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Re: tax reval result on a Google Map
#91
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Quote:

jctexan wrote:
BL and Journal Square seem to be doing alright. Heights and Greenville could use a little bump though (according to the visualization), right?


No, I's say the Heights are fine, at least according to my assessments. By one, a property successfully appealed in 2015 has not just risen, but "risen" relative to the city by 20% in just that time.

Posted on: 3/20 15:29
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Re: New Tax Rate is Insane!
#92
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Quote:

Yvonne wrote:
The problem, Brewster, you pretend you know everything, but you do not sit down with the people who make the budgets and create the ordinances. I have been doing this since the 1970s, I have attended more budget hearing at the county and local level than I care to admit.


Yvonne, you can put the NY Times under a bird cage for 20 years, and Polly will still not be able to give you a coherent explanation of local politics.

Posted on: 3/18 14:16
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Re: New Tax Rate is Insane!
#93
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Quote:

MDM wrote:
Quote:

brewster wrote:
[quote]
My take is that much of the rise in JC, especially the Heights, is fueled by demographic change not just market fluctuation.


Unfortunately, we will be fully gentrified with 2 family homes complete with butt-ugly pink faux-brick.

I have two more under construction near me.


Yeah, I wish I knew the answer to that problem. I'm not even certain if we got the R-1 changes we wish for that we wouldn't simply get taller Bayonne Boxes, since given how cheaply constructed they are the developers can probably outbid anyone else for the property.

Posted on: 3/18 13:58
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Re: New Tax Rate is Insane!
#94
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Quote:

MDM wrote:
I've had a back and forth with the wife about cancelling further capital improvements and just selling everything, except the place we live in.

My concern that this might be the mother of all bubbles and prices like this won't be seen again. Sort of like selling Dot.Com stocks when the NASDAQ was pushing 5,000.


I hear you. Surely you wondered the same thing in 2007, right? We hung in there then. My take is that much of the rise in JC, especially the Heights, is fueled by demographic change not just market fluctuation. If we were talking about a suburb like Teaneck where the same population who were there 20 years ago are still there, yeah. But it's hard to foresee de-gentrification at this point.

I'm in this for the long term rents, that's my retirement. We'll have everything paid off before I'm 65. Those Nasdaq stocks weren't paying dividends, at least not to compare to the rents.

Posted on: 3/18 11:59
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Re: New Tax Rate is Insane!
#95
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Yvonne I'm sure somebody told you some numbers, it's your ability to understand those numbers that is in doubt.

MDM: the GRMs have been out of control for a while. Think about all these condos people are purchasing to rent out at purchase multiples well over 20 times yearly rents. Our 2012 Heights 4U purchase had a GRM of 7, and those rents were low.

Posted on: 3/17 16:15
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Re: New Tax Rate is Insane!
#96
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I got my Palisade letter too: a $2k increase from $8k. What's fishy is I successfully appealed this property in 2015. If it was correctly assessed then, then they're saying it's gone up 20% faster than the city as a whole in just those 3 years? Seems very unlikely, but I'm sure they'll just say: show us the comps" rather than have to justify their timeline.

Posted on: 3/17 11:48
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Re: NEW MARION PATH STATION ANNOUNCED
#97
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No, a feasibility study has been announced.

Honestly, a station at Center and Columbus would make more sense and serve a whole lot more people. Currently the farthest someone in Marion would have to walk is 15 minutes. The station on Center would create much better access for Bergen Lafayette and that whole area around the Beacon. It'll never happen though since it would be viewed as pandering to downtown.

Posted on: 3/14 15:12
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Re: Tiger Mart / Exxon Gas Station - Credit Card Skimming
#98
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Open air places like stations and ATMs are the most likely place for skimmers, but when you don't insert the card yourself like at a gas station it's hard to protect yourself by being observant. The attendants on the other hand should know if a card reader looks odd.

Since chips are much harder to skim, maybe it's time to pressure businesses to finally update their equipment, it's years late.

