help reading appraisal from revaluation

Posted by jcguy05 on 2018/1/30 22:23:09
Hi guys,

As part of the revaluation in jersey city, i was just sent an appraisal report for my 1 br condo in downtown, which is still under tax abatement.

I currently pay ~$8k in abatement tax and ~$270 in property tax

I need some help on reading what this bill is actually saying, because it is very confusing. Can someone please in simple terms explain to me what the appraiser is saying and what my new tax abatement and property tax will be?

This is what is in the letter:

My current 2017 assessment (include exempt + taxable portion) is $132,800
-TAXABLE PORTION: $3,500 (actual taxes @ 7.8 rate/$100 assessed = $273)
-EXEMPT PORTION: $129,300

New 2018 assessment is $584,700
- TAXABLE PORTION: $100,000 (estimated taxes @1.62 rate/$100 assessed = $1,620)
- EXEMPT PORTION: $484,700

So my understanding is my property tax is going up from $273 to $1,620. But what about my tax abatement which is currently at $8000, the exempt portion amount also went up 4x, does that mean i have to pay $32,000 in tax abatement payments now? for a 1br condo???

Any clarity you guys can provide will be greatly appreciated. Thank you

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