From USA Today:
Parents selling homes when kids go to college
GLEN RIDGE, N.J. — In towns such as this, where highly rated public schools are supported by even higher property taxes, many parents faced with college bills are selling the empty nest while it’s still warm.
By moving only as far as the next town, they can cut their local taxes in half. As a result, Graduation Day and Moving Day are getting closer and closer. In the weeks before high school ends, “you’ll see the for-sale signs going up,” says Ros Schulman, whose son is college-bound.Once their kids graduate, parents don’t need a big house or good schools; they need money for tuition. So some move to a smaller house in a less fashionable community that has less prestigious schools and less oppressive taxes.
Schulman, whose son Andrew is a senior at Glen Ridge High School, is selling the family home of 13 years. “We had to cut costs somewhere,” she says. “We just looked at the numbers”:
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The exodus begins this time of year. The trend showed up in Glen Ridge two years ago on the front lawn of a seven-bedroom, five-bath, slate-roof Tudor, home to three graduating high school seniors. There were two signs: “Congratulations, Brad, Blane, Brittany!” and “For Sale.”That was Eva Fenning’s house. She sold it, bought a rancher half as large in nearby North Caldwell and used the difference — plus property tax savings of almost $15,000 a year — to send her triplets to college.
“We lived there for 24 years,” she says. “But it was a luxury we couldn’t afford any more.”
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Glen Ridge, a pleasant railroad suburb filled with stately pre-Depression houses, is a revolving door in what New Jersey real estate agent Julie Corbo calls “life’s real estate journey.” Young families are attracted by the highly rated public schools and typically pay $600,000 to $800,000 for Victorians on side streets and $900,000 to $1.3 million for bigger houses on the avenues.But New Jersey homeowners have the nation’s highest per capita property taxes. In addition, Glen Ridge has comparatively little commercial and industrial property, forcing homeowners to bear more of the tax burden.
Last year, Jennie Ciappa-Ng sold her family’s house and, like the Schulmans, moved over the line to Bloomfield.
The tax savings — $22,000 on the old house vs. $6,000 on the new one — allowed her to trade an advertising job that required almost constant travel for a much less stressful one. Her son Ian recalls going off to college with a for-sale sign on the front lawn: “I was kinda upset,” he says. “That was the only house I ever lived in. There were a lot of memories.”
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Corbo says that’s why many Glen Ridge residents are tempted to stay put. But, she adds, “there’s always a triggering factor, like, ‘The school budget increased again!’ “
“…Once their kids graduate, parents don’t need a big house or good schools; they need money for tuition. So some move to a smaller house in a less fashionable community that has less prestigious schools and less oppressive taxes…”
“…The tax savings — $22,000 on the old house vs. $6,000 on the new one — allowed her to trade an advertising job that required almost constant travel for a much less stressful one. Her son Ian recalls going off to college with a for-sale sign on the front lawn: “I was kinda upset,” he says. “That was the only house I ever lived in. There were a lot of memories…”
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Now Let me see if I “get this STRAIGHT”: ‘We’ move into Glen Ridge expecting that ALL Glen Ridge taxpayers fund what amounts to be a ‘private’ school QUALITY but a public school system ….’We’ of course do this when the kids are pre-school age—(take advantage of this-“Joke”-pre-school “classes”- which is basically a public-funded (IMHO) babysitting service)—-If ‘we’ have three or four kiddies,’we’ really make out !! (approx. 22k in taxes paid by ‘us’ per year -vs- 15k [private school tuition] times three/four kids = 45k/60k value)—–Hmmmmm….if ‘we’ time it right all this money saved (on the backs of other taxpayers of course) should be enough to fund ALL the children’s college costs !!!—-Then we sell the house,,,,,Hell, These taxes are TOO HIGH–Time to move to a ‘cheaper’ town or maybe move out of the state altogether !
—–and you don’t think that this ‘crap’ goes on ..in this Glen Ridge example and in other “better” public school system towns throughout the state ??—–
I think Glen Ridge is actually a very extreme example. I’ve heard this concept (of “for sale” and “congratulations on your graduation” signs being on the lawn at the same time) referred to as “the Glen Ridge Syndrome.” But I have to agree, I think it’s insane. I have no idea how glen ridge gets away with it. I can’t imagine that every kid graduating from their school system goes on to MIT or Harvard and ends up being a billionaire and winning a Nobel prize. If that were the case, then it would be arguable.
although everyone’s taxes are high, glen ridge sounds a bit extreme.
I know it’s easy to jump on the school budgets raising the taxes, but don’t forget…
Although the overall NJ population didn’t, the # of school kids in NJ schools has increased much faster than the national avg.
We do live in an expensive state, meaning teacher salaries will generally be higher.
Compared to other states, NJ ranks low when looking at state funding amounts vs local tax funding schools. And since 2000, the state has been flat, it not contributed what it should have to local districts, causing your local taxes to go up every year.
I’m not writing this to excuse high property taxes or saying schools should have whatever they want, but people should start complaining more about how schools are funded and more about the waste at the STATE level!
I don’t see anything wrong with this at all. If people move into an area because of better schools, they are likely to leave once the kids are grown.
While on the surface it looks like they haven’t paid their fair share, many people move into these homes before they ever have kids. They pay the taxes five and six years before their kids use the schools. I have a six year old, but I have been paying property taxes for 12 years. Even renters indirectly pay property taxes.
Keep voting in tools, keep suffering the consequences — McGreevey, Corzine…
Millstone revives school budget that was voted down by taxpayers …MILLSTONE — The Township Committee voted Wednesday night to restore funding voted down by residents in the April 17 school election, a move that will increase taxes for the average homeowner by more than $800……why bother too vote ????? everything in New Jersey is pre-arranged TAXATION WITHOUT REPRESENTATION, what would our founding fathers do ?Didn’t we take up arms against England for this very right ?
I wouldn’t be so hard on those Glen Ridge folks. Their taxes are truly atrocious (even worse than what we pay in Montclair) and on top of all that they have to pay a million and one “user fees” – pre-school, extra curricular activities, sports, etc.
They have no ratables and get almost 0 dollars in school aid from the state.
I consider myself to be a bleeding heart liberal, and even I am having a hard time stomaching the taxes we are being asked to pay in Essex County. By moving from Essex to Morris County now, while my son is 2, the difference in property taxes will fund almost all of our son’s college education.
From the APP:
Millstone revives school budget
I’m glad some of us have learned the system. More power to them!
New Real Estate Business Opportunity!
why bother too vote ????? everything in New Jersey is pre-arranged TAXATION WITHOUT REPRESENTATION
The state constitution guarantees a “thorough and efficient” education for all students.
This clause basically makes budget votes meaningless. If voters reject the budget, the school board can appeal to the State and have the budget approved anyway. Happens all the time.
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