"NNJR: If you are refering to me you are wrong. I own my apartment (850 square feet 1 bedroom), it is worth nowhere near 500K dollars and 1 pay around 7300 for taxes. So if someone says a luxery apartment worth half a million dollars is only paying 8,000 for property taxes, i think it's too low (or perhaps my taxes are waaaay too high)."

If this is really true - if you are paying more than 1.46% of your apartment's real current value today, you can dispute your taxes with the help of someone called a "tax certiorari" attorney. There are a handful of firms in NJ who specialize in this kind of work. Basically your attorney will go to the JC assessor and show him that you are paying more than the current EQ Ratio x Rate, and force the assessor to give you a personal revaluation of your home. Given the dollars involved, if there is any logic to your claim the assessor will offer you a lower tax payment in order to avoid court costs to the city.

On the other hand, if your claim is baloney, the judge will throw it out immediately so don't waste your money on an attorney. Remember that if any of your neighbors sold their apartment for anything like $500k, the assessor can claim your apartment is worth the same. FYI - Waterfront 1-bedrooms sell for $600k now.

We need a new accountant, primarily someone with whom we can discuss these property tax issues, because the more I read, the more confused I become. Any recommendations?

Quote:
actually it is deductible on federal tax return - this has been discussed here and there many times. rule of thumb - irs considers them as re taxes in private rulings. to forstall confusion, all that is necessary - is to obtain a letter from irs, stating this. which is usually done by condo association. last i talked to my lawer - the developer is working to obtain one.
on the other hand it might not really matter that much for those caught by alt min tax - only very small portion of re becomes deductible, based on your private calc. it can be as small as 30%. you'll have to check with accountant.

Anyone living in the Hilltop neighborhood, wishing to join the group's yahoo group email list, can by going to http://groups.yahoo.com/group/hilltopneighborhood/

More information about the Hilltop Neighborhood can be found at http://www.hilltopobserver.com/hna/

"As a real estate tax payer, I am concerned about the whole nut; city, school, county (and state) taxes. What good does it do for me if PILOTs surpress my city taxes and force my school and county taxes higher.

You stated expert knowledge in this area, please explain. "

I thought I had answered this before but once more just for good measure. Here goes:

The Jersey City School system is controlled and paid for by the State of NJ using money from the state income tax and other sources. So basically as it stands, people in Princeton are paying for JC's schools. When the City's budget started improving due to the cash influx from waterfront PILOTs, Mayor Cunningham took the City off the NJ Distressed (aka Dysfunctional) Cities Program. The State of NJ said "Woah, if you can skip out on the program because of all your new PILOT money, you need to start paying for you own school system." Well, the Cunningham administration wasn't about to force these expenses on regular voting taxpayers, so it imposed a 5% surcharge on top of all PILOT payments (a tax on top of a tax - so to speak) which goes towards defraying the State of NJ's costs of running the JC school system. Right now the NJ school system costs the state about $70 million/year and the PILOTs are generating a few million dollars against that which cuts the State's cost.

As far as the county goes, again during the Cunningham administration, the City of Weehawken sued Jersey City claiming that the PILOT program made it possible for JC to keep all the $ and Weehawken wanted to get its hands on the same loot. So to keep political peace, the Cunningham administration imposed a 2% tax on PILOT payments to enrich the County coffers. In any case, I need to correct your understanding about the County's revenue stream as follows. If the PILOT payments were converted to a regular tax payments, your regular taxes would skyrocket because JC would need to triple its local taxes in order to satisfy the county's 60% share of regular tax revenues and still pay off its own needs. Remember, the county gets a tax share but it doesn't set the rates. It's an illogical system, but the only one we have.

Hoping that helps.

from my understanding:

1) Newport's James Monroe condo has/had the same abatement as shore club

2) Abatement aka PILOT locks in your "tax" rate for a fixed number of years, so you pay the static amount of "tax" each year no matter what the actual property tax rate is.

3) Abatement/PILOT in newport are usually about the same or slightly more expensive than the normal property tax at the beginning and become a bit cheaper over time as normal property tax increases. In the end, the difference is small.

