Browsing this Thread:
1 Anonymous Users
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Home away from home
 
|
Someone mentioned Zillow. It is OK to look at if you want but be careful about using all Zillow data in court. Many times the data is not accepted and that is a common mistake that HO's make in court. The data isnt always correct and it doesn?t take into account NU's that have been marked by the assessor as properties that cant be used for comparables. So use at your own risk. The data should be cross checked with the state.
Posted on: 2010/1/26 17:35
|
|||
|
||||
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Home away from home
|
Thanks for all the good information. This discussion helps a lot.
But...I'm still confused. I purchased an old row home, but my taxes just went up more than 2X in the last year! Also, we are zoned as a 2 family home, but we are using it as a one-family. Does anyone know how that designation affects the taxes and what it will take to make it a one-family again?
Posted on: 2010/1/26 16:23
|
|||
|
||||
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Home away from home
|
So last years tax hike and this years tax hike will equal 22% ? Right now are we seeing last years 11% and then see another 11% forth coming ? Does the second 11% hike still have to get voted in ?
Posted on: 2010/1/26 15:19
|
|||
|
||||
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Home away from home
|
No worries, just trying to help. It was confusing for me to understand at first and i was talking to someone who does this for a living.
Also my lengthy explanation above is for new construction. It is much simpler if you purchased an existing property. In that case typically the assessed value just carries through to the new owner. Your assessed value should be on your tax card and you use the same calculation as above to come up with your current market value.
Posted on: 2010/1/26 14:29
|
|||
|
||||
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Home away from home
Joined:
2005/9/21 13:53 Last Login : 2015/8/5 3:20 From Jersey City Heights
Group:
Registered Users
Posts:
506
 |
JCSHEP - thanks for taking the time to explain something i've never been able to figure out!
(and thanks to your gf too).
Posted on: 2010/1/26 13:51
|
|||
|
||||
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Home away from home
Joined:
2009/5/15 4:26 Last Login : 2017/12/25 1:59 From here to eternity
Group:
Registered Users
Posts:
512
|
Quote:
http://www.hudsoncountytax.com/html/TaxAppealFAQ.aspx as others have mentioned earlier, the core of the process is the correct assessment of your property given the prevailing market value of similar properties in the area ... you may want to use some zillow data as a starting point, a service that does offer some recent information on pricing dates and price data ... http://www.zillow.com/homes/07302_rb/ http://www.zillow.com/homes/07310_rb/ i would assume if you bought in 2006 and were valued at that time, you should be able to make a reasonable claim ... zillow offers a price graph for jersey city ... which indicates a 1% drop y-o-y ... for downtown ... 07302 ... http://www.zillow.com/local-info/NJ-J ... town-home-value/r_273483/
Posted on: 2010/1/26 9:46
|
|||
|
||||
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Home away from home
|
To add to my last post.....My mistake, my gf is a certified general appraiser (highest license in NJ) hired by the assessors. She does appraisals for town revaluations and sits as the expert witness for the municipalities in tax court. Be careful about getting just any appraiser for an appeal. 9 times out of 10 the commissioner will find the comps unsupportive of the homeowners case. I was also wrong, she is looking into/considering providing services for people here in JC as she lives here too.
After a long lesson in how all this works I gathered the following which I hope helps you to understand what you are up against should you go this route. When you purchase new construction the tax assessor finds a fair market value for the unit. This is may or may not be your purchase price, it is what he thinks is fair market value. Take that fair market value and multiply by the ratio for that year and you get your assessed value. You carry that assessed value forward, it does not change until a revaluation or appeal or an added assessment. Every year the tax assessor changes the ratio or ?equalization rate? to adjust for market value changes across the city. To find out your current market value divide your assessed value (on your tax card) by the current ratio or ?equalization rate?. If you can prove through comparables that your current market value as calculated above is 15% higher than comparables, you have a case. Comparables have to be arms length sales (short sales, distressed sales and auctions do NOT count). Comparables are not just similar units such as 2brs with 1200 sqr feet in the same area. Square footage, home type (brownstone vs highrise), lot acreage, parking, proximity to transportation, proximity to shopping, traffic, proximity to commercial properties, views, upgrades, amenities vs no amenities, etc, etc all matter. For a traffic example if you have a house on a highway your property is less valuable than nearby comparables on a residential street. This is why there are appraisers, they know how to make adjustments. So for example in JC if you purchased a condo in 2006 and it was given a fair market value of $400,000 then? Your assessed value is $138,360 (market value at time of purchase times the ratio for 2006?..400,000*.3459) You carry that assessed value through, so now using the Oct 1 2009 ratio your market value in 2009 is $539625 ($138360/.2564) So if you can prove comparables are now 15% less than your current market value ($458681 or less) you have a case. Ratios are posted here: http://www.hudsoncountytax.com/html/RatesRatios.aspx I think it is updated October 1 and in effect for a year?I think. I hope that helps, good luck.
Posted on: 2010/1/26 4:19
|
|||
|
||||
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Home away from home
Joined:
2009/5/15 4:26 Last Login : 2017/12/25 1:59 From here to eternity
Group:
Registered Users
Posts:
512
|
Quote:
heights wrote: ............ The old converted brownstones around the Hamilton Park are around a $3k a year tax rate.
Posted on: 2010/1/26 3:12
|
|||
|
||||
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Home away from home
|
Land is not tax abated, only the improvements. Which is the building. The tax abatement is also deducted from the land taxes.
Posted on: 2010/1/26 0:06
|
|||
|
||||
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Home away from home
Joined:
2008/10/19 1:18 Last Login : 2020/9/25 20:40 From somewhere else
Group:
Registered Users
Posts:
1609
|
Below the reolution I cited is another requesting a refund/credit of $70,757.33 for the same purpose to Liberty Harbor Holding/North). Now I'm rethinking these - LHN is tax-abated. I wonder if these appeals were filed by the developer on undeveloped parcels?
Posted on: 2010/1/25 23:57
|
|||
|
||||
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Home away from home
Joined:
2008/10/19 1:18 Last Login : 2020/9/25 20:40 From somewhere else
Group:
Registered Users
Posts:
1609
|
I am looking at the council agenda for Wednesday night and I'm it is a resolution (Res. 10-047; 10-e on the agenda) that, if passed, will "authorize a refund/credit of $637,598.77 and a reduction in assessment to settle tax appeals filed by the owners of various properties. (Newport)".
Clearly there are people going through the process and doing so successfully. Quite a few it would seem, based on the dollar figure.
Posted on: 2010/1/25 23:32
|
|||
|
||||
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Home away from home
|
Wouldn?t you want to only look at comparables? I am pretty sure comparables are not just a similar sized houses/condos in your area. What about other factors such as roof improvements, finishings, nearby highways/rail lines/factories, etc. I would think a house that butts against a highway should be less valuable than one a block away. But I don?t know enough about it.
I would hesitate to advise anyone to try this alone without more info. My gf is a RE tax assessor in NJ (sorry, not for hire). I have heard stories of homeowners who think they know what they are doing but fail at an appeal hearing because they have no idea how to properly assess their property and their comparables are bogus. She does revals/reval appeals so i dont know how this ports to regular tax appeals, maybe it is as simple as you said. I will ask and see if i can give some more specific info.
Posted on: 2010/1/25 21:35
|
|||
|
||||
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Home away from home
|
You don't need a lawyer to appeal. You go the tax assessor's office located in city hall (the county also one). Know your lot and block number. There are books filled with recent sales. Look for recent sales with assessments lower than your assessment. It must be in your geographical area. You need 3 sales. Ask if you need help.
Posted on: 2010/1/25 19:27
|
|||
|
||||
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Home away from home
|
Do you really need a lawyer, or just a licenced appraiser?
Posted on: 2010/1/25 19:19
|
|||
|
||||
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Home away from home
Joined:
2009/5/15 4:26 Last Login : 2017/12/25 1:59 From here to eternity
Group:
Registered Users
Posts:
512
|
Quote:
Posted on: 2010/1/25 18:45
|
|||
|
||||
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Home away from home
|
thanks, but is there anyway to do this on your own? city paperwork to fill out? don't want to pay a lawyer, b/c i'll end up probably being flat if i the appeal goes thru....
Posted on: 2010/1/25 18:29
|
|||
|
||||
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Home away from home
|
Quote:
Probably an ad for a lawyer to do a search for a triple comparison to your place for an proper appeal.
Posted on: 2010/1/25 18:25
|
|||
|
||||
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Home away from home
|
does anyone have the channels to go thru for an appeal? i got a notice in the mail but wasn't sure if that was an advertisement as it was for a specific individual that would help w/ an appeal. Our taxes are based on 2005 assesment.
Posted on: 2010/1/25 18:20
|
|||
|
||||
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Home away from home
|
Quote:
I knew this would happen when the newcomers started spending a gazillion dollars for little cubby holes, even with their abated tax rates. What is your condo assesed at, and what did you pay in taxes last year for 2009 ? I see condos your size costing any where from $2500 to $6000 in property taxes, and thats anywhere in Jersey City. I guess it all depends on what the property houses, eg: garage, seperate laundry and storage rooms, converted building or a new building. And number of units. The old converted brownstones around the Hamilton Park are around a $3k a year tax rate.
Posted on: 2010/1/25 17:39
|
|||
|
||||
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Home away from home
|
Come to City Hall Chambers Wednesday. The Council Meeting starts at 6PM. If you want to speak at the council meeting, call the City Clerk's office at (201) 547-5150 before Wednesday.