Posted on: 3/14 13:02
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Re: New Tax Rate is Insane!
#99
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Quote:

JCGuys wrote:
Quote:

Yvonne wrote:
The tax abatement is not 95% city and 5% county. That is an error, in fact, check with the law department of JC if you think I am wrong. It is 100% Jersey City with an extra 5% going to the county. The 5% was a settlement from a Secaucus lawsuit against JC. It was to be 10% but was cut to 5% due to favors due to retribution.


LoL what? People pay 105% of their abatements now?


Haven't you been paying attention? Yvonne is arithmetically impaired.

Posted on: 3/14 12:53
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Re: New Tax Rate is Insane!
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Quote:

MDM wrote:
I got a 13.6% reduction on my one Heights property. The building in question has a non-build lot attached to it currently used as tenant parking. Unfortunately, it isn't listed on the appraisal list. So I may get hosed a bit based on what I am reading on the increasing value of land.

My one property near North st. though I am sure will get a hefty increase. Too many giant homes renovated after the light rail went into operation.


Are you saying the lot has a separate deed? My place near the rail got a nice 20% reduction when I appealed a few years ago, I'm curious to see what they cook up to raise it. Theoretically it should still be just right.

Posted on: 3/14 11:26
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Re: New Polish Food Shop on Hutton Avenue
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Quote:

iGreg wrote:
Place is weak, they had no goodies to heat at home like stuffed cabbage, pierogi or soups etc.

I asked and got dumb looks.


This is the spot to load up at and worth the drive:

https://www.piast.com/


They totally had containers a pierogi of every type in the cold case.

Posted on: 3/14 1:56
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Re: New Tax Rate is Insane!
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I got mine in the Heights, up 10% but they've made a nearly 20% error in estimating the habitable square footage. I guess I'll be talking to them. Also weirdly, on the card they list the property with a 25-foot frontage but on the current tax records that's clearly a 20-foot. How do you screw that up?

Posted on: 3/14 1:53
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Re: New Polish Food Shop on Hutton Avenue
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I visited, but was sad there was no steam table or even platters to microwave at home. I'd totally buy a platter of kielbasa, pierogi and stuffed cabbage for lunch. The different kinds of kielbasa looked amazing!

Posted on: 3/13 20:36
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Re: Political war brewing over county exec seat
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Quote:

jc201jc wrote:
i still don't understand why the counties hold so much power. is that a uniquely "Jersey" thing?


It's all about money: contracts and patronage. This is the fuel that makes the HCDO run. The more money you can spend the more power you have.

Posted on: 3/13 12:59
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Re: Sheriff Sale? (foreclosure)
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Quote:

CandiceOsborne wrote:
I purchased an investment property this way, a county foreclosure auction (though not Hudson County) and here was my experience:


Wow, that was fascinating. How many properties were you watching and researching at the same time? Surely you didn't put all your eggs in one basket? Hard to believe that 50-60% of market value wasn't low enough for the flippers.

I sure don't have the stones for that game. Most of the players don't do your due diligence but do enough deals that one going bad is all in the game. Many years ago we looked at a $500k rent stabilized 8 family on the UWS, and the broker gave us a whole song and dance about how to buy out tenants and consolidate units to get below the threshold. We realized this was a game of russian roulette that we did not have the deep pockets to play, one loss and we were simply done. So we came here!

Posted on: 3/12 22:38
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Re: New Tax Rate is Insane!
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Quote:

JCGuys wrote:
an investor that didn't due their due diligence deserves what's coming to them.

I'm not so sure about that. People buying a house talk to their lawyer and broker. If neither of them tells the buyer about the reval, how would they know? The bank should know and tell them, since a value drop will change the LTV, but will they?

Dtjcview, that's very interesting about the Minnesota program. Fulop should be researching that.

Posted on: 3/11 17:27
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Re: New Tax Rate is Insane!
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Quote:

JCGuys wrote:
Needs to be state driven, IMO. Property tax deferral for retirees with the accumulated balance plus interest due upon sale.