4) Abatement/PILOT is *NOT* deductable, so dont expect that fat tax return check. This makes them MUCH less desirable than paying normal property tax for those in the ~20%+ tax brackets.

5) There are so much confusion around abatement, as soon as people hear the word abatement, they assumed hey dont have to pay any property tax or very little (which is one reason developer like to attach tax abatement to their units), BUT in reality you actually pay MORE because they are not tax deductable.

those are my research from last year on james monroe when condo shopping, in the end i decided there is just no way to justify purchasing in newport value wise and bought in saint johns in jsq instead. Now looking back, think i made an excellent decision.

[/img]Here is a link -- America's Middle Class Has Become Globalization's Loser

Why should we care if the developers make money or go broke --
downtown will have lots more people in any event -- rentals or
condos -- it will be (already is) vastly safer than only a few years
ago -- and we will have lots of amenities -- sure rents will be
much higher and that is a shame for those renting but if you own,
or you are lucky to have a rent stabilized place then you will likely
be happy about the changes.

It is also great for Journal Square, the Heights and frankly
everywhere in JC-- more good tenants who move out of downtown
because they can't afford the higher rents or all the newcomers
who feel safer with the new downtown but can't afford the rents
will look in these areas

I am not gonna lose sleep worrying about the developers -- even if
they all go broke -- people will be renting in these high end
buildings -- maybe at discounted prices - but don't hold your
breath for that one.

------------------------------------------

I also think you underestimate the wealth of many of the new
"immigrants" and what is really happening in New York City's and
"wealthy" suburbs' growth.


JSalt wrote:
"Despite what you may want to believe, the overwhelming majority
of that U.S. population growth is happening in suburbs, and very
little of it is in urban areas.

The vast majority of New York City's population growth has been
due to immigrants in the outer boroughs - people who do not likely
buy luxury condos."

Despite what you may want to believe, the overwhelming majority of that U.S. population growth is happening in suburbs, and very little of it is in urban areas.

The vast majority of New York City's population growth has been due to immigrants in the outer boroughs - people who do not likely buy luxury condos.

Of course these facts don't preclude the possibility that there is overwhelming pent-up demand for apartments in this specific area (some claim there's a massive shortage in Manhattan).

But I think what's probably going to happen is that you're going to wind up with at least a few years where there's a huge surplus of inventory and condos don't move. Then it'll be a matter of whether the developer has the balls and the funds to wait things out until the market picks up again.

One of the more interesting things about Delivered Vacant is that it ends right around when the Hoboken started to cool for a while (obviously it eventually picked up again). The bigger developer the film follows winds up going bankrupt, and the smaller one ends up losing money on his brownstone-rehab projects. People always assume the developers know what they're doing, but there's no guarantee of that.

actually the numbers are very healthy for preconstruction.
as far as crowding - look at manhattan's east side : from 20's thru ues - its' all hi-rises and plenty of office space on lex, yet 1 main subway line :4/5/6. jc downtown is nowhere near that density. actually, at this point hoboken has higher density of population then newport , believe it or not. and if you were in newport or near exchange pl every day - it does not have crowds either.
about path, though i agree - that worries me somewhat. but PA states that ridership was much higher earlier , so they can handle it.
potholes are jc province - chances are with more affluent dwellers roads will improve. at least closer to waterfront.
rebuilding ramps to holland tunnel already started: 15 year project.

well there you go, there's the numbers, and they don't lie.
are they building bigger path train platforms? more shopping? How about fixing some damn potholes, i'm sure the richies that are moving in don't want their fancy cars messed up.
i just can't picture downtown w/ that many more people. good luck downtownies.

Quote:
new buildings are selling in hoboken and in jc. you can check out kannekt bs - granted, there's a lot of fluff posted there, but there's enough info, if you're willing to sift thru.
currently trump is selling the 1st building : in 1 month 30% sold. also shore club north sold 135 out of 221 units since july. A sales slowed and mandalay's are in a total slump, but it's an older and much less attractive building.
so currently there are 4 hi-rises competing, not including portofino and shoreclub south, both of which sold out quite some time ago.
there's only 2 rentals being build at the moment off waterfront - columbus and grove point. they're pricing grove point condo's same as condo A (wonder who'll fall for that...)
2nd trump might be a rental and also 2nd 77 hudson - but that is at least 5 years in the making. hi-rise rental market is very healthy in jc - buildings are at very high occupancy and rents are steadily rising. the only other rental coming up soon is aqua in newport - contruction starting in 2008. that one will have knock out views, together with knock out prices. if lefrak does not fret, who'll rent, neither do i.
oh, and by the way - check out W condo's thread on kannekt, some astounding numbers quoted there....

