Re: help reading appraisal from revaluation

Posted by brewster on 2018/1/31 10:06:06
Quote:

jcguy05 wrote:
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


As far as I understand, if its exempt, it's exempt, and will stay at the same cost. This whole process, as Yvonne will endlessly tell us, leaves out the properties not in the taxable base. They're simply realigning the assessment with the reality of current values. When your abatement expires, then you'll be taxes on the full assessment.

What I don't understand is the change in proportion. One theory is since the land is not exempt, just the improvement, and land has gone up dramatically, that it results in the non-exempt portion rising relative to the exempt.

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