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Re: 2017 Reval ~ Property Inspections
#1
Quite a regular
Quite a regular



Quote:


Depends on rates, if you assume your buyer is borrowing and has a fixed monthly nut in mind. $12k more in tax means $1k less in borrowing power. At 4.5% on a 30 yr, $1000 gets you $200k. So assuming the buyer has the extra downpayment, they're budget is $200k less than it was pre-reval.

Yvonne, prove what you're saying, otherwise it's more lies. Tax liens are sold at auction and the residual after taxes and loans are paid is returned to the owner.


Quite correct. So assuming $24K taxes at 1.9% taxes, the property would be at $1.26M. $200K reduction (because of increase in tax from 12 --> 24K) would be around 16% reduction in the property price or the new price would be $1.06M with new taxes around $20K @1.9%.

Quite circular. By the way, because of reduction of taxes from $24K to $20K gives you $4K to renovate the place!

So yeah, 15% decline assumption is around correct + $4K in your hand.

Posted on: Today 22:01
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Re: 2017 Reval ~ Property Inspections
#2
Home away from home
Home away from home


Quote:

brewster wrote:
Quote:

mfadam wrote:
Let's say the typical DTJC rowhouse goes from about 12K in taxes to 24K - a simple double. What do you think that does to post-Reval valuations?

Maybe 15% haircut?


Depends on rates, if you assume your buyer is borrowing and has a fixed monthly nut in mind. $12k more in tax means $1k less in borrowing power. At 4.5% on a 30 yr, $1000 gets you $200k. So assuming the buyer has the extra downpayment, they're budget is $200k less than it was pre-reval.

Yvonne, prove what you're saying, otherwise it's more lies. Tax liens are sold at auction and the residual after taxes and loans are paid is returned to the owner.


Were you around when the bulk lien was going on? I was, I had neighbors in the lien sale and the buyers of these liens did not want to sell back the liens. The way the law is written, you have two years to foreclose. A neighbor who lost his wife to cancer fell behind after reval, there was one salary then. He continued to pay his current taxes but the lien holder was avoiding him for the lien he brought. He was lucky that his nephew spent money to hire an attorney to sue to lien holder. Some of this actually wound up in Judge Velesquez court. I don't think the Jersey Journal was on line then, but I am sure this information is somewhere is the archives of the Jersey Journal. By the way, the lien holder was charging 18% plus other fees. It was investors buying these liens.

Posted on: Today 22:01
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Re: What do the Kushners own in Jersey City?
#3
Home away from home
Home away from home


Quote:

SOS wrote:


The way things are going with the Trump implosion, Jared will be working in the private sector by year's end.



Wake up, this is the jist of politics and the powers that be are gushing (in lower level playing fields it entails giving away public land to the rich):

http://www.cnbc.com/2017/05/20/us-sau ... s-trump-begins-visit.html

Posted on: Today 21:39
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Re: 2017 Reval ~ Property Inspections
#4
Just can't stay away
Just can't stay away


I remember when Jersey City was just a nice place to live.
Wha hoppen??

Posted on: Today 21:24
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Re: 2017 Reval ~ Property Inspections
#5
Home away from home
Home away from home


Quote:

brewster wrote:
Quote:

mfadam wrote:
Let's say the typical DTJC rowhouse goes from about 12K in taxes to 24K - a simple double. What do you think that does to post-Reval valuations?

Maybe 15% haircut?


Depends on rates, if you assume your buyer is borrowing and has a fixed monthly nut in mind. $12k more in tax means $1k less in borrowing power. At 4.5% on a 30 yr, $1000 gets you $200k. So assuming the buyer has the extra downpayment, they're budget is $200k less than it was pre-reval.

Or, it depends on demand.

Demand for properties in JC is high, and inventory is tight. Even extreme events like Sandy didn't make a dent in property values.


Quote:
Yvonne, prove what you're saying, otherwise it's more lies. Tax liens are sold at auction and the residual after taxes and loans are paid is returned to the owner.

Actually, Schundler did sell off the tax liens to an underwriter. It required state legislation to pass. There were issues with how it was handled, which make it rather unlikely that will be repeated.

What Yvonne doesn't mention is that despite the problems, it produced a 99% compliance rate.

She also doesn't recognize that thousands of homeowners are getting screwed; or that pushing back the revals makes the system unfair, which causes all the problems that she's crying about in the first place.

Posted on: Today 20:43
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Re: Monthly Community Meeting / Heights Section
#6
Home away from home
Home away from home


It might be a good idea to add this to the calendar.

Posted on: Today 20:42
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Re: What do the Kushners own in Jersey City?
#7
Home away from home
Home away from home


Trump's son-in-law is a Baltimore slumlord, and that's not even the worst of it

By Edward Ericson Jr.

