Long Beach Island Real Estate Property Taxes
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Will We See Higher Taxes on Long Beach Island 
Will We See Higher Taxes on Long Beach Island 
Will We See Higher Taxes on Long Beach Island
Long Beach Island Real Estate
The Long Beach Island real estate market is extraordinarily busy right now. We are seeing more sales in a week than we do in some months! While it is still a little too early to say how long this activity will last, there is an excellent case to be made that the LBI real estate market, and home prices, will remain strong. That begs the question, will we see higher taxes on Long Beach Island?
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Will We See Higher Taxes on Long Beach Island
While home prices on Long Beach Island are high, most buyers are surprised to find how affordable the property taxes are. The general cost of ownership for a home in the LBI real estate market comprises a mortgage (if the buyer is seeking one), homeowner insurance, flood insurance, utilities, and property taxes. If home prices rise, there is a good chance we will see property taxes follow suite. This has an impact on both the new buyers entering the market as well as existing homeowners. It seems likely that prices will continue to rise, but there are also many ways for prices to stabilize or fall. 2020 is an election year, the outcome of which could have positive or negative impacts on the economy; we could see a rise in COVID cases, the stock market or labor markets could crash, etc. It is still a little too early to call on the impact of rising prices and property taxes in the LBI real estate market, but it is something to keep in mind when buying a home on Long Beach Island. I think we will see an increase in property taxes over the next 6-12 months, so prudent buyers should plan accordingly if that comes to fruition.
Long Beach Island Real Estate Property Taxes
One of the biggest mistakes I see buyers make is not understanding the cost of ownership in the Long Beach Island real estate market. The price you pay for a home is only a part of the equation. Expenses like flood insurance and property taxes must be taken into consideration. This is especially true if you are buying a home in the V zone (which has a higher cost of insurance) or planning to build a new home in the future (which will increase your taxes regardless of the way the market moves). In a competitive market like this, buyers have to understand all the costs, risks, and factors associated with buying a home in the Long Beach Island real estate market. If you have any questions about buying, selling or investing in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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