Dear Ralph,

A historic Freehold farm is being sold to national development company Hovnanian Enterprises, with the plan to construct over 121 single-family homes. Another threshold comes in the way of higher real estate taxes, bringing the average Monmouth County tax bill to over $10,000. While taxes are rising, more New Jerseyians own their homes outright. The dynamics of the real estate market are very fluid, and hopefully can slow down, so that the cost of owning a home moving forward doesn't become more expensive.

Please feel free to email me at ralph@counsellorstitle.com if you have any questions or would like to follow up on any of this edition's articles.

Ralph Aponte

Founder & President

732.914.1400

Freehold Family Farm Sold to Developer

by: Anthony DiMaio

Freehold Nursery Sells to Hovnanian

The Brock family-owned nursery and garden center in Freehold Township is in the process of selling its 128 acres of land to one of the nation's biggest home-building conglomerates. The land tract is located at the intersection of Monmouth Road and Siloam Road.

K. Hovnanian is a publicly traded company on the New York Stock Exchange under the symbol HOV. The company is a significant construction conglomerate that has designed, constructed and marketed housing in 128 communities in 14 states. According to the company's website, it is one of the largest home-building entities in the United States with total revenues approaching $3 billion for 2022.



Hovnanian already has several developments in New Jersey including Asbury Park, Far Hills, Farmingdale, Howell, Manalapan, Morris Township, Wall and Wharton.

This transaction would represent the second housing development in Freehold. The company has built another development called The Brooks at Freehold. This construction initiative is comprised of 51 single-family homes that range in price between $800,000 and $900,000.

This new development will be repurposed into a subdivision named The Preserve at Freehold, which will be comprised of 128 single-family market-rate homes in addition to 32 duplex affordable homes, according to sources.The subdivision, located in Freehold, will help the township meet its obligations to provide affordable housing, which meets requirements according to an ordinance passed in 2020.

The sale of the 128-acre tract of land is still pending. The purchase and subdivision must also be approved by the Monmouth County Development Review Committee.

This transaction does not include the Brock Farms Freehold located on Route 9. The Brock family farms 700 acres of land in Freehold, Deerfield, Smithburg, Colts Neck and Bridgeton where their nursery products are grown.

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Monmouth Tax Bill Hits $10,590

