the buyer, a lot of times, parties can negotiate that can change the final amount or the net proceeds that the seller receives after the transaction. 

What is the average closing cost in New Jersey?

On average, the closing cost in New Jersey is around 2-3% of the total sale price of the property. That means a $300,000 property will cost around $6000-$9000 in closing costs. 

What are the numerous closing costs in New Jersey?

Closing costs represented as an itemized list of costs may have a total of 15-16 cost items. While a lot of them are paid by the buyer, the seller also contributes by paying a significant share. Here is the list of closing costs paid by the buyer. 

Closing costs paid by Sellers in New Jersey

Following are the closing costs paid by the seller in New Jersey.

Commission for the agent. Commission for the agent is around 6% of the total value of the property. This is the most expensive closing cost component shared between both parties. Hence, the seller pays around 2.5% of the total commission.

Proration. Property taxes are paid as the prorated amount. The seller is supposed to pay the taxes till the time they own the property. For example, if the seller is going out on 30th October, they are going to pay taxes for the first 10 months. The buyer then pays taxes for the remaining two months. Hence, closing at the end of the year is going to cost more in the prorated tax amount.

HOA Fees. The HOA fee is the fee charged by the homeowners’ association for maintenance purposes. It is important for the seller to clear this before they leave the property. 

Outstanding Utility Bills. Before you can sell the property, you should make sure to clear all dues and outstanding utility bills. 

Title Insurance. The title insurance protects the owners and the lenders with the help of the owner’s and lender’s policy respectively. Title insurance amounts to a significant closing amount in New Jersey. You can use this New Jersey title insurance rate calculator to calculate the price for your policy. 

Title Search. A title search is a process of searching through the records in the county office to establish the owner of the property and make sure that the property is free from liens or any disputes. 

Municipal Lien Search. This is to make sure that the property does have code violations, sewer or water balances, etc. 

Closing costs paid by the Buyer in New Jersey

Following are the closing costs paid by the buyer in New Jersey

Home Inspection. The home inspection is initiated by the lender on the buyer’s behalf to make sure that the property is alright and won’t need hefty repairs after purchase. 

Home Appraisal. A home appraisal is done to ascertain the market value of the property for loan origination. The home appraisal fee is also paid by the buyer in New Jersey. 

Survey Fee. Surveys could be ordered by the lender in order to make sure that the property does not have any encroachment that could lead to a dispute in the future with the neighbors. The buyer pays the survey fees in New Jersey. 

Credit Report. The lender needs this report to grant a mortgage to the buyer. Generating the credit report costs in the amount that is paid by the buyer in New Jersey. 

Underwriting Fee. If the buyer is purchasing with a loan, the underwriting fees will apply. It is also called loan application fees or origination fees interchangeably. 

Transfer Taxes. It is the tax collected by the state when the property is transferred from the seller to the buyer. 

Recording Fee. After the deal is done and papers are signed, the new deed is made and recorded in the county records. This is called recording the deed and comes with a fee called recording fees.  

Hope you found our post insightful and helpful. Tuned in for more posts in the future. 

Posted in Selling Your Home
April 8, 2021

To 5 Property Appraisers in Moncton

A property appraisal is one of the crucial steps that determine the financial worth of the property. A property appraiser can unearth a number of things that can potentially change the financial value of the property to a great degree and hence the closing costs as well.

Obviously, appraisers are important but there are a lot of them out there. Even Moncton there are many companies, who either appraise properties full-time or provide a mix of similar services. So the question is, how do you choose the right appraiser? This is what we are going to answer in this blog. 

In this post, we will give you a curated list of property appraisers around Moncton. If you are stationed in Moncton or hunting for a property in the nearby areas then this list is going to be useful for you. 

We will list a total of 5 appraisers in Moncton, highlight their services, and provide contact details for you to quickly evaluate and contact them. So, let’s get started. 

Atlantic Realty Advisors

Atlantic Realty advisors or Babineau appraisals, as they are popularly known, is a famous name amongst the list of appraisers in Moncton. Babineau provides appraisal services for financial institutions, insurance companies, government agencies, and the general public.

  • Free Resources and Quotes - no
  • Experience - -
  • Breadth of Services - appraisal only
  • Phone - (506) 856-8686
  • Email - info@ara.ca 

Resurgo Appraisals 

Resurgo Appraisals is a popular name when it comes to appraising properties around Moncton rea with a good rapport among underwriters. 

You can directly book an appointment to order an appraisal, using their online form in no time. 

  • Free Resources and Quotes - no
  • Experience - since 2015
  • Breadth of Services - no
  • Phone - (506) 384 3957
  • Email - -  

Mari-Tech

Mari-Tech has been appraising properties in Moncton for many years now. 

The company specializes in properties around Moncton with specialized skills in residential properties. 