Jared Kushner, the President's son-in-law, sues his Baltimore tenants for thousands of dollars in bogus debts, on which he also gets judgments allowing him to garnish their wages and drain their bank accounts.

This according to Pro Publica's Alec MacGillis, who reports in a story for this Sunday's New York Times Magazine that Kushner quietly bought-up thousands of modest and run-down apartment units in Essex and other Baltimore suburbs, whose tenants complain of poor maintenance, harsh rent collection techniques, and relentless pursuit of old and sometimes dubious debts generated after tenants moved out.

http://www.citypaper.com/blogs/the-ne ... of-it-20170523-story.html


Jared Kushner’s Other Real Estate Empire

Baltimore-area renters complain about a property owner they say is neglectful and litigious. Few know their landlord is the president’s son-in-law.

https://www.nytimes.com/2017/05/23/mag ... r-real-estate-empire.html

Posted on: Today 20:41
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Re: Uber, Lyft, and traffic
#8
Home away from home
Home away from home


Walmart is offering 10% off Uber gift cards. Get em before they sell out. Not my promo, you can go to walmart online and search for them if your using a cashback site.
https://www.walmart.com/browse/uber-pr ... &affillinktype=10&veh=aff

Posted on: Today 20:27
ಠ_ಠ
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Re: Dog Shit
#9
Home away from home
Home away from home


could you call the health department or the mayor's task force....having to smell dog sh_t is a qol issue imo

Posted on: Today 20:15
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Re: Gunshots Sunday morning JSQ?
#10
Quite a regular
Quite a regular


I heard it too. Not popping but a sharper sound
I am on the Island I was awake at 530
But think it was more than 10 shots
Sometimes sounds echo off the cliffs but
Might have been off Baldwin near
Demolition site

Posted on: Today 19:49
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Re: 2017 Reval ~ Property Inspections
#11
Home away from home
Home away from home


Quote:

heights wrote:
Quote:

mfadam wrote:
Let's say the typical DTJC rowhouse goes from about 12K in taxes to 24K - a simple double. What do you think that does to post-Reval valuations?

Maybe 15% haircut?

I think psychology may play a bigger role than the calculator in that it is a tough sell to say you pay suburb level taxes without the good schools/safe streets/etc.

I hope they raise the taxes even higher so we can compete with the suburbs and hire more police. This is probably why most of the new development are rentals and not condos for sale.


No one is stopping you from contributing more to Jersey City. Last I checked the Police and fire departments were still taking donations.

Posted on: Today 19:46
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Re: Dog Shit
#12
Home away from home
Home away from home


Quote:

CatDog wrote:
So what should I do about a neighbor that leaves piles of dog shit in his yard all week so it stinks to hell on a hot day? I'm thinking of just going to ask him nicely but I have a sneaking suspicion that the kind of person that leaves tons of dog shit in their yard isn't going to be the most personable guy.

Is this something that I can report to the department of housing, or health, or something? We're about to enter Summer and I'm not looking forward to the smell of dog feces wafting into my apartment every day.


Honestly, I feel this is the type of situation over which you are powerless. Obviously, the dog owner should *know* that picking up after his pooch is something you have to do around here so, so if they don't do it, they just don't care, and no amount of "friendly" heads up on your part will fix that. Personally, this is something I feel you should be able to report to the sanitation department. Sadly, I don't think they would care one bit.

Posted on: Today 19:04
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Re: 2017 Reval ~ Property Inspections
#13
Home away from home
Home away from home


Quote:

mfadam wrote:
Let's say the typical DTJC rowhouse goes from about 12K in taxes to 24K - a simple double. What do you think that does to post-Reval valuations?

Maybe 15% haircut?


Depends on rates, if you assume your buyer is borrowing and has a fixed monthly nut in mind. $12k more in tax means $1k less in borrowing power. At 4.5% on a 30 yr, $1000 gets you $200k. So assuming the buyer has the extra downpayment, they're budget is $200k less than it was pre-reval.

Yvonne, prove what you're saying, otherwise it's more lies. Tax liens are sold at auction and the residual after taxes and loans are paid is returned to the owner.

Posted on: Today 18:57
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Re: Dog Shit
#14
Home away from home
Home away from home


So what should I do about a neighbor that leaves piles of dog shit in his yard all week so it stinks to hell on a hot day? I'm thinking of just going to ask him nicely but I have a sneaking suspicion that the kind of person that leaves tons of dog shit in their yard isn't going to be the most personable guy.

Is this something that I can report to the department of housing, or health, or something? We're about to enter Summer and I'm not looking forward to the smell of dog feces wafting into my apartment every day.

Posted on: Today 18:24
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Re: 2017 Reval ~ Property Inspections
#15
Home away from home
Home away from home


Quote:

mfadam wrote:
Let's say the typical DTJC rowhouse goes from about 12K in taxes to 24K - a simple double. What do you think that does to post-Reval valuations?