Quote:
Posted on: 2010/1/25 16:54
|
|||
|
||||
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Newbie
|
Well according to this new tax bill i jut got i now will owe approx. $6100 for a 500 sq ft condo in downtown i bought 2 years ago!!
(mind you I am a regular working person and this was not a 500k condo on the waterfront but one i scrounged to come up w/ the down payment) Now i am unemployed and can't sell nor afford to stay. THIS CITY GOVT IS OUT OF CONTROL-- THE SHIT IS HITTING THE FAN AND HEALY IS TRYING TO COVER IS BUTT WAITING FOR SOMEONE TO RAT HIM OUT. WHEN DOES THE PROTEST ACTUALLY START AND WHAT CAN I DO TO HELP THIS?
Posted on: 2010/1/25 16:39
|
|||
|
||||
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Home away from home
Joined:
2008/10/19 1:18 Last Login : 2020/9/25 20:40 From somewhere else
Group:
Registered Users
Posts:
1609
|
I think showing up to the council meeting (and speaking) is the best way to go. There is no guarantee anyone will listen if you protest. The weather could be bad and then very few people show up (forecast right now for Wednesday is low 30s and windy.) It's dark at 5:30, so it's harder to get noticed. Many people aren't home from work by 5:30, but can make it to the council meeting by 6:30.
A couple dozen people (the more the better!) speaking to the council at the meeting will have far more impact than 50 people outside in the dark.
Posted on: 2010/1/23 23:55
|
|||
|
||||
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Just can't stay away
 
|
Quote:
Tell them to show up at the City Council meeting to voice their concern and show support. No permit is needed for that.
Posted on: 2010/1/23 23:23
|
|||
|
||||
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Home away from home
Joined:
2007/6/27 22:27 Last Login : 2012/4/20 14:33 From Hamilton Park
Group:
Registered Users
Posts:
235
|
I will be there as well. Let's hope for a big turnout.
Posted on: 2010/1/23 23:06
|
|||
|
||||
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Home away from home
Joined:
2007/10/9 19:48 Last Login : 2013/2/18 15:54 From Van Vorst Park
Group:
Registered Users
Posts:
369
|
I will be there to protest and I just sent a mass email to everyone in my condo.
Does anyone remember back on election day when we all got a letter from Healy stating that taxes were staying put and that he was committed to keeping them there. HA
Posted on: 2010/1/23 20:27
|
|||
|
||||
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Newbie
|
I Will Be there next Wednesday to protest higher taxes. Before the elections taxes didn?t go up. After the election taxes want up 11.5%. I can?t stand current council. Few should be already in prison for corruption but they serve. Anyway I am planning to design, print and distribute flayers this weekend notifying JC resident about this protest. I have two questions first can I say in the flayer that this is protest since I don?t have a permit to protest. Second can reference http://jclist.com to send resident for more info.
Frustrated Resident Dan
Posted on: 2010/1/23 20:02
|
|||
|
||||
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Just can't stay away
|
Quote:
Regarding the 07302 post...: does anyone know if there a cap rate in New Jersey law defining maximum allowed assessment of a rental property based on rental income ? This is an opportunity for re-assessment based on net income. Give me an idea of what the apartment's theoretical EBITDA is (not including capital expenses. Just rent minus maintenance), and I will reply with a quickie calculation of what your taxes should be if you demand a reassessment for the Tax Assessor.
Posted on: 2010/1/23 18:39
|
|||
|
||||
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Home away from home
Joined:
2009/5/15 4:26 Last Login : 2017/12/25 1:59 From here to eternity
Group:
Registered Users
Posts:
512
|
Quote:
Posted on: 2010/1/23 18:12
|
|||
|
||||
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Home away from home
Joined:
2007/7/4 16:37 Last Login : 2021/11/4 21:55 From Hamilton Park
Group:
Registered Users
Posts:
586
|
Regarding the 07302 post...: does anyone know if there a cap rate in New Jersey law defining maximum allowed assessment of a rental property based on rental income ?
Posted on: 2010/1/23 18:03
|
|||
|
||||
|
Re: Property Taxes will increase as Jersey City introduces $507 Million budget
|
||||
|---|---|---|---|---|
|
Home away from home
Joined:
2007/7/4 16:37 Last Login : 2021/11/4 21:55 From Hamilton Park
Group:
Registered Users
Posts:
586
|
I just checked my property tax increase online and I am incensed. I am going to the protest, I know someone else who is going as well. I will appeal also, my taxes are based on 2006 values... Sakatah, I PM you if you can. Maybe see you next week...
Posted on: 2010/1/23 17:50
|
|||
|
||||