One of the best things about Mari-Tech website is the file upload option. It allows you to submit the documents online and create an order in no time. 

  • Free Resources and Quotes - No
  • Experience - -
  • Breadth of Services - No
  • Phone - (506) 852-4184 
  • Email - 

Service New Brunswick

Service New Brunswick provides property appraisals in Moncton and specializes in residential properties. They have been appraising properties in the province and very active in the Moncton region. 

The company also provides an additional breadth of services besides appraising properties that comes in handy when dealing with the most common issues with properties such as probate settlement and court testimony.

  • Free Resources and Quotes - No
  • Experience - Since 1990
  • Breadth of Services - Yes
  • Phone - - 
  • Online Form - https://www2.gnb.ca/content/gnb/en/contacts.html 

CBRE

CBRE is a popular name in Moncton when it comes to property appraisal. The company evaluates properties across the town and provides a host of services from property evaluation to property management and much more. 

One of the best things about CBREl is the breadth of services it provides besides appraising properties which are effective while dealing with common property-related issues. 

  • Free Resources and Quotes - Yes
  • Experience - 100+ years
  • Breadth of Services - Yes
  • Phone - +1 416 362 2244 
  • Email - -

Hope you found the information useful. Keep an eye out for the latest listings on our website and stay updated.

Posted in Selling Your Home
March 25, 2021

Remote Online Notarization in Florida

If you are buying a property in Florida and aware of closing costs in Florida for your property, the next step is to finalize the deal. This is where you begin the closing process. 

Closing is the final step in the home buying process and often a crucial one. This is when all parties come together at the same place and sign the deal. The covid pandemic gave closings a serious blow and this is when the remote online notarization emerged as an essential service across all counties in Florida. 

 

What is Remote Online Notarization?

Remote online notarization (RON) is the process of notarizing documents electronically. During the closing process, the title company facilitates the RON where all parties including buyers, sellers, their respective agents, attorney, and other parties sitting at different physical locations come together to express consent and legally transfer the ownership of the property. 

The attorney applies the digital seal on the new deed and this is when the transaction is considered to be complete. 

With the advent of eClosings, RON is gaining country-wide acceptance and Floria is also one of the states that have legalized electronic signatures and RON.

 

Remote Online Notarization in Florida 

Electronic Signatures are legal in the state of Florida which makes RON legal as well. Like many states, Florida has also passed the ESIGN and UETA acts that make electronic signatures legal and valid. 

These acts demand a total of 4 prerequisites for technology vendors and title companies for the notarized documents to be legal in Florida. These are:

  • Users should express an intent to sign the documents electronically.
  • Parties should express their mutual consent to do business electronically with an option to opt out. 
  • Clear signature association where signed documents are sent to every party with information such as IP address, the identity of the signing party, date, etc. 
  • Record retention and retrieval, as electronically signed documents, can only be valid if reproduced when required. 

 

Requirements for Remote Online Notary in Florida

There is a list of tools and procedures required for remote online notarization. The title company or the legal firm that has undertaken the process is responsible for running this checklist and making sure that all boxes are ticked. 

They make sure to:

  • Provide the required hardware such as the desktop, video conferencing software, access to electronic signature apps to the parties to conduct the process. 
  • Explain the parties about the documents they are singing. Get the consent of the parties before the process begins
  • Set up session recording
  • Verify user’s identity and credentials
  • Store the digital documents in PDF and AV formats

 

How to become an online notary in Florida?

Since 1st Jan 2020 Florida Statute sections 117.201 to 117.305 have come into effect. These provisions allow notaries across counties in Florida to perform RON after they have taken a training program. 

The sections also state some requirements to legally conduct online notarization in Florida. These are:

  • The individual must be an active notary public. 
  • Should register with a third party vendor to provide technical support required to become an online notary. This should be done prior to registering to become an online notary.
  • Should complete a 2 hour course on remote online notarization and receive a certification for registration
  • Pay the registration fee of $10 for the state of Florida. 
  • Obtain a notary bond of $25,000. 

 

Benefits of remote online notarization

There are many benefits of remote online notarization. These are:

Safety. One cannot simply change or manipulate the details including the notary seal or signatures of a digital document unlike a physical one. In the current times, RON’s ability to provide social distancing during the closing process also adds to its 

Great Client Experience. RON saves the hassle for buyers and sellers to travel or mail physical copies of documents. This adds to their positive experience. 

Cost Effective. RON saves cost during title search and redoing physical documents and the paperwork needed in general. It also saves costs for the clients, they otherwise incur in mailing the documents. 

Remote online notarizations are going to become a norm in the future. If you are a registered notary in Florida and thinking about remote notarization, this may be the right time to add that to your list of services.   

 

Posted in Selling Your Home
July 31, 2017

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We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates