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Re: Property taxes/maintenance fees for condos/townhouses in JC?
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Newbie
 
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Reserves are usually only 8%-10% of the monthly maintenance fee you actually pay. That obviously could change depending upon the size of the building. With smaller buildings that do not have amenities you save lots on maintenance because of the large ticket contracts I previously mentions (management staffing is probably less, building maintenance needs fewer people, and of course a much lower insurance rate).
One thing to get straight is that reserves are very different from an accrual mentioned previously. A reserve fund is used to replace common elements that need to be replaced after living their useful lifespan. An accrual is what happens on a monthly basis to pay for items that are not charged to the association evenly throughout the year. For example, if your building uses gas for heat, the gas bill will be much higher in the winter than in the summer. However, to ensure there is enough money in the operating account to pay the higher gas bill in the winter, the association usually accrues the amount over the summer (there will be a net gain in budget numbers) and then pays the gas bill in the winter when it is due (so you see a loss during the winter on the budget sheets).
Posted on: 2012/2/29 15:48
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Re: Property taxes/maintenance fees for condos/townhouses in JC?
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Quite a regular
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My fiancee and I just purchased a condo that has 2BR/2BTH and is 1170 sq feet. Our building has no amenities, no pool, no gym, no doorman, nothing. Our maintenance is 278 a month so maybe you could use that as a baseline. As the poster said above the maintenance is mainly based on the accruals to replace things in the future so we don't get hit with assessments.
We purposely chose one of these buildings because we would rather put our money into a mortgage rather than amenities each month but some people feel that they would rather have a gym in their building and a doorman. It's really up to you to decide whether or not these amenities are a good value.
Posted on: 2012/2/29 15:25
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Re: Property taxes/maintenance fees for condos/townhouses in JC?
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Home away from home
 
Joined:
2007/10/29 12:17 Last Login : 2018/9/5 2:01 From Hamilton Park
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One of the biggest portion of those fees are the accruals for on-going maintenance...
For example - there is likely a designation in the budget that all walls will be cleaned and painted every 5 years. So they take the estimated cost and start to accrue for it from the date which the building is opened.... There are a laundry list of these items: carpeting, roofing, etc, etc, etc. If it is a community asset that provides safety, comfort, access to everyone it has a maintenance schedule.
Posted on: 2012/2/29 14:40
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Re: Why are condo fees so expensive & what's included?
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Newbie
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Quote:
If you really want to understand how the maintenance fees in a building are utilized, you should contact the management office for the budget. If it is new construction and you are purchasing from the developer, the budget should be included in the POS and will tell you exactly how the condo fees are spent. I was the president of the condo association for a highrise building on the JC waterfront and was always amazed at how little the owners understood what their maintenance fees were used for. It is clear that everyone always thinks they are paying too much for too little. The biggest component of maintenance fees usually goes towards utilities - especially if your fees include gas. But you also can't forget about the power for the lights in the hallway, garage, etc. Not to mention the water bill for the entire building. Then you have your big ticket contracts. The most expensive of those is probably maintenance for the building, which could run several hundred thousand dollars per year, depending on the staffing levels and size of the building. The management contract is also probably fairly large, but that too depends upon staffing levels. Third to both of these is probably insurance costs, which could easily be over 100K/year for a highrise building. Follow these with what most people always forget is the cost of operating and maintaining elevators. If your board is operating correctly, they should also be funding reserves on a regular basis. Reserves are used to replace common elements that have lived their useful lifespan (new roof when it is time, new pumps, compactors for trash, etc.) These are just the big ticket items, but there are many other contracts that buildings have and other expenses too. Basically, if you are interested, get the budget and check it out.
Posted on: 2012/2/29 14:35
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Re: Why are condo fees so expensive & what's included?
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Home away from home
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Quote:
Fitness centers and pools are nice but costly amenities, (upkeep and liability insurance) these amenities make the building attractive to potential buyers but are usually underutilized by the tenants.
Posted on: 2012/2/29 14:08
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Why are condo fees so expensive & what's included?
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Quite a regular
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I'm thinking of buying a condo, but found that the condo fee is going to be around $735/ month in my high rise building for a 2 BR, around 1200 sq feet.
I never own a house before so i'm wondering what are the extras that are included in the condo fee. I know the condo fee includes conceige, maintanece, fitness center, pool and etc of the building. But does it really need to cost that much?
Posted on: 2012/2/29 2:01
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maintenance inflation
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Home away from home
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I am deciding to either go condo or but a home has anyone's condo maintenance fee gone up in the years they have been at the same location. Just curious as to how often, and how much. I am familiar with rents, taxes, and untilities going up but never condo fees.
