Re: Jersey City mayor-elect orders end to citywide reval
Posted by bodhipooh on 2017/1/11 14:11:11
i don't dispute that taxes will and should rise, but $36K seems high. doesn't hoboken regularly conduct revals and their taxes are high compared to nyc, but not so amazing compared to other towns.
am i missing something?
Sigh... yes, you are missing the very basic premise of property taxes. A property tax rate is determined and that rate is applied to each property against its fair market value.
In JC, it is assumed that the tax rate will be about 2.2%. If a property is determined to be worth 1.8 MM, then its annual tax levy will be 39.6 K, assuming the rate determined by the reval ends up at 2.2%. I am starting to think that the rate will come out to be about 2%, which is why I calculated the future taxes of the brownstone in question to be 36K.
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