Maybe 15% haircut?

I think psychology may play a bigger role than the calculator in that it is a tough sell to say you pay suburb level taxes without the good schools/safe streets/etc.

I hope they raise the taxes even higher so we can compete with the suburbs and hire more police. This is probably why most of the new development are rentals and not condos for sale.

Posted on: Today 17:18
Get on your bikes and ride !
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Re: 2017 Reval ~ Property Inspections
#16
Home away from home
Home away from home


After the last reval, home values went down and everyone ran to tax court. It took about 10 years before everything stabilize. That is when former Mayor Schundler started his 'bunk lien' sale and sold homes assessed for $200,000 to $300,00 for the price of back taxes.

Posted on: Today 16:58
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Re: 2017 Reval ~ Property Inspections
#17
Home away from home
Home away from home


Let's say the typical DTJC rowhouse goes from about 12K in taxes to 24K - a simple double. What do you think that does to post-Reval valuations?

Maybe 15% haircut?

I think psychology may play a bigger role than the calculator in that it is a tough sell to say you pay suburb level taxes without the good schools/safe streets/etc.

Posted on: Today 16:51
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Re: Monthly Community Meeting / Heights Section
#18
Home away from home
Home away from home


You're more than welcomed to attend (and join) I'm sure the information conveyed would be informative. However there is a neighborhood association closer to you they are the Riverview Neighborhood Association.

Posted on: Today 16:32
Get on your bikes and ride !
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Re: 2017 Reval ~ Property Inspections
#19
Just can't stay away
Just can't stay away


Quote:
and overpriced


In direct correlation to being undertaxed.

Posted on: Today 15:11
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Re: 2017 Reval ~ Property Inspections
#20
Home away from home
Home away from home


Quote:

MDM wrote:
This is one of the more egregious examples of a building being under assessed:

Resized Image


And overpriced.

Posted on: Today 14:51
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Re: 2017 Reval ~ Property Inspections
#21
Home away from home
Home away from home


Quote:

tictaktoe wrote:
Those who are in DTJC and have been sitting on their property since last reval are the ones who are REALLY GETTING AWAY WITH IT so far.


Just want to point out it's anyone who owns one of those undertaxed properties, especially in the last 10 to 20 years when the undertaxing has been most extreme. The assessment does NOT get reset upon sale like it does in some places.

Posted on: Today 11:01
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Re: Monthly Community Meeting / Heights Section
#22
Not too shy to talk
Not too shy to talk


I live at Palisade and Ferry, am I included?

Posted on: Today 10:36
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Re: 2017 Reval ~ Property Inspections
#23
Quite a regular
Quite a regular


wtf is wrong with people who feel reval is a suffering? Who here can't understand the difference between % and $$? Please enroll in a 5th-grade class.

1. As an individual, an avg DTJC resident who has been sitting on his/her property since last reval was getting away with paying lower than the fair share of taxes in light of their increasing property value even after paying the same rate (%).

2. As a neighborhood, DTJC was paying a higher share (in $$$) of state because there are a lot more residents with higher value now and also driven by recent transactions at current market value + not to forget new construction that has come up in the last 30 years on both rental and condo side (Yes, even after the abatement, $ amount becomes substantial for e.g. 1% of $1000 > 2% of $400)

What is common in the above two statements? Those who are in DTJC and have been sitting on their property since last reval are the ones who are REALLY GETTING AWAY WITH IT so far.

So they should STFU, pay up and everyone then starts from the same line. Simple.

If the taxes are too high, probably your home is too expensive for you to live in. Then, just sell it, monetize the gain and buy a place where you can pay the taxes.



Posted on: Today 10:29
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Bill would require more affordable housing in Downtown Jersey City
#24
Home away from home
Home away from home


Bill would require more affordable housing in Downtown Jersey City

JERSEY CITY -- Developers who receive tax breaks for market-rate housing Downtown will have to set aside 15 percent of their developments as affordable housing under a plan set for initial approval by the City Council this week.

The move is the latest by Mayor Steve Fulop's administration to force developers building housing in the city's wealthiest neighborhoods to build units for residents of lesser financial means.

Fulop has already awarded three long-term tax breaks to high-rises with 80 percent market-rate units and 20 percent affordable. And two weeks ago the council unanimously adopted a measure that requires Jersey City residents be given preference when tax-abated affordable housing units go on the market.

http://www.nj.com/hudson/index.ssf/20 ... le_housing_in_downto.html


Posted on: Yesterday 21:50
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Re: 2017 Reval ~ Property Inspections
#25
Home away from home
Home away from home


Quote:

Dolomiti wrote:
Actually, I don't understand the mechanisms that they used to calculate current property tax rates in between the revals. Hence the question.


