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Re: Property Tax Appeal - Comparable Sales
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Just can't stay away
 
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Most realtors are happy to pull comps. Just ask nicely.
Posted on: 2017/3/23 23:49
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Re: Property Tax Appeal - Comparable Sales
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Home away from home
 
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Quote:
When I appealed back around 2008, I just walked into one of the local real-estate agent offices and asked if anyone could help me. Granted, business was considerably slower for realtors in 2008, so they were happy to help me out. I offered to pay for their time, but they declined payment and asked me to remember them the next time I wanted to buy or sell a home (which I did).
Posted on: 2017/3/22 19:52
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Re: Property Tax Appeal - Comparable Sales
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Home away from home
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this is so easy to do in jc / hudson, dont know why you need a lawyer.
They allow you to submit the appeal directly online, you can find recent comps online also on the nj tax record site. Then they will send you a letter usually offer you a number that's slightly higher than what you wanted but still considerably lower than the current value. If you accept then you are done, you only need to goto court if you reject (which is stupid). The whole submission takes like 15 mins to do. I have done it a few times and all went very smoothly and lowered my tax on average 15-20%. Your "lawyer" is probably doing the exact same thing except charging you $$$$. Just a word of caution though, those are during the "down" years where it's very easy to show comps that are sold 30% lower than your current appraisal value. Nowdays the comps will probably be HIGHER than your appraisal value, in downtown at least, so it will be stupid trying to appeal your tax...by showing comps that are sold for higher. So as you guys can see timing is everything when filing property tax appeals. You should be filing every year as as long as the property value are declining and lower than your appraisal. Unless you bought recently, nowdays almost all the appraisals are lower than the market value. So it's moot to appeal, what exactly will you be appealing? to increase your taxes?
Posted on: 2017/3/22 18:12
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Re: Property Tax Appeal - Comparable Sales
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Quite a regular
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I had gone to a property tax appeal workshop last year and after poking around, decided to have a lawyer do it. To get comps, I had contacted my agent who I had worked with on the purchase (2015), but I was wary of doing it wrong and failing vs. lawyers handling appeals take a cut of the first year's savings, which you wouldn't have had if you did nothing or if your appeal was unsuccessful.
I had gotten unsolicited mailings from law offices to take my case (no doubt, they were checking public records for the info) but I went with a recommendation from a friend for Peter Cecenini and ended up with a 30% reduction (we'll see what happens with the reval...). The only issue was I had asked to be informed of the trial/hearing date because I wanted to see the process and I guess they forgot to tell me (maybe most of their clients don't care), then a few months later I found out the happy news. After the fact, he had said something to the effect of, this year (2016), unlike previous years, JC was making it very difficult for people to file or succeed or something their own appeals (I forgot the exact words/explanation).
Posted on: 2017/3/22 16:19
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Re: Property Tax Appeal - Comparable Sales
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Home away from home
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Quote:
That is what I have always done - you need three recent sales comps and they must be from within the past 6 months.
Posted on: 2017/3/22 12:41
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Re: Property Tax Appeal - Comparable Sales
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Home away from home
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Quote:
Years back I had a tenant who was a real estate agent. She pulled a mass of comps from the MLS guide on my behalf, which I used in my appeal. Got any friends with access to MLS?
Posted on: 2017/3/22 6:23
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Re: Property Tax Appeal - Comparable Sales
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Home away from home
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Honestly, if I were doing it again I'd let a one of the lawyers that work on commission handle it. We just don't have access to the proper data in usable form. I walked in there with a handful of unusable comps and didn't know it.
Posted on: 2017/3/22 0:19
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Re: Property Tax Appeal - Comparable Sales
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Home away from home
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The deadline for appeal is quickly approaching. Where would I go to find comparable sales for a time period? Thanks, in advance for any advice.
Posted on: 2017/3/21 23:58
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Re: Property Tax Appeal - Comparable Sales
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Home away from home
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Quote:
Was looking at JC website, not county, so thanks for pointing me in that direction. The survey in my master deed from 2006 lists exactly what I had suspected: Total SQFT is X amount, living space is Y amount. Tax assessment was based off of amount X and not my condo, or amount Y. Seems like a pretty straightforward fix. Crossing my fingers here.
Posted on: 2015/7/26 20:13
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Re: Property Tax Appeal - Comparable Sales
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Home away from home
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http://www.hudsoncountynj.org/office- ... e-hudson-county-register/
You'd have to file a new master deed with the county register. You could stop by their office for guidance. You may find they measure sq footage based on external measurements.
Posted on: 2015/7/26 18:27
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Re: Property Tax Appeal - Comparable Sales
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Home away from home
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Question for the group ...
