Wednesday, March 23, 2011

Bloomfield is Passing Montclair -- in the Tax Sweepstakes

I make it a habit to save my observations on Real Estate issues to my EcoRealty blog. But last Thursday I previewed one of two new listings in Bloomfield and Montclair that reflect a new reality that can't be overlooked. Both were listed at 399k. Both were 4 Bedroom homes built at about the same time with taxes of 11,.7k.The Montclair listing on James had taxes of 10.1K. Both were in excellent condition. The bottom line is that Bloomfield is passing Montclair for the dubious distinction of above average tax rankings in the highest taxed state in the U.S. From a look at current listings, you can see that this is becoming the rule rather than the exception when Bloomfield is compared to nearby towns such as Montclair, Cedar Grove and Nutley. This may make the "affordability" of Bloomfield a tougher sell as the housing market improves. On the bright side, we're still far behind Glen Ridge, Milburn, and the Oranges.

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