Ok, I covered this in the Ballad of Billy & Tommy, but I'll try again. The actual assessments never changes between revals unless you do significant renovations. So the city raises the tax rate to match the rise in value otherwise they'd never account for inflation. That's how the actual rate is 7.7% not ~2%.

So the way they come up with that 7.7% number is they create a number for the difference between the assessed value and FMV of THE ENTIRE CITY. That's the "ratio", currently 23.66%. The assessment is supposedly 23.66% of FMV, but that's a guesstimate of the average for the whole city. And because that tax raise is for everyone, it's not accurate, and it gets less accurate over time.

If your ratio is less you're paying too little, if it's more you're paying too much. So when DT rose so much faster than anyone else they ended up radically undertaxed because the only mechanism to steer this ship off the rocks is the reval.

And for those really interested, new properties have their assessment set by taking the sale price and dividing by the ratio to get a number in line with everyone else. So newer ratable properties and heavily renovated ones (supposedly) will not see dramatic tax raises. The "supposedly" is that a certain amount of permits like a gut job should trigger a spot reval, but anecdotes are that some do not.

Posted on: Yesterday 20:53
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Monthly Community Meeting / Heights Section
#26
Home away from home
Home away from home


The Nelson Ave. Block Association's next monthly meeting is tomorrow evening Tuesday May 23rd at 7pm. Guest speaker will be Marc Duda of Appraisal Systems to discuss the current property revaluation. Also afterwards Mayor Steven Fulop will be on hand to answer questions. Location: 253 Congress St. at St. Anne's Centennial Hall auditorium between Kennedy Blvd. and Nelson Ave. Our community based meetings are at 7pm on the fourth Tuesday of the month focusing on the Western Slope area of the Heights and beyond. New members welcomed.

Posted on: Yesterday 20:22
Get on your bikes and ride !
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Re: 2017 Reval ~ Property Inspections
#27
Home away from home
Home away from home


Quote:

brewster wrote:
Quote:

Dolomiti wrote:
So, I used the ArcGIS reval, and picked a house with a recent sale date.

2016 purchase: $1.3m
2004 purchase: $700k
1997 purchase: $280k
2016 property taxes: $11k (or 0.85%)
Current assmt: $146k

I presume that after the reval, assuming the house is still worth $1.3m, their taxes will go up to $24,700.

If so, then what is the likely basis for their current property tax? It seems too high to be based off the "current assmt" figure in the database.


The actual tax rate on the assessed value is 7.7% (as opposed to an effective rate applied to FMV), thus my calculator turns up $11,242 when you multiply $146k x 0.077.

Rithmatic, man. Do you get it that between revals they raise the rate not the assessments?

Actually, I don't understand the mechanisms that they used to calculate current property tax rates in between the revals. Hence the question.

Posted on: Yesterday 19:18
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Re: 2017 Reval ~ Property Inspections
#28
Home away from home
Home away from home


Quote:

bodhipooh wrote:
Quote:

Dolomiti wrote:
So, I used the ArcGIS reval, and picked a house with a recent sale date.

2016 purchase: $1.3m
2004 purchase: $700k
1997 purchase: $280k
2016 property taxes: $11k (or 0.85%)
Current assmt: $146k

I presume that after the reval, assuming the house is still worth $1.3m, their taxes will go up to $24,700.

If so, then what is the likely basis for their current property tax? It seems too high to be based off the "current assmt" figure in the database.


I don't have the actual numbers handy in front of me, but the assessed values are just about one fourth of the estimated value. In other words, the city thinks that property is worth about 650K. That is why the reval is long overdue.

I get that part. What I'm not clear on is:

• What is "current assmt" in the database
• Does it have any relation to the current property tax
• If not, then keeping in mind JC hasn't done a reval in nearly 30 years, what is the current tax amount based on?

Posted on: Yesterday 19:14
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Re: 2017 Reval ~ Property Inspections
#29
Home away from home
Home away from home


stateaidguy's website http://njeducationaid.blogspot.com/

He's partisan and wants to cut our aid, but he's been very informative and fair in my experience of reading his posts and blog. Is the SFRA aid formula fair? No idea.

Posted on: Yesterday 18:51
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Re: 2017 Reval ~ Property Inspections
#30
Home away from home
Home away from home


Quote:

ProdigalSon wrote:
What percentage on this list is optimal(I think it's 100%)? Additionally is it determining local fair share based on total value of homes in that town/district? Is that why so many beach towns with small populations, and even less school age students have virtually zero tax levy? It would be interesting to see the actual school budgets on this list as well.

Also one thing this list reinforces to me is that their are way to many municipalities in NJ.


If you want to know more about this go to stateaidguy's website. It's linked up thread. There is a complicated formula involving incomes demographics and real estate prices to determine local share.

Posted on: Yesterday 16:23
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