My place has the wrong SQFT listed. For some reason, my unit includes the entire SQFT on my floor, which includes the common front entrance, staircase and basement access. I have a survey of the entire building that says my specific unit is about 200sqft less than what's listed on the tax assessment. My taxes seem to be assessed based on that incorrect total sqft number. The top floor, which has less common space and more in-unit SQFT, has a tax assessment that's $1k less than me. Something aint right. I found forms for appealing based on comps, but in this case, I don't want to do that. I want to get the SQFT listed correctly and have my taxes based off of that new (correct) number. Any idea where I can start fighting this battle? edit: This was a mistake that carried over from the prior owner. They never noticed or corrected it.
Posted on: 2015/7/26 18:00
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Re: Property Tax Appeal - Comparable Sales
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Home away from home
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Yes, of course that's the source I'm using. Neither of the properties in question have a listed footage.
Posted on: 2015/4/24 15:00
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Re: Property Tax Appeal - Comparable Sales
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Just can't stay away
Joined:
2005/8/10 0:53 Last Login : 2018/10/4 14:20 From Hamilton Park
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Registered Users
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Brewster: I'm not sure what source you're using, but try this link
When I search my apartment, it has a (somewhat) accurate measure of square footage in the upper right corner of the screen.
Posted on: 2015/4/24 11:11
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Myth: Pancakes are for breakfast.
Fact: There are no rules when it comes to pancakes. |
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Re: Property Tax Appeal - Comparable Sales
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Home away from home
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Quote:
It occurred to me last night to look at my own tax cards, nope, no footage. I wonder how in the world they run an appeal in that case? Do they take my word for it? Will they take my appraisals as proof of footage if not value? They shouldn't, several are criminally off, like 20% low, which killed me trying to refi. Maybe it'll throw this in my favor.
Posted on: 2015/4/24 2:37
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Re: Property Tax Appeal - Comparable Sales
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Home away from home
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Quote:
http://tax1.co.monmouth.nj.us/cgi-bin ... 612904____00001_________M Top right corner most but not all properties show it.
Posted on: 2015/4/24 1:34
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Get on your bikes and ride !
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Re: Property Tax Appeal - Comparable Sales
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Home away from home
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That is one of the biggest aspects of the property tax scam in JC that the reval must address. EVERY property should have sq footage listed and added to their property deed held at the county. I know properties that are grossly undervalued and under-taxed because they don't list sq footage.
Posted on: 2015/4/22 19:42
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Re: Property Tax Appeal - Comparable Sales
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Home away from home
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If I understand this game correctly, a comp is useless without a square footage, correct? And a significant proportion of tax records on even recent sales have no number there. WTF? How do you play this game, do the lawyers or realtors have access to info not in the tax records or on the realtor websites?
Posted on: 2015/4/22 2:36
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Re: Property Tax Appeal - Comparable Sales
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Home away from home
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1. Yes. They should have put though an adjustment for 2013 and cut you a check sometime Jan/Feb 2014 for the difference. The adjustment should show on the site http://taxes.cityofjerseycity.com/ 2. Yes. You should see an equivalent %decrease in your tax bill. You may have to get an updated 2014 bill from the City Tax collector, to pass to your bank to update escrow payments.
Posted on: 2014/2/5 15:13
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Re: Property Tax Appeal - Comparable Sales
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Home away from home
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I recorded a tax appeal workshop last year.
http://www.youtube.com/watch?v=4dAxSK ... MaEag&feature=c4-overview
Posted on: 2014/2/5 15:03
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Re: Property Tax Appeal - Comparable Sales
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Home away from home
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I don't know about #1. Re #2, Have you tried looking up your property on the assessments records search engine and the city of jersey city online tax inquiry site?
Posted on: 2014/2/4 14:37
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Re: Property Tax Appeal - Comparable Sales
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Newbie
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We also had Corrado do a tax appeal for us last year and I never heard anything back from them on it, despite repeated emails and calls to follow up. But the tax card I got today shows a reduced tax rate for 2014.
Two questions: 1. Can I expect to receive some sort of check from them/someone? Someone mentioned below that they would get 1/3 payment in Jan. 2. It's a 25% reduction in the assessment. Does that translate into a 25% reduction in taxes paid, or is there some other formula at work there? Just trying to figure out how much we'll be paying with the lower assessment.
