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Re: Pros and Cons of coming out of an abatment program
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Not too shy to talk
 
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Thank you to everyone above who took the effort to post. Much appreciated.
I am going to 'marinate' on this decision - some call it procastinating ;) - but it is amazing how a little bit of a wait can reduce the emotional part from the decision making. More importantly, it gives time to evaluate the useful insights you posted. Thanks again.
Posted on: 2012/4/9 14:21
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Re: Pros and Cons of coming out of an abatment program
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Home away from home
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It makes no sense to throw away an abatement with the city-wide reval so close. Your abatement will still apply, and you'll effectively get the benefit you would get if you had appealed.
Posted on: 2012/4/9 1:59
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Re: Pros and Cons of coming out of an abatment program
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Quite a regular
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i also live in a tax abated building in jersey city & we tried to get out of the abatement & were told it's not an option to do so. you might want to try calling or stopping by the office before you get your hopes up, sorry.
Posted on: 2012/4/9 1:20
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Re: Pros and Cons of coming out of an abatment program
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Home away from home
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Quote:
I would assume that taxes will go up, they always do. 2009 and 2010 they went up something around 12-17 percent each year. Around 25% in 2 years!!! During a recession. They are basically flat this year but don't be fooled. http://www.nj.com/jjournal-news/index ... nd_jersey_city_lower.html
Posted on: 2012/4/8 14:25
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Re: Pros and Cons of coming out of an abatment program
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Home away from home
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I'd definitely go down and talk to them. I thought the same but upon further scrutiny realized the city's original appraisal of my newly renovated purchased property was valued at less than what I bought it for anyways. But the people who work at those offices are actually the nice ones (just avoid the dysfunctional corrupt permit offices and you'll be fine) but the tax and abatement offices are courteous, helpful and want you to succeed. Go figure.
Posted on: 2012/4/7 14:05
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Re: Pros and Cons of coming out of an abatment program
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Home away from home
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Wait until after the property revaluation is completed next year.
Posted on: 2012/4/6 16:15
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Pros and Cons of coming out of an abatment program
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Not too shy to talk
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Hi!
I recently purchased a condo in the "A" building and am wondering whether is it worth coming out of the tax abatment program (which I believe this building enjoys for 20 years). Of course, big assumption is that new owners like me can opt out of such abatment program. I ask because the current values are at least 20% lower than the 2007 levels (which is what is being used for the current taxes) and if the tax is calculated based on the current rates and most recent valuation, it will be significantly less than the existing tax. Two other factors that make me lean towards it: (1) I suspect that the Marbella 2 unit construction right next door might decrease the value slightly - at least for some units. (2) Given the very slow rebound in the economy, its doubtful if the already sky-high property taxe rates will increase further in the near future. Based on the above, isn't it better to opt out and pay lower taxes? of course, the bet is that both the property value and the tax rates will not go up substantially in the next five years that will make the opt-out more expensive. Thoughts? Would appreciate any input and insight into this. Thanks!
Posted on: 2012/4/6 14:41
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