Re: Jersey City mayor-elect orders end to citywide reval

Posted by bodhipooh on 2017/1/12 0:02:12

brewster wrote:

bodhipooh wrote:
How did you arrive at the total tax levy of $448.7 million?

See page 2 ... tion/CY2016_USF_Intro.pdf

Another tidbit from that doc, the properties that Yvonne is always howling about getting a free ride paid $129m in 2015 PILOTS, vs $212m they would have paid in tax. But compared to the legacy properties paying 50% or less of their market based tax, these developments at 60% are actually paying a higher rate than Yvonne did for her fabulous brownstone on VVP!

Thank you for the link! I was trying to locate this info and was coming up empty.

For 2015, the effective rate was 2.07%, but for 2016 it drops quite a bit, down to 1.79%.

I came up with those numbers by using the EV totals for 2015 and 2016 from the state links I posted and dividing the tax levies for 2015 and 2016 from the user friendly budget for which Brewster provided a link (again, thanks!)

I guess we will need to wait and see what is the total EV calculated for JC after the reval. Even if the rate stays at 1.8%, you would see lots of homeowners with massive increases (those currently paying effective rates of under 1%) but that rate is definitely magnitudes better than the bandied about 2.2% rate that most people seem to assume will be the final one.

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