Quote:

When I appealed my tax a couple of years ago, they didn't change that year's tax bill, but posted an adjustment at the end of the tax year and issued a refund check the following January/February.

You should check this at City Hall with the tax office. Also, when you get your Q1 2013 bill, you should make sure the adjustment is correctly applied. In my case they had to put through the adjustment manually for the year following the appeal.

Should the third quarter bills reflect successful tax appeals that were approved this spring? I successfully appealed my property but looking at the bill online that was just posted my taxes actually increased.

BY the numbers that 4U of yours real market assessment is $1.2M. But no one with property of that value (like Yvonne) is actually getting assessed there. Why you? Is it condo'd?

I dunno about a huge drop. I like to look at the gross yearly rent/price ratio for a rough value estimate. They seem to be in the 6-9 range rather than the 10-"holy shit!" in the middle of the last decade. In 97 we bought at 5.5, but that was a pretty good deal even then, arguably the bottom of the market, and rates were about 7.75 for standard mortgages. Given that rent's have recently skyrocketed, already decreasing the ratio, I can't see a big additional plummet of more than 20%. One realtor I know told me there's actually a shortage of good inventory rather than a glut of distressed. Rates going up to 7% usually requires returns on other riskier investments being higher, but people are justifiably spooked by the Wall St banksters and staying out of equities.

Even in a totally flat market, if you buy a place that pays it's bills for 25% down on a 15 year, you'll make 9.4% on your cash. Add on rent raises & payments that decrease in real dollars due to inflation, and even with no actual rise in property value, rentals remain an attractive investment as long as there's no negative cashflow.

We've just refi'd on 15's with no intention of selling, so short term gyrations don't matter that much to us, and I think we're done purchasing. We'll be paid off when I'm around retirement age, when positive cashflow will be nice. Sounds like you may be younger and waiting for a better buying opportunity.

It would have been higher, but I had a victory appealing to the county.

My place is pretty big though. But still... my rent income doesn't jive with my assessment.

As you pointed out, housing prices are still way out of whack with rent income. IMO, we will see a major pull back in housing prices. The only reason we haven't seen it is because of intervention from the Federal Govt and the Federal Reserve.

When interest rates go up to 7%+ and the 30 year mortgage disappears with Fannie and Freddie, real inflation adjusted prices will crater compared to today.

Quote:

Holy crap! Unless that's Downtown, you're getting hosed. Most 3 & 4s in the Heights are less than half that.As I posted in the reval thread, Yvonne was paying $11,500 for a 4U on VV park!

I wonder if the tax appeal attorneys are starving as everyone waits out the reval? After it they'll feast though.

Is there a "landlords group" or listserve in JC?

Just called the Tax Office and was told the 3rd quarter bill will be due September 7th and the bills will be going out next week.

Quote:

Well, I am at about $23k a year for my 4 family... *sigh*

Finally posted today. And it ain't pretty...for me anyway. About $50 more per quarter than the previous four quarters.

Here's the link to the website for your convenience:

www.cityofjerseycity.com/WebTaxInquiry/AccountSearch.aspx

(here's the JJ piece about the 7/31/12 meeting)


Jersey City council approves muni budget that keeps taxes virtually flat

Published: Tuesday, July 31, 2012, 9:46 PM
Updated: Tuesday, July 31, 2012, 10:50 PM
By Charles Hack/The Jersey Journal


The Jersey City City Council voted 7-2 tonight to adopt a $485.6 million 2012 municipal budget that will hike municipal taxes a fraction of a percent.

For a property valued at $100,000, municipal taxes will increase for the year from $3,451 to $3,478 or $27, said Robert J. Kakoleski, an assistant business administrator.

"We are not collecting more in taxes but unfortunately our taxpayers are paying a little more," Kakoleski said, attributing the drop in ratables to successful tax appeals.

In a statement after the vote, Jersey City Mayor Jerramiah T. Healy credited "the streamlining of government and fiscal restraints" of his administration for keeping a lid on taxes.

Full JJ piece?

http://www.nj.com/hudson/index.ssf/20 ... council_approves_m_1.html



****

and here is the JC buget .pdf that I posted up above...interesting read.)

http://www.cityofjerseycity.com/uploa ... 2%20Budget%20Amendment%20(2)%20Introduced.pdf

The final tax rate is $71.84 per thousand. On a $100,000 assessment taxes increase $176.00 but few homes downtown and other parts of the city is at that $100,000 mark. I went to the budget hearing and was surprised at the number of abatements that are giving less to the city. Canco dropped $323,429 to $206,153 or Bostwick Court $281,704 to $69,282. Yes, some did go up. But if you pay regular taxes you will have an increase.

when i called the Tax dept, they said the bills would be posted on 8/1 and due by 8/31

Did a quick scan:

$16 mil budget surplus?

So what is the final tax rate if this thing passes?

So are they waiting for this to pass (tonight) before the next tax bill is mailed??


From front page of JC website?

http://www.cityofjerseycity.com/


Check Out The 2012 Municipal Budget
Amendment (Introduced) Here!
The Public Hearing on the
proposed Budget Amendment
will be held on Tuesday, July 31,
2012, at 6:oo p.m. in the Anna
Cucci Memorial Council Chambers,
280 Grove Street. Please note that all members of
the public are welcome to attend and will have an
opportunity to speak at the meeting.



Official documents?.

http://www.cityofjerseycity.com/pub-info.aspx?id=2430

The July 18th Budget amendment?..

http://www.cityofjerseycity.com/uploa ... 2%20Budget%20Amendment%20(2)%20Introduced.pdf

Checked again this afternoon... still nothing posted on the Online Tax Inquiry service.... oh well..

A delay until August 15th would be nice. I normally don't get all my rent cleared until after the 10th these days. Sometimes longer considering bouncing checks from tenants seems much more common since the economy went South.

Quote:

Nope, you didn't receive it yet. Apparently the state sets the rate (or the maximum rate) that can be charged each quarter and the state has been particularly late this quarter in getting that out to the municipalities, or so I'm told. I've also been told by the Mayors Action Bureau that the bills must absolutely be sent out by July 31st and we will have until August 15th to pay, instead of the 10th, because they came late. Although I am loathe to believe anything I'm told from anyone in that building on Grove Street.

Did JC ever send out a final tax bill for 2012? I just noticed the preliminary bill I have doesn't have a 3rd qtr stub. Plus nothing is posted via the online payment system yet either.

If it did go out, I guess I will have to dig through my paperwork...