Setting aside the cost for a minute - would most of you be comfortable living 60+ stories up? Maybe I am just a worry wort, but I don't like the idea of living any higher than I can comfortably get up and down stairs to.

Similarly, people have expressed concern about living in the Beacon because of its previous use as a hospital, but I haven't read anyone express the same concern about The St. Francis condos.


On another note: if as Alb believes, tearing down Pep Boys is a Mitzvah, I think the community should insist that there be a Bar as one of the commercial establishments. The Bar Mitzvah could feature the wines of Manischewitz - talk about terroir!

i just do NOT understand how they think they can fill a huge ass project like this. not to mention where will all those people eat, and what trains will the take to get to work?
i just keep seeing more and more building, but i don't see people trampling down others to get these condos.

I walk everyday from the heights thru hoboken to get the bus, and there's so many new buildings going up in hoboken, but the one thats been finished for about a year has about 4 condos bought. I know this b/c i'm nosy and peek in the windows.

I just don't understand how they can continue to build and build and build some more when existing projects sit empty. Such a waste.

ps. anyone that lives in the heights and takes the lightrail at congress, have you seen the new large hole that used to be a field next to the tracks? Does anyone know what this is? i would be SHOCKED to learn its more condos but developers never cease to amaze me in the fact that they will build a condo ON tracks, and then say luxury b/c it has a stainless steel stove.

every tax abatement agreement is diff, but shoreclub has a 1st step up after 6 years - so that locks the rate at quoted 1.65% for 6 years. last i saw posts that jc re taxes are rising. does 5.22% rate reflect that? how long do you think it'll stay at that level? if local taxes are rising at a faster rate, very soon tax-abated rate will become lower, then effective 'equalised' rate, no? if you cancel at the end of 1st year - you're loosing this protection. i would not trust jc to keep effective rates at the same level. raising the nominal rate or 'equalised rate' is always a high possibility.

Quote:

To me, the tax-abatement thing is the worst part.

I don't mind the idea of people building tall buildings on ugly lots around Shoprite. Tearing down 111 First or the Embankment might be a crime against posterity, but tearing Pepboys or BJ's would be a mitzvah.

I could also live with the limited parking space philosophy. Given how few people really need a car to get to work, why can't all the developers just copy the new Trump building developers and offer to provide access to a fleet of Zipcar rental cars?

But the whole idea that developers are getting tax breaks in exchange for developing on ultra-hot property seems to be extremely absurd.

I don't mind all that much if the developers of the Beacon or the various Bergen-Lafayette properties get abatements. Developers there might really need help to make their projects work. But the folks developing residential units downtown ought to understand that improving the local government infrastructure, including the schools, is in the interest of their customers.

JCLAW I always enjoy your posts -- seem well informed -- but I guess I have always missed something about the whole abatement issue. I thought the point of getting an abatement was to have taxes "locked in" for 20 or more years -- am I just wrong? Are you saying that abatements don't protect the owner from tax increases over those 20 or more years?

Your point is that people with tax abatements do and will "always pay more in taxes" than owners of other "new" are totally "re-habed" places? So, all future increases will be the same for both?


Quote:

You made statements that abatements or better said PILOTs are better for the city than the developer. I asked you to explain on this old thread-

about abatements

Here you state that a condo buyer should cancel their abatement/PILOTs and pay regular taxes. Perhaps you could also explain about how this will impact the condo owner's school and county taxes.

As a real estate tax payer, I am concerned about the whole nut; city, school, county (and state) taxes. What good does it do for me if PILOTs surpress my city taxes and force my school and county taxes higher.

