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Re: Future of Newport Mall
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I don't mind the mall so much, as long as I'm not living right by it. The movie theater can use an update.

Posted on: 2013/7/16 15:04
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Re: A-Condos Jersey City
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Never heard of structural problems. What I do see is a huge construction project behind the building that will be a noisy eyesore for a while and eventually block a significant portion of the building's views. But I suppose that's fairly typical of the area right now.

Posted on: 2013/7/16 15:01
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Re: JC Real Estate Taxes
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Quote:

JadedJC wrote:
PILOTS are based on the selling price of the condo when it first changes hands between developer and the initial owner. The reason you see big variations within the same building is that many buildings were completed right at the height of the real-estate bubble around 2007--08. The units that were first sold during this period will have higher PILOTS because they were pretty much sold at the peak of the market. When the market tanked after 2008, the developers in these buildings still had unsold inventory that they subsequently marked down in price - hence these units will have lower PILOTS. The PILOTS do not reset with a resale of the property.


Thanks. And Wow, that establishes an enormous tax break for some condo units. And the bulk of the break isn't even the lower tax percentage. It's the fact that the percentage is locked in against a relatively ultra-low purchase price, regardless of market changes.

Are you certain that the tax base doesn't adjust for some building at the time of subsequent purchases? I keep hearing that.

Posted on: 2013/7/15 23:09
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Re: JC Real Estate Taxes
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Quote:

dtjcview wrote:

Also, the implied tax rate against implied current market value would be:

7.184 * 0.3272 = 2.35%


For new construction, that would make the tax obligation extremely high relative to other properties. Unless of course the "assessed market value" isn't really market value.

Posted on: 2013/7/15 23:00
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Re: JC Real Estate Taxes
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Quote:

Yvonne wrote:
I suggest you get a copy of the agreement. I have attended many council meetings and have witnessed many abatement agreements. You would be surprised how different some agreements are. Some are base on construction cost other agreements are based on sales price. Then other agreements have bump up costs and others agreements do not.


Thanks. But I am just trying to get a general sense of tax obligations so that I can understand how they effect market value.

Posted on: 2013/7/15 22:56
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Re: JC Real Estate Taxes
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Quote:

dtjcview wrote:
Useful detail on the process under:

http://www.state.nj.us/treasury/taxat ... /referencematerials.shtml

Strictly speaking, PILOTS and abatements are different things. The PILOT is paid by a developer instead of paying property taxes, abatements are a reduced assessed value, that typically are applied for up to 5 years after an improvement to an existing property. One big different is the PILOT is paid to the City only, whereas an abated property pays taxes to both City and County. PILOTS don't contribute to school funding for example - a huge local issue.

As far as having different assessment on similar condos, its probably not an exact science. The assessment is probably done when the master deed on a new or converted condo property is filed with the County, and not necessarily at the time of purchase/sale. If the assessments differ between similar condos, it might be related to how and when the developer filed the deed, or converted it's use from a rented apartment subject to a PILOT, to a condo subject to regular property tax.

Bottom line, the assessment isn't directly related to the purchase/sale price, though may be incidentally related as a result of timing.


Thanks for the info and the link.

See the comment from ProdigalSon above. What you are saying seems to contradict the experience he has in his building.

Posted on: 2013/7/15 22:54
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Re: JC Real Estate Taxes
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Quote:
From what I understand, Abated properties do not pay real estate taxes. They make PILOTS Payments In Lieu of Taxes. These are typically based on the selling price, at least mine was, but I suppose could be based on assessed value, and paying a percentage of tax. I think that some of the older buildings may have been done in this fashion.



That is different from what some other people are saying on this same thread. But based on the tax (or PILOT Payment) differences I am seeing within a single building, that makes sense.

Just to clarify, are you saying that the tax base automatically adjusts in your building each time there is a new sale and purchase price to go along with it?

Posted on: 2013/7/15 22:53
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Re: JC Real Estate Taxes
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Thanks very much. That's very helpful.

On some of the abated condos downtown, I tend to see tax rates that are wildly different even though the apartments are in the same building, have the same layout, similar view, etc.

Are you certain that a purchase price did not determine the assessed (taxable) value for these properties?

Also, I heard the reval was cancelled. Have you heard that it is back on?

Posted on: 2013/7/15 21:01
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JC Real Estate Taxes
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Can someone please explain to me how JC taxes for condos works with specific details?

I have heard very mixed and vague information from a number of sources. When I attempt to get clarification, it becomes clear that people don't really have the specifics.

I am trying to find out the following:

(a) what the general tax rate *currently* is (when there is no abatement) (I understand that the rate is about to go up.)

(b) whether the assessed/taxable value of the property is *automatically* adjusted based on each new purchase of the property for both abated and non-abated condos.

(c) any other info that you think is relevant to the calculation.

Posted on: 2013/7/15 19:56
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