Posted on: 2010/2/16 17:43
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Re: Property taxes/maintenance fees for condos/townhouses in JC?
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Home away from home
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Quote:
Short sales and foreclosures ARE NOT legitimate comparables and will be thrown out. You are looking for legitimate comparables and their fair market value NOT necessarily sales price. Your sales price and sales prices for other units may not be equal to fair market value and will be thrown out if not. I think they all should be cross checked with the state even if you get legitimate comparables that are arms length sales from the MLS. You can appeal on your own but you will be better off with an appraiser who is trained in this. A good example is my condo, it is marked as "NU" which means it can not be used as a comparable...it was not a short sale or auction. I have no idea why. See here for more info on how it works: http://jclist.com/modules/newbb/viewt ... id=231210#forumpost231210 Good luck!
Posted on: 2010/2/1 20:31
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Re: Property taxes/maintenance fees for condos/townhouses in JC?
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Home away from home
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FG,
Look at SLyng's post above..it has a good link that shows a history of sales on a property.
Posted on: 2010/2/1 19:33
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Re: Property taxes/maintenance fees for condos/townhouses in JC?
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Home away from home
Joined:
2007/11/29 18:19 Last Login : 2015/7/15 3:35 From Jersey City, NJ
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Sort of related, where can I find property sales information?
As I bought back in 2007, I have seen my property value decline significantly. Thus I plan to appeal my property taxes. However, you have to find comparables from October 2009. Any thoughts? I know the real estate broker David Najir does the state of downtown real estate updates, but I don't think it includes all sales.... certainly not forclosures, short sales, etc. Any help would be great. Thanks FG
Posted on: 2010/2/1 19:13
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Re: Property taxes/maintenance fees for condos/townhouses in JC?
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Home away from home
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You probably already know about the below JC online tax inquiry. If not its a nice tool to see how much your neighbors pay in taxes.
 It gives a history of what the taxes were on the property, you can see how much they went up over the years.You can also put in the big name places like Goldman Sachs see how much they pay. (funny you see the word abatement on them!!!!!)  http://www.cityofjerseycity.com/finance.aspx?id=1156 Also FYI: 2 bedroom condo SH ? taxes around $4,500 - Maintenance fees $140 a month (gatehouse, guard, snow removal, landscaping, pool, clubhouse, walkway, tennis courts, tot lots, parking, etc) 2 family heights - taxes around $7,000
Posted on: 2010/2/1 19:03
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Re: How are property taxes formulated on re-sale condos and homes?
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Home away from home
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Quote:
See this link to determine how it works for new condo's: http://jclist.com/modules/newbb/viewt ... id=231210#forumpost231210 The 1.7% of purchase price mentioned above is not how taxes are calculated. If you buy a unit that is already owned same thing as the link except you typically inherit the assessed value.
Posted on: 2010/2/1 18:01
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How are property taxes formulated on re-sale condos and homes?
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Not too shy to talk
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New Developments are easy: 1.7% of purchase price unless abated (than whatever the abated %: mostly 1.3%). So on a $600K condo either $7,800/$10,200 a year.
Are the taxes also determined on purchase price on re-sales or do you inherit the previous owner's taxes? And can you get them lowered if value decreased? Also single/multi-unit homes seem to have incredibly low taxes in comparison to condos. Do you inherit the tax amount until next assessment or do you incur a new amount based on purchase price immediately? Thank you!
Posted on: 2010/2/1 17:05
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Re: Property taxes/maintenance fees for condos/townhouses in JC?
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Just can't stay away
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I recently bought a small loft condominium in a converted factory in the Heights. I looked at a number of places, both re-sale and new construction. I learned from my broker that the yearly property taxes on new developments are 1.6% of the sales price, and generally the taxes on older conversions is less. For instance, the taxes on my place (which was a bargain at under $175,000) are $1,500 a year - this on a 1988 condo conversion.
Previous posters are right, tho' - there doesn't seem to be a rhyme or reason! I looked at a 1BR on Palisade Avenue that was about the same price, and the taxes were under $400 a year! This was because the building owned billboard space which earned the condo association income. As a new arrival, I can say Jersey City has a lot of diversity and character - charm, even, if you look hard enough!
Posted on: 2009/1/7 21:58
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Re: Property taxes/maintenance fees for condos/townhouses in JC?