You stated expert knowledge in this area, please explain.

We can discuss whether the city has conflicts of interest preventing it from negiotiating the best PILOT deals later.



Quote:

-edited to insert quote-

Does anyone know when the last time the city performed a city-wide property assessment?

I know there is an effort underway in Hoboken to have one done. The theory there is that the politicians that are against it are dependent upon the "old school" Hoboken vote, and that demographic would likely be forced out of Hoboken if their taxes went up. On the upside, the reassessment keeps the total tax level the same, but redistributes the tax burden across the city based on current values. While I don't want to see people kicked out on the street because they can't afford the taxes, I also don't like the idea of property owners getting a free ride on the increased valuations of their property.

Philly reassessed property values city-wide while I was living there, and it did create quite an uproar. It also spuured on the redevelopment of the center-city area, which has really turned around.

SWEET! I can't wait until they start knocking down condos to build more condos!

NNJR: If you are refering to me you are wrong. I own my apartment (850 square feet 1 bedroom), it is worth nowhere near 500K dollars and 1 pay around 7300 for taxes. So if someone says a luxery apartment worth half a million dollars is only paying 8,000 for property taxes, i think it's too low (or perhaps my taxes are waaaay too high).

More bitter renters spewing misinformation on this board, big surprise.

The architect (who also designed the Ellipse) was there and gave a stealthy presentation. He spoke loud, clear and swiftly as he explained each picture board and moved them along quickly. Lot's of pictures. People's eyes were bugging out... you needed big eyes to take it all in!

I got a chance to look (and touch) the materials.. blue/green glass. Very nice.

I liked the part when Falcon asked when they planned to start building.... and they responded.. right away! Priceless.

Out of the Kitchen and Into the Shopping Mall
The New York Times -- By TERRY PRISTIN
Published: October 25, 2006

Lisa Price was already a success by most measures before she met Steve Stoute, a marketing executive who teams up hip-hop stars like Jay-Z with brands like Reebok.

Only a few years after seeking personal bankruptcy protection, Ms. Price had parlayed a hobby of developing skin-care and hair products in her kitchen into a business called Carol?s Daughter, with $2 million in sales.

She had opened a store in the Fort Greene section of Brooklyn. She had told her inspirational story on ?The Oprah Winfrey Show.? She was about to publish a memoir, ?Success Never Smelled So Sweet.?

But by October 2003, when she was introduced to Mr. Stoute over lunch, Ms. Price had reached a plateau, she recalled recently. ?I knew that I?d done all that I could on my own,? she said. ?It was more important for the brand to become what it can become than for me to have control of it.?

Though he had no experience in cosmetics, Mr. Stoute became Ms. Price?s business partner and raised $10 million from a group of investors that included Jay-Z, the actors Jada Pinkett Smith and Will Smith and the record producer Tommy Mottola and his wife, the singer Thalia.

A year ago, Carol?s Daughter opened a sleek, eye-catching store in Harlem. This year, the brand began appearing in Sephora cosmetic stores. Prices range from $6 to $27.

And now, Carol?s Daughter has accomplished something that is rare for a homegrown business, and even more unusual for one started by an African-American entrepreneur. The company is about to open its first mall store, at Roosevelt Field in Garden City, N.Y. A second mall store will open next year at Newport Center in Jersey City. A Carol?s Daughter kiosk in the shape of a gazebo will be installed at Atlantic Terminal in Brooklyn this fall.

David Simon, the chief executive of the Simon Property Group, the giant shopping mall operator that owns Roosevelt Field and Newport Center, said Carol?s Daughter?s primary customers, African-American women, were underserved by malls.

?We thought they might have an opportunity to do good business in our centers,? he said. ?It?s not so much that this company is sponsored or owned by African-Americans. It?s the demographic they appeal to that is most important.?

But mall owners are generally reluctant to take chances, especially if a retailer does not have a long credit history. ?They are going to trust a Gap more than a start-up, even if the start-up is more exciting,? said Roger A. Lowenthal, a senior vice president at the Greenberg Group, a Hewlett, N.Y., brokerage company that represents Carol?s Daughter. ?They don?t know if the company will pay the rent on time or be around in 10 years, so there?s more of an element of risk.?

