Posted on 12/20/2018 6:35:32 PM PST by GuavaCheesePuff
Originally listed for $2.4 million, ex-WFAN host Craig Carton continually lowered the listing price of his sprawling Chester mansion over the last year.
As the price dropped, Carton was embroiled in a legal battle that eventually led him to be convicted on multiple fraud charges last month for his role in a Ponzi scheme-like ticket brokering scam. He faces up to 45 years in prison.
(Excerpt) Read more at nj.com ...
“...convicted on multiple fraud charges... faces up to 45 years in prison.”
In liberal/commie/fascist/marxist/progressive NJ, those are property selling points and resume enhancements.
The “seller” can ask ANYTHING....zero to gadzillion.
The question is what will an informed buyer pay.
“Chester came in 29th on the list, with the average resident paying $15,443 in property taxes. The average home value in the town is $665,750.”
So what is the tax on this fine mansion? If you have to ask....
“According to Zillow, the property was last assessed for around $1.35 million. Property taxes for the home are $31,636 this year.”
Glad we don’t live in New Jersey! Here is Socialist California, thanks to Proposition 13, which was enacted when we were a Conservative State, our home of 35 years, which is worth considerably more than $1.35 million has an annual property tax bill of just about $7,000.
“...is worth considerably more than $1.35 million has an annual property tax bill of just about $7,000.”
Please excuse me while I puke.
We pay a little over 7k, Zillow calls it at 300k.
Well, at least I do not live in nearby Wheaton, with a welcome to Wheaton tax; $2.50 per $1000.
Welcome to Illinois.
“Well, at least I do not live in nearby Wheaton, with a welcome to Wheaton tax; $2.50 per $1000.”
Carol Stream is almost as bad. Just saying.
We can’t wait to get out of Illinois for good.
L
Under Prop 13, don’t those property taxes adjust when the home is sold? As I understood it (and I could certainly be wrong), if I bought that home in California that had taxes of $7,000 under the previous owner, I could then be paying $31,000 as the new owner. Isn’t that the case?
We have a similar law now in NJ, where property taxes can’t increase more than 2% per year, but it can be skirted if voters pass additional projects.
This guy had the world by the stones and couldn’t control himself. Sad, but only his fault.
“Under Prop 13, don’t those property taxes adjust when the home is sold?”
Yes, they adjust to 1% of the current assessed valuation at the time of sale, plus any voter-approved bond debt (local only).
Seems as though NJ law is very similar to CA We’ve lived in our home since we built it in 1984 so our taxes reflect that long-term ownership. The home across the road from us sold two years ago for a price that closely approximates the value of our place. Their taxes are at least triple what ours are because of the 1% value “reset” that is part of Proposition 13.
Californians passed Prop 13 because we were seeing the State withdrawing it’s financial flooring for schools in formerly rural areas that were becoming suburbanized. The result was schools resorting to raising property tax rates one year then reassessing properties the next. Our first home had property taxes of about $600 per year when we bought it. In three years time, they were in excess of $2,000. That kind of taxation escalation was what caused Prop 13. In our public meetings with our school officials at the time, we also found out that about 80% of our school’s budgets were “mandated costs” from the Federal and State Governments. These entities essentially “controlled” school budgets at the time, and I will bet you it’s the same or worse today.
“Local Control” is complete BS!
A friend who lived in California described how Prop 13 was killing established areas because nobody wanted to be the newcomer in the neighborhood, paying 3X the taxes of everyone else; because CA has so much land, new developments would just sprout up further out, so new homeowners could buy brand-new houses with lower taxes - and the older areas started to crumble.
The situation now in NJ, as Americans (especially younger ones) flee to more affordable areas with better opportunities, has ageing American homeowners paying high property tax bills to fund schools (75% of our property taxes) filled with imported foreign students. The American homeowners had children in the schools decades ago, and their grandchildren (if they have any) are often no longer living in NJ.
I suspect CA has a similar problem to NJ in that it is dominated by public employee unions; they want the open borders to ensure a steady stream of “clients”, and couldn’t care less when we are taxed to death to pay for them. They enjoy benefits packages and above-market salaries paid for courtesy of the people they “serve”, and younger people have realized they have their hooks in you when you buy a home - so few young Americans want them. So, we import a middle class from Asia (taking American jobs - not just in tech - for which there are no shortages of skilled Americans) to buy homes and put some kids in the schools, and import a lower class from Latin America to replace the rest of the missing American student bodies (that aren’t being born, or are born in other states).
We haven’t seen the blight that you describe here, at least not yet. The problem here is that housing is too expensive for the bulk of our “illegal population” to afford.
We had a niece move to Sonoma from North Carolina to take a marketing job in the wine industry. This was right when the 2007 “downturn” was occurring. She bought a really nice ranch style 3 bedroom, two bath home with a pool out of foreclosure for about $350k. Prior to the downturn it had been worth double that figure and had been “owned” by what appeared to be multiple illegal alien families.
Inside the place had been completely trashed. They had divided the living room ( beam ceiling) in half to create more bedroom space, put in windows and had not finished them ( you could see daylight around them). The place was so filthy, that rather than wash down the walls, I just used an airless to spray the whole interior of the place with a white primer to cover the dirt. I cannot tell you how disgusting the place was, but this sort of problem has been an artifact of illegal immigration here. And now, we have huge encampments of “homeless” that have taken up residence for miles under our elevated freeways. The “Tijuana Caravan” has nothing on what we are seeing here despite the fact that they are building apartment complexes all over the place which is adding immeasurably with traffic congestion.
We’ve even given some thought to moving to Nevada somewhere in the Reno down to Minden area, but all of our family is here in the Bay Area, along with our two homes; and we are old enough that living where you have to deal with harsh winters isn’t all that palatable.
Your comments about the RAT unions are spot on, the only thing that’s keeping CA afloat financially is that we do have a good economy. If the twin economic drivers of High Tech and Agriculture every go belly up, we will end up just like Illinois is today. Also due to our size we are not nearly as monolithic as perhaps New Jersey is. Most of CA is not liberal! It is subjugated though by the voters of our large coastal cities, so guess there is a long shot at divvying it up to provide places for decent people to live. New Jersey, owing to it’s small size, probably doesn’t have that option.
Have a good 2019! At least we have hope so long as Trump is President.
NJ has conservative rural areas, but they are far outvoted by the lib concentrations in cities. I understand much of CA has more conservative views, outvoted in similar circumstances.
Our housing is also too expensive for illegals (and many young Americans), and because our housing stock is too old in the densest areas there isn’t much room to build. When room is available, usually multi-family buildings go up - and those often come with affordable housing requirements that open the door for Section-8 recipients. Our poorest areas have no population contributing for services, and attempts to “whiten” those areas failed miserably (while Jerseyans can be liberal, they aren’t naïve about race hatred); now the focus is on scattering the poor throughout towns populated by taxpaying workers so those “makers” can pay the bills for the “takers”.
The older housing stock becomes a factor as people convert single-family homes into multi-family and even rooming houses (often illegally); people no longer need four- or five-bedroom houses. This makes parking a nightmare as a street with 30 alleged single-family homes has 120 cars fighting for spots. Some wealthier areas fight this trend by simply outlawing overnight parking on the street; any illegal constructed apartments could only accommodate pedestrians.
There is hope with Trump in office; a happy New Year to you as well - FRegards!
Guess he had huge gambling debts as well. That gambling will get you every time.
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