This homeowner expense could cost more than your mortgage
When I bought a home about 12 years ago, I knew that I wouldn’t just have a mortgage payment to deal with every month. I’d also have other expenses, like:
One thing I didn’t realize, though, was just how much my property taxes would climb over time. In fact, for many years, I’ve been spending more on those taxes than on my actual mortgage. Here’s why.
► Repeat after us: There’s nothing wrong with saying, ‘I can’t afford it’
Why my property taxes have skyrocketed
I live in New Jersey, which has the dubious honor of having the highest property taxes in the nation. This wasn’t a shock to me. I knew when I moved here that my tax bill would be substantial. However, a big reason my property taxes are so high is that I bought a new construction home.
When you buy new construction, you’ll almost always have a much higher tax bill than you would for a comparable home that’s been around a…