Unlike many start-ups, however, Carol?s Daughter had strong financial backing from the team that Mr. Stoute put together. ?It helped to give us some confidence, knowing they were going to stand behind the company,? Mr. Simon said.

It did not hurt that some of these backers were celebrities who were likely to bring traffic to the malls while promoting the Carol?s Daughter store. Mr. Stoute said the opening of the Roosevelt Field store would look like a movie premiere.

Mr. Stoute, who said he first learned about Carol?s Daughter from a friend, had no experience in the cosmetics business when he decided to form a partnership with Ms. Price. In their first meeting, he said, he was surprised to learn that she packaged her face and body butters in baby-food jars with hand-written labels not because she wanted her products to look homemade but rather because that was all she could afford.

?I?ve never been in the beauty business,? he said in a recent interview in his Times Square office. ?All I knew was this woman had a great story. And I knew as a businessman that she had an undervalued asset. It made no sense ? how could everybody know about this, and she had no money??

Mr. Stoute described his role in Carol?s Daughter as providing ?cash and access.? But in fact, the partnership with Mr. Stoute has transformed Ms. Price?s business in major ways. In 2004 he recruited Clarisa Wilson, a former general manager of Mizani, a division of L?Or?al USA that is geared to African-Americans, as company president.

He chose not to replicate the ?Afro-centric apothecary? look of the 750-square-foot Fort Greene store at the corner of South Elliott Place and DeKalb Avenue. Instead, Mr. Stoute wanted a more luxurious ? and more universal ? feel for the 1,100-square-foot Harlem store. ?You want everybody to feel that the store is for them,? he said.

Wedged between an H&R Block branch and a pawn shop, the light-filled store stands out on an as-yet- ungentrified stretch of 125th Street, between Fifth Avenue and Malcolm X Boulevard.

?We?re trying our best to provide a Madison Avenue mentality to 125th Street,? Mr. Stoute said. The overall design is modern and spare, but the store has some homey touches, including photographs of Ms. Price?s mother, Carol Frances Hutson, who died in 2003, and a kitchen meant to evoke the company?s origins.

These days, about 10 percent of Carol?s Daughter?s products are made in its Brooklyn warehouse, she said. The rest are farmed out to several manufacturers.

But although she is no longer working primarily out of her own kitchen, Ms. Price remains in charge of research and development. ?The formulas start with my recipe sheets,? she said.

CLUB SNUB?
Plans for Blue Ribbon have some neighbors concerned
Wednesday, October 25, 2006
By ALI WINSTON
JOURNAL STAFF WRITER

Former NBA star Terry Dehere and his legal representatives met with local residents Monday night at St. Joseph's Church to discuss his plans to bring live music and other entertainment to his Journal Square restaurant.

The Blue Ribbon is in the Summit House, Jersey City's oldest building, which was bought last year by Dehere and his childhood friend, Steve Papas. They recently applied for an entertainment license, which would allow for "any live act, including vocalists, actors, dancers, floor shows, instrumentalists and DJs," according to city ordinance.

Some residents, including members of the Hilltop Neighborhood Association, say they fear the restaurant will become a nightclub, bringing late-night noise and trouble.

Last year, just four months after Dehere and Papas opened the restaurant, two Hudson County corrections officers were shot, one fatally, about 3 a.m. after leaving a party there.

"He opened a restaurant, most people want it to stay that way. It's going to be a tough sell," said Richard Boggiano, president of the Hilltop Neighborhood Association. "I have an open mind on the entire situation."

Dehere is seeking an entertainment license that would allow his business to host live music and provide a "supper club" atmosphere in the Journal Square area.

"The ordinance just says 'nightclub,' which puts a bad taste in people's mouths," Dehere said. "The type of establishment specified under the ordinance needs clarification."

Dehere also said the neighbors' concerns were "legitimate" and that he hoped all could "come to a harmonious solution."

The Jersey City native, noting he is aware of Summit House's extensive history and will work to protect the building, has previously said his intention is to have live jazz music during brunch and during dinner.