The state is not involved in the property taxation process at all, it's the cities and counties, why should they get involved in this solution?

Posted on: 3/11 13:49
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Re: New Tax Rate is Insane!
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Quote:

JCGuys wrote:
Total fees will be closer to $15,000 at the end of the day. Loan origination is just one of several.


Apparently the other biggest chunk is the Mortgage Insurance Premium, which can be 2% of value, but the important thing not broadcast is that if you take a "line of credit" style reverse, the MIP at origination is a fraction of that, it's dependent on your loan balance. My impression is a lot of the abusive loans came from brokers who were paid more for lump sum rather than line of credit style loans. Lump sum was certainly inappropriate for the lady in the article.

As I've said before, it would be so much better if the city set this up themselves to securitize "reverse mortgage" style tax liens for homeowners who met certain qualifications of age or income. It would be a win all around with less fear for homeowners and less uncertainty for the city coffers.

Posted on: 3/10 21:29
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Re: New Tax Rate is Insane!
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Quote:

dmark526 wrote:
This is one example of why it might not be the best idea.

http://www.nj.com/mercer/index.ssf/20 ... r_eviction_from_home.html


The numbers and timeline in that article make no sense and do not add up. She got $104k on a $300k house in 2004 and it was gone by 2007? By a few years later the loan balance was $300k? WTF?

As far as I can tell she must have squandered most of the loan in some way, and was robbed by the shady bank of the remaining $180k of equity in her home, there's no explanation other than a mixup of mailing addresses. Even the article states "Reverse mortgage foreclosures are rare, and evictions rarer, experts say."

These are the scare stories I am very dubious about. There was no reason to lump sum this rather than take the taxes out every year like it was a line of credit. When I looked at the fees, they seemed to be about $4k to originate the loan, I don't see that as ridiculously high for the service rendered.

A little reading has revealed that some of these are set up to fail, the banks take no measures to insure taxes are paid the way they do with a standard mortgage and escrow. This is a huge hole in the system.

Posted on: 3/10 17:02
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Re: New Tax Rate is Insane!
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Quote:

JCGuys wrote:
Ins't there also other programs like reverse mortgages which would allow someone to cash out their equity and live in the home for the rest of their lives. Not that I would ever recommend a reverse mortgage, but just pointing out it's an option if someone wanted to stay.


Please explain why you would never recommend a reverse mortgage to pay the taxes. I cannot find any legit criticism of using a 'reverse' in this way, only of pulling out large lump sums for stupid reasons. Someone 70 years old with $2m in equity and low income can pay their taxes easily for the rest of their lives, and maybe even have some extra pocket money, rather moving or sitting in their gold plated home feeling poor.

Do the numbers, it would take more than 25 years of zero appreciation to eat half their equity by paying their tax, and no one thinks there will be zero appreciation. Complaining about taxes because they wanted to leave the now valuable house to their heirs is not a reason to feel sorry for anyone.

Posted on: 3/10 15:25
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Re: New Tax Rate is Insane!
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I guess this needs to be said again: had every over assessed property owner successfully appealed their taxes it still would not have made the taxes fair. The older downtown properties would STILL have been paying less than half the effective rate of everyone else, and the overall tax rate would have needed to go up to make up that income shortfall created by the appeals.

So while yes, people should have been more informed and proactive, the system was still not going to give them fairness. And, as was pointed, out the system is deliberately opaque as to how your taxes are actually calculated. I think most people saw that low assessment number and thought they better keep their mouths shut.

Posted on: 3/8 17:48
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Re: Removing a massive pile of branches. Who to call?
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Parks & Forestry, ask for a "brush pickup". They'll give you a song and dance about how much you can put out, ignore it. I put out a massive amount when I prune my peach trees.

Posted on: 3/8 11:48
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Re: 'Porch pirate' charged with snatching bait package, throws fit at court appearance
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Quote:

JCman24 wrote:
Quote:

brewster wrote:
It's guys like this that make you wonder if Sharia Law isn't onto something. He'd definitely be hampered by having his hands chopped off....