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Home away from home
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yeah, i mean, i guess it's the plan of many people in America. Go-Go-Go for the first 20 years of your career, and then maybe when you will have made your first million, you can slow things down, and buy a house for cash somewhere quiet, and inexpensive.
t'would be nice  in my opinion, most people are making far too much money and racked up too much debt after 20 years to get out, so they just keep on going and retire in their big overpriced house in the Jersey suburbs.
Posted on: 2009/1/6 19:20
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Re: Property taxes/maintenance fees for condos/townhouses in JC?
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Home away from home
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Quote:
Oh, I agree. Life's circumstances boil down to a list of pros and cons and tradeoffs. On the one hand, I abhor the cost of living here and the congestion/population density. On the other, I do like my job/profession and the circle of friends I have here. And there's the aging parents who live nearby to consider. I grew up in the Midwest, and figure at some point later in life, I'd like to move back there. But now's not the time. Besides, in this economy, if you've got a stable job that pays well, why rock the boat - especially if you're middle aged. (OH GOD, I've become the person I swore I'd never become when I was in my 20s!!)
Posted on: 2009/1/6 16:20
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Re: Property taxes/maintenance fees for condos/townhouses in JC?
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Home away from home
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I have lived outside the tri-state area before and am glad to be back. This place is very unique, if you love it here it's worth every penny. If you are here only because of your job and are indifferent to the area, I feel for you. You should look at moving, you may be happier elsewhere.
Posted on: 2009/1/6 16:10
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Re: Property taxes/maintenance fees for condos/townhouses in JC?
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Home away from home
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jadedjc wrote:
Quote: Whenever I entertain that question and the fantasy of moving to another part of the U.S., I realize I'm stuck here because this is where all the companies and stable, decent-paying jobs are clustered in my industry. I'm sure that's the case for many professions (and is a main contributor to the high cost of living around here). i understand, but i think it is, in some way, a bit of smoke and mirrors. people grow up in the tri-state area, their families are there, friends, they went to school there, you have NYC, and it just seems like the place to be. and it is regarding jobs, entertainment, but it all comes with a price as we all know, and a heavy one at that. i'm a firm believer that if you are successful in one field, you can be successful in another, and if you are willing to work on going into another profession, in a part of the country that is far cheaper than the tri-state, you can most certainly do it. like anything else, it's a choice. you swallow the paycut at first and then sober yourself up by looking at your bills being half as much. again, a mortgage of $400,000 vs. $150,000, after factoring in interest over 30 years on top of the obscene property taxes in the tri-state, it's not a $250,000 difference, but a difference in the millions over a lifetime. if you lived somewhere else in America with a lower paying job, over a lifetime, would you make MILLIONS less..........? i honestly don't know, i've never lived outside of the tri-state, am far too young to talk real estate experience really, and still rent an apt., but when i run home ownership calculations in New Jersey over 30 years and i take a look at the amount of money being spent.......it just seems like throwing your money down the toilet all while the lenders are laughing.....well......all the way to the bank.
Posted on: 2009/1/6 15:52
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Re: Property taxes/maintenance fees for condos/townhouses in JC?
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Home away from home
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Quote:
trp3 wrote: I hear ya. It's not just NJ, the entire NY metropolitan area is a big ripoff. Add to that the density of uptight, uber-competitive people who think being a-holes is a normal way to behave and you question why you live here. Whenever I entertain that question and the fantasy of moving to another part of the U.S., I realize I'm stuck here because this is where all the companies and stable, decent-paying jobs are clustered in my industry. I'm sure that's the case for many professions (and is a main contributor to the high cost of living around here).
Posted on: 2009/1/6 13:10
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Re: Property taxes/maintenance fees for condos/townhouses in JC?
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Home away from home
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Quote:
I recently bought a new construction condo which is in our price range and I am paying about $450 for maintenance and 6000 for taxes. it's simply amazing how expensive it is to own in NJ. a condo, which has little to no property, paying $6000 a year in taxes. unbelievable. especially in a city that is completely immersed in crime. i was checking out condos in Charlotte/Raleigh NC, you can buy a condo around 1400 sq. ft., garage, a nice little backyard, for $150,000. property taxes: $1300 a year. i'm really starting to just not understand NJ living unless you're making serious dough.
Posted on: 2009/1/6 8:15
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Re: Property taxes/maintenance fees for condos/townhouses in JC?
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Home away from home
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For taxes, go HERE:
Obviously change the county to "Hudson", the City to "Jersey City" and then in the search criteria, specify which street you're looking for. It's all a matter of public record, it'll even show you what price people paid for their place on what date. I'm pretty sure this is one of the components that feeds sites like zillow, et al. And of course you can find out some pretty interesting stuff about the street you live on (or are interested in living on)...