The Average Tax Bill in Monmouth County is $10,590

2023 property taxes - Monmouth

Aberdeen Township

2023 average: $8,180 — 1-year change: 1.%

Allenhurst Borough

2023 average: $18,404 — 1-year change: 6.6%

Allentown Borough

2023 average: $8,435 — 1-year change: -5.%

Asbury Park City

2023 average: $8,072 — 1-year change: 14.5%

Atlantic Highlands Borough

2023 average: $9,930 — 1-year change: 1.7%

Avon-by-the-Sea Borough

2023 average: $11,066 — 1-year change: 1.5%

Belmar Borough

2023 average: $8,215 — 1-year change: 4.4%

Bradley Beach Borough

2023 average: $9,161 — 1-year change: 7.9%

Brielle Borough

2023 average: $13,253 — 1-year change: 6.6%

Colts Neck Township

2023 average: $16,290 — 1-year change: 5.2%

Deal Borough

2023 average: $21,741 — 1-year change: 7.6%

Eatontown Borough

2023 average: $9,928 — 1-year change: 7.2%

Englishtown Borough

2023 average: $8,413 — 1-year change: 7.6%

Fair Haven Borough

2023 average: $17,453 — 1-year change: 3.4%

Farmingdale Borough

2023 average: $7,788 — 1-year change: -1.8%

Freehold Borough

2023 average: $7,910 — 1-year change: 4.8%

Freehold Township

2023 average: $10,312 — 1-year change: 5.3%

Hazlet Township

2023 average: $9,404 — 1-year change: 3.9%

Highlands Borough

2023 average: $8,038 — 1-year change: 8.7%

Holmdel Township

2023 average: $14,734 — 1-year change: 4.4%

Howell Township

2023 average: $8,764 — 1-year change: 4.%

Interlaken Borough

2023 average: $10,434 — 1-year change: 12.1%

Keansburg Borough

2023 average: $6,678 — 1-year change: 10.8%

Keyport Borough

2023 average: $8,544 — 1-year change: 6.3%

Lake Como Borough

2023 average: $7,544 — 1-year change: 3.9%

Little Silver Borough

2023 average: $14,993 — 1-year change: 8.5%

Loch Arbour Village

2023 average: $11,059 — 1-year change: -8.2%

Long Branch City

2023 average: $10,842 — 1-year change: 6.4%

Manalapan Township

2023 average: $9,917 — 1-year change: 4.4%

Manasquan Borough

2023 average: $10,823 — 1-year change: 3.4%

Marlboro Township

2023 average: $11,623 — 1-year change: 1.5%

Matawan Borough

2023 average: $10,728 — 1-year change: 3.9%

Middletown Township

2023 average: $10,289 — 1-year change: 3.1%

Millstone Township

2023 average: $12,603 — 1-year change: 3.1%

Monmouth Beach Borough

2023 average: $10,326 — 1-year change: 0%

Neptune City Borough

2023 average: $7,853 — 1-year change: 7.9%

Neptune Township

2023 average: $8,399 — 1-year change: 6.8%

Ocean Township

2023 average: $11,516 — 1-year change: 5.3%

Oceanport Borough

2023 average: $12,024 — 1-year change: 3.7%

Red Bank Borough

2023 average: $9,632 — 1-year change: 2.2%

Roosevelt Borough

2023 average: $9,335 — 1-year change: 11.1%

Rumson Borough

2023 average: $22,544 — 1-year change: 2.%

Sea Bright Borough

2023 average: $8,783 — 1-year change: 3.4%

Sea Girt Borough

2023 average: $14,200 — 1-year change: 3.9%

Shrewsbury Borough

2023 average: $13,583 — 1-year change: 8.4%

Shrewsbury Township

2023 average: $4,670 — 1-year change: -1.1%

Spring Lake Borough

2023 average: $14,593 — 1-year change: 5.1%

Spring Lake Heights Borough

2023 average: $8,171 — 1-year change: 5.%

Tinton Falls Borough

2023 average: $7,534 — 1-year change: 3.7%

Union Beach Borough

2023 average: $8,493 — 1-year change: 9.%

Upper Freehold Township

2023 average: $13,238 — 1-year change: 6.5%

Wall Township

2023 average: $9,704 — 1-year change: 2.2%

West Long Branch Borough

2023 average: $12,173 — 1-year change: 6.8%

Read More: Top 20 towns in New Jersey with highest tax increases | https://nj1015.com/top-20-towns-in-new-jersey-with-highest-tax-increases/?utm_source=tsmclip&utm_medium=referral

More in NJ Own Homes Debt-Free

The number of people in New Jersey who own their home outright has increased dramatically over the last decade or so. According to U.S. Census figures from 2022 the numbers show that 36.7% of homes in New Jersey are owned outright, no mortgage or home equity loan. That number has increased from 28.9% reported by the U.S. Census in 2010. Not just an 8% increase but is 20% more than the number of homes that were owned outright in 2010.

On a national scene, the number of homes owned outright increased to 39.3% in 2022, up from 33.8% in 2010. The fact that homeownership without any mortgage is increasing is the byproduct of the baby boomer generation aging out of their 30-year fixed-rate mortgages and others refinancing their homes at a lower fixed rate. Either way, more people own their homes outright than in past memory.

What does this mean?

Well, first it clearly provides a more stable economic climate for not only the real estate industry, but the economic health of the entire nation. Some homeowners have chosen not to pay off their mortgages early because their financial advisors have told them that their cash or available cash can be put to better use in the stock market. Still, homeownership does have its costs: the price of fuel has gone up significantly, energy costs have increased, building supplies have increased, sometimes increasing over 300%, and of course, now real estate taxes, especially in the state of New Jersey, have become an onerous burden for homeowners to bear.

In some cases, the high real estate taxes are driving out individuals from the Garden State to states that are less tax burdensome. The problem is that as long as inventory remains low and the cost of housing remains extraordinarily high, people between the ages of 18 and 35 are still living primarily with their parents or renting. Saving for a home is clearly problematic.

So, at this point we will see a great transfer of wealth and real estate pass from the baby boomer generation to their children over the next decade and a half – and in many cases such properties will be debt-free homes for their heirs.

What Does Perspective Mean?

You appreciate that people see things in different ways. You have the ability to understand the world from multiple points of view.

Perspective is also referred to as wisdom. It is distinct from intelligence. People with this strength are sought out for advice. They see the big picture and can make sense of the world’s complexity. The strength of perspective gives individuals the ability to see to the heart of difficult questions and achieve clarity. Importantly, they are also honest and behave in an ethically consistent manner.

Perspective is usually gained over time, as one accumulates more knowledge and experiences.

However, developing perspective is not simply a matter of time. It comes from truly listening to others when they talk — and working to understand new points of view when reading

books, listening to stories, or watching movies.

Click here to download or on the cover above.

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Attitude 101 by John C. Maxwell (Audiobook)