How about a forehead tattoo: CAREER CRIMINAL


We'll send you off to Afghanistan to do more research, how does that sound?


Aren't you frustrated with the system? I had a ground floor rental robbed twice, and then a guy from next door was caught across the street breaking and entering. He had 8 previous burglary convictions, and was out again in a few months.

Posted on: 3/7 22:04
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Re: 'Porch pirate' charged with snatching bait package, throws fit at court appearance
Home away from home
Home away from home


It's guys like this that make you wonder if Sharia Law isn't onto something. He'd definitely be hampered by having his hands chopped off....

How about a forehead tattoo: CAREER CRIMINAL

Posted on: 3/7 15:07
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Re: tax reval result on a Google Map
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Quote:

I_heart_JC wrote:
according to this map, the Gannon luxury condo complex on First Street (completed about 4 years ago) got a tax decrease.

what the what?


It's simple, since they were correctly valued at construction only 4 years ago, they were not undervalued, and when the rest of DT pays it's fair share they see a drop like everyone else. The properties undervalued are generally >20 years old, before DT really took off.

Posted on: 3/7 14:43
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Re: New Tax Rate is Insane!
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Quote:

dtjcview wrote:
There's also a deliberate (imo) policy of issuing confusing tax bills. Nowhere on the property card shows the equalization rate nor the implied property value. And they make the process of appealing as complex as possible.

Most people didn't know they were getting ripped off.


I agree with you 100% that much of this is deliberately confusing and playing games with the data they give you. They're still doing it by withholding the separated land and Improvement values from the Excel file.

Posted on: 3/7 1:28
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Re: New Tax Rate is Insane!
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Quote:

jctexan wrote:
As for appealing, my understanding is that one can not use someone underpaying as the basis for a reduction, so what would the argument be for their appeal? Please don’t knee jerk respond. Really think it through with numbers.


They could appeal down to the correct assessment, but those DT paying less than half that effective rate would still be subsidised, and the overall rate would have to go up to make up the difference.

This is why revals should be regular, not a political football. It's hysterical and sad that Yvonne's takeaway from the traumatic 88 reval was not that they should be regular, but that they need to be kicked down the road, and she did her best to achieve that.

Posted on: 3/6 23:21
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Re: New Tax Rate is Insane!
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Quote:

hero69 wrote:
maybe agood solution would be for reval in another 2 years and then every 5 years after that. now, the people in the less affluent areas want to protect their lower taxes. shame


2 years is what I believe. One year is not enough time for new sales at lower prices reflecting the taxes to close and their comps to be valid for a new reval. Assuming it's the same October deadline, they would have to close by then to be valid. The deadline should be October 2019.

I also think now that land is 60% of value of a house that there should be a yearly reval just of the land based on that year's comps. This could be done by an analyst at a desk with no inspections, and reduce the change at a periodic reval so there's far less hysteria.

Posted on: 3/6 17:23
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Re: New Tax Rate is Insane!
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Quote:

135jc wrote:
Quote:

HeightsNative wrote:
Quote:

lecxe wrote:
Your tax bill went up? Well cry me a river. Life ain't fare. No one cares.

Yes, except the reval is actually the epitome of fairness. They're upset that everything is fair now lol.

It's fair until values fall. Jeez. How hard is that to grasp?

Well now that it's fair, they want to change how it's done. They say the old tropes of "we all use the same amount of services so why should our taxes be different". There's a DT attorney on Nextdoor insisting it should be done by income, can you imagine the shitshow that would be? And many of the same complainers would still be complaining.

Posted on: 3/6 13:15
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Re: Legal Weed Is Coming to New Jersey
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These politicians are simply cowards who think they'll lose more votes by supporting it than they'll gain, since seniors vote more than young people.

Time for a weed rally in Trenton? The "Massive Mellow March"?

Posted on: 3/5 15:15
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