Councilman Steve Lipski, who attended the community meeting, agreed with Dehere that the entertainment license ordinance is too vaguely worded.

"The ordinance currently in place is very broad; if we specify the type of use, such as a supper club that closes at 11 p.m. versus a nightclub that closes around 3 a.m., there would probably be a lot less resistance," Lipski said.

Dehere, however, never said he intended to close at 11 p.m. In fact, the Blue Ribbon currently remains open until midnight on weekdays, and closes at 2 a.m. on Fridays and Saturdays, an employee said last night.

Lipski hinted at the possibility that race - or at least, "culture" - has something to do with apprehension about the restaurant's future.

One resident said the Summit House, which until Dehere and Papas bought it had housed a Laico's restaurant, used to be a "blue-collar white person's bar."

Lipski urged residents to remember Dehere is a "class act" and a "man of God" and, paraphrasing Martin Luther King Jr., asked that he be judged on "the content of his character, not his color."

Mayor Jerramiah Healy, who did not attend Monday night's meeting, also praised Dehere but added: "There have been some serious problems at the Blue Ribbon since it opened, and the city will be looking long and hard at the situation before granting an entertainment license."

What Med Center programs make cut?
Wednesday, October 25, 2006
By KEN THORBOURNE
JOURNAL STAFF WRITER

State Health and Senior Services Commissioner Fred Jacobs said yesterday that it's "too early" to say which programs at the Jersey City Medical will stay or go, but he expects to have critical data about them in hand within 30 days.

Several of these programs at the cash-strapped hospital, such as the HIV/AIDS clinic, the Level II Trauma Center, and Children's Hospital, might also have to survive without additional state aid to the hospital, he added.

The commissioner's remarks came a day after JCMC officials released a "performance improvement plan" prepared by Chicago-based consultant WellSpring Partners that calls for strenuous belt-tightening at the 336-bed facility, recruiting better paying patients, and possibly eliminating several money-losing ventures.

Jacobs noted several of these programs would require state approval to be ended and said money won't be the only factor in deciding if they stay open, he said.

The "pre-eminent" consideration is the medical needs of the community, Jacobs said.

"(The programs) will be evaluated in a dispassionate and comprehensive way with the WellSpring Partners, and (JCMC) board, and the state," he said. "It is too early to say which program will go."

Jacobs also tamped down expectations the state might cough up more dough to keep the programs open.

"We (the state) are already a major financial supplier to the Jersey City Medical Center, not just in charity care, but in supplemental aid to the charity care," Jacobs remarked.

JCMC has received roughly $60 million in charity care reimbursements from the state the past two years, said JCMC Acting Chief Executive E. Stephen Kirby. In addition, the hospital has received roughly $35 million a year in supplemental aid, and Medicaid and Medicare reimbursements, he said.

But despite all this, the hospital is still coming up about $3 million-a-month short in making ends meet, officials said.

Kirby replaced Jonathan Metsch, who abruptly resigned as the hospital's chief executive officer on Sept. 22, following a board review of the draft report.

"I think whatever happens at the end of the day, Jersey City Medical Center and the state are going to have to be in partnership to make this work," Kirby said.

Powerhouse vision has gotten blurry
Jersey Journal -October 25, 2006

The Powerhouse Arts District, once a symbol of a progressive urban planning, is quickly becoming a badge of failed stewardship - and the line between intention and reality is becoming more and more blurred.

The first domino to hit the floor was 111 First St. After costly legal wrangling and engineering reports that concluded the building would cost millions to preserve, Lloyd Goldman forced to the city to approve plans for the demolition of the historic warehouse and the construction of a modern skyscraper.

A number of the city's political elite were genuinely upset about the decision, particularly because it highlighted the city's failure to follow simple, procedural rules that might have saved the building and the plan itself.

Jersey City Corporation Counsel Bill Matsikoudis proclaimed that the Goldman decision would not spur the "domino effect" conservationists feared - turning the unique warehouse district into dominant Vertical City that surrounds its borders.

Well, such declarations now appear hard to justify.

Local attorney and powerbroker James McCann recently alerted the city of Toll Brothers' desire to seek amendments to the Powerhouse plan that include demolishing a large portion of the Manischewitz Building. The letter alludes to the Goldman decision as a precedent.