Posted on: 2009/1/5 21:56
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Re: Property taxes/maintenance fees for condos/townhouses in JC?
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Home away from home
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I have a 30 year tax abatement. The tax abatements/PILOTS are immune to any upcoming tax re-evaluation, correct?
Posted on: 2009/1/5 21:44
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Re: Property taxes/maintenance fees for condos/townhouses in JC?
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Newbie
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When my husband and I started our homebuying search in the Summer of 2007, the only thing that was for sure was that taxes and maintenance fees are all over the place! There is no formula or average. With maintenance fees, it all comes down to whether the association is self managed, or hired outside management (including snow removal services). Taxes differ based on whether the property is updated or not. Example- we purchased a $350K 1 bedroom and pay $150 in maintenance (self managed) and $4000 in taxes (brand new construction, but got a 5 year abatement).
Posted on: 2009/1/5 21:20
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2009 1st Quarter Taxes
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Just can't stay away
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coming up soon... anyone have any ideas as to how much we\'re going to be paying? hopefully it\'s nothing like hoboken.
Posted on: 2009/1/5 17:01
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Re: Property taxes/maintenance fees for condos/townhouses in JC?
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Just can't stay away
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I recently bought a new construction condo which is in our price range and I am paying about $450 for maintenance and 6000 for taxes. I think one thing you should keep in mind is to make sure the maintenance as low as possible. Unlike the tax portion, you can't use it as a deduction and it really doesn't make sense for you to pay for all the amenities if you don't use them. Hope this helps.
Posted on: 2009/1/5 3:47
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Re: Property taxes/maintenance fees for condos/townhouses in JC?
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Home away from home
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It's a great question, and unfortunately, there's a wide range on what you could end up paying in property taxes based on the price range you quoted. JC hasn't had a reassessment of property values since forever, hence the discrepancy. If it's an older building in which the unit is 10+ years old, you could be paying as little as $3,000 - $4,000 a year. If it's new construction, it'll be in the neighborhood of $6,000 - $7,000. In some new construction projects, buyers are offered tax abatements that can range anywhere from 5 years on up. Even very old buildings that have been gut renovated and converted into condos will be taxed as new construction. It just all depends on when the building's value was assessed. It's not uncommon to see less tax assessed on a $1 million single-family brownstone than on a brand-new one-bedroom condo.
The question of whether this is fair is a complicated one. A lot of people have owned their properties for 20, 30 years. I would hate to see longtime residents and seniors - those on modest or fixed incomes - forced out of their homes by a sharp spike in property taxes just because their home, on paper, is now worth several times times what they paid. As for the monthly maintenance, comparison shopping is a bit easier. For a one- or two-bedroom condo in a no-frills building with no on-site super or doorman and no utilities included, you can figure roughly around $200-$275/month. That amount, of course, will rise with the amenities offered by a building.
Posted on: 2009/1/4 23:35
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Re: Property taxes/maintenance fees for condos/townhouses in JC?
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Home away from home
Joined:
2007/4/16 13:46 Last Login : 2023/11/15 11:50 From Village/HP
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Trulia.com has been a great resource for us looking to buy in the next 6 mos. Most indicate property taxes and fees, either directly on Trulia.com or when you click through to the broker's listing. Zillow.com is another great site, which is a mashup of Google Maps and MLS listing/sales data.
Not a ton of help, but from the places we've looked at, it ranges wildly, everything from 200 to 600 (although the 600 did include most utilities) for maintenance fees and between 5000-8000K for taxes (though we are probably looking more in the 450-550K range). Too many factors go into these numbers - looking on the real estate web sites will probably give you the best idea.
Posted on: 2009/1/4 21:51
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Re: Property taxes/maintenance fees for condos/townhouses in JC?
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Home away from home
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Very interested to know because my partner and myself are in the same situation.
Same price point. Do not forget common fees never go down. Pass along any info
Posted on: 2009/1/4 21:37
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Property taxes/maintenance fees for condos/townhouses in JC?
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Newbie
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I'm looking into purchasing a condo/townhouse in Jersey City. I'm wondering what a good estimate is for the property taxes/maintenance fees are for various prices of properties so I can figure out what I can afford (based on mortgage + this payment). I'm probably looking at between $250K - $400K. Any thoughts?
Thanks!
Posted on: 2009/1/4 20:14
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