Sources tell me that Toll Brothers - which refused to speak about its intentions - wants to build a 40-story building on a portion of the Manischewitz lot. The plan, though not publicly released, will likely be met with opposition.

"We oppose building tall at the Manischewitz Building," said Joshua Parkhurst, president of the Jersey City Landmarks Conservancy, the group instrumental in helping create the historic zone.

The future of the Butler Building, considered as another key landmark in the area, also is uncertain, because city sources tell me that the building's owner, aware of the Goldman decision, expressed interest in tearing down the historic warehouse and building higher.

Matsikoudis now says that developers' proposals will be reviewed on a case-by-case basis and that council members will have to make "policy decisions" about what type of development they want in the district - a sharp change from a regional approach.

The administration rightly argues that while some of the aesthetic may have changed, much of the philosophical vision of the Powerhouse Arts District remains the same, including thousands of feet of gallery space, creating a vibrant retail, cultural and entertainment district and artist housing.

If the city wants to retain a semblance of the original aesthetic vision of the Powerhouse Arts District - and that's debatable - the City Council needs to take a lead role.

It should consider declaring the remaining buildings historic and add the extra legal protection necessary to combat the domino theory that will inevitably come crashing down, should the city stay the course.

"If the buildings are declared historic, it would provide us with more legal protection and show developers that the city has a clear plan for the area," said Bob Antonicello, executive director of the Redevelopment Agency.

If these steps are not done, maybe City Council should change the area's moniker to something more appropriate.

JARRETT RENSHAW can be reached at jrenshaw@jjournal.com.

I find myself responding to these posts because there is so much misinformation out there. Here is another perfect example.

In condominium projects, the real estate tax "abatement" aka. PILOT program goes to the BUYER not the builder. In fact the BUILDER has to pre-pay the city an entire year of taxes in exchange for this "abatement" which applies to the BUYER. The PILOT for condos is based on a complicated formula derived from the purchase price, the monthly maintenance charges and current interest rates. You can call the local tax assessor and he will calculate the numbers for you, as they can change.

The number 1.65% is about right, and if it seems high to you for taxes, its because it IS high. In fact, its HIGHER than regular taxes on a new "UN-abated" condo. An new unabated condo today would pay taxes based on the current published Equilization Ratio x Tax Rate, which is .28 x .0522 = 1.46%

So, as you can see, there is no such thing as an "Abatement" in Jersey City. The good news is, as a buyer you have the right to cancel your "abatement" anytime after 1 year from date of purchase, so after the 1st year you can go down to regular JC taxes like everybody else.

The biggest problem with condo "abatments" is the name. JC is so screwed up that buyers feel they need to hear the word "abatement" when buying a condo, so builders go to the city to get an "abatement" and the city says ok, I'll give you one but only if the "abatement" charges you more taxes than regular taxes. The builders have no choice so they get this PILOT "abatement" and then just assume the buyers will cancel it as soon as they buy. The only benefit of the PILOT program is that it protects the buyer from massive city tax increases in between the time that the buyer signs the purchase contract and the closing date - so at least you are protected for the perhaps 12-month wait until your move-in date.

If you are a new buyer in any of the new condo developments on the JC waterfront, after you move in, I strongly recommend that you write a note to the JC tax department (c/o Mr. Ed Toloza) and cancel your abatement at the legally permitted date which is one-year after you take title.

OVIEDO is the capital of Asturias, on Spain's northern coast. It's a fairly large, hilly town, with cobbled sidewalks....it's clean, beautiful, and the food is great. The square where the cathedral is located is rich with history & architecture. I've visited twice because a childhood friend lives there, and they really know how to live life - feasts all summer, no 1am last calls, or kitchens closing @ 10pm. All this in a town where locals actually live & work. I hesitated to write a defense, because I know it's a waste of time when everyone goes off on tangents insulting each other's opinions....but also because I know no one is ever satisfied or appreciative of anything good or decent that comes JC's way, even after they've asked for it. But I felt I had to, since everyone mocking & criticizing it can't even locate it on a map or spell it properly.