Posted on: 2014/2/4 14:29
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Re: Property Tax Appeal - Comparable Sales
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Home away from home
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Dissecting this for other ppl:
Quote:
Bank appraisals are totally irrelevant for Property Tax appraisal purposes, except possibly as additional evidence. The whole process is based on average price/sq ft on comparable sales over the prior tax year. The comparative sales have to be Oct 1-Sep 30th of the year prior to the appeal. And the dates relate to when the sales deed was filed with the County Tax board, and not the sales closure date. Quote:
As they would. They're not interested in your bank paperwork, just comparate sales, Oct 1- Sep 30th of the year prior. Quote:
That's part of the stupid side of the assessment. My neighbor's home is identical to mine, but is assessed at about 2/3rds or my assessment JC doesn't care about comparative assessments. They also ignore properties with no listed sq footage on the property cards. Idiotic imo - but it is what it is. Quote:
Backdated? Personally I think I have been raped for 6 years on JC property tax. The whole way that JC, and almost all NJ municipalities publish "assessed value" is a total scam on the public. They never relate implied market value to "assessed value". "Assessed value" is always a fraction of implied market vaue. In JC alone, assessed value is around 1/4 of market value - everyone in JC receives a card telling them their property is assessed at say $100k, they're never told that the City thinks their property is actually valued at $400k - people keep their mouths shut on what they think is a City undervaluation, the City rapes property Tax on the basis of their over-valuation....noone complains.... Quote:
Shouldn't need an attorney.
Posted on: 2010/10/28 5:12
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Re: Property Tax Appeal - Comparable Sales
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Home away from home
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Quote:
I used www.easytaxfix.com, cost me about $70, saved me about 30% - $7k/year. All in my pocket. And I think you're wrong - the City tax assessors are very approachable and helpful imo. The process was far from adversarial. DIY imo and avoid feeding the pigs :)
Posted on: 2010/10/28 4:22
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Re: Property Tax Appeal - Comparable Sales
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Home away from home
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Updating on my own post from several months ago - my tax case was heard and the result was a -15% reduction in my property tax bill.
Costs incurred to me were as follows: the tax overpayment check will be forwarded to our attorney in mid January and he'll take a 1/3 share, the appraiser will take a 1/3 share and I'll be left with the reamaining 1/3 share. After that no further costs will be incurred and I'll enjoy the reduce tax bill. Again, tried really hard to work with the city here before hiring an attorney and the folks in the tax office kept telling me "don't bother, you'll never win as your house is properly appraised". But Nick Corrado's office does these tax appeals all day long and wouldn't have even taken on the case had he agreed with the city. Pretty painless all around and again, I've always enjoyed my interaction with Nick and his professional office support team. Good luck to others.
Posted on: 2010/10/27 19:50
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Re: Property Tax Appeal - Comparable Sales
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Just can't stay away
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PLEASE do update us.
Posted on: 2010/5/27 16:36
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Re: Property Tax Appeal - Comparable Sales
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Home away from home
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I hired Nicolas Corrado to represent the property tax appeal on my narrow brownstone in the Hamilton Park area. We did a gut/rehab renovation and the city came in with an appraisal that equated to $800,000. A woman working in the Tax Collector's Dept commented that my taxes seemed "unusually high for the area and that I might want to appeal them." I could have kissed her (!).
We had recently applied to our mortgage lender to refinance and the bank appraisal, based on 6 comparable property transactions in the past 6 months (they are not interested in the past year) came in at $600,000. We rejected the mortgage lender's assessment and requested another. Second assessor was sent out and arrived at the exact same figure. I approached city's Tax Assessment dept. with the paperwork from the bank and asked that my assessment be reviewed - they flatly refused to consider it. I cited my neighbor's home, which had been rehabbed in tandem with mine - and was valued at $575,000 - despite being the same dimmensions and materials as mine - again they flatly refused to consider or discuss how they arrived at his assessment. In further discussions with the city Assessor I mentioned the abatement that I had received - which they could find no record of. Shuffled back to the Tax Collection Dept. and produced the paperwork - the Assessor told me that she'd file the necessary paperwork on our bahalf. In clarifying which paperwork she'd be filing, turns out that she was attending to the abatement, which would be not be back dated, and the assessment would remain as it. Why it couldn't be back-dated, when the city had misplaced the info, was not open for discussion. I was informed that if I tried to challenge the assessment, then the abatement would be removed. We're reasonable people and believe in paying our fair share of property taxes but these discussion with the city were simply aging me. I couldn't make sense of any of the above and finally caved in with a call to our attorney. His terms seem quite fair in that the attorney and his property assessor will take 2/3 of the first year's property tax deduction if we win and -0- if we lose. Our hearing date has yet to be assigned but I'll update this post and advice the outcome.
Posted on: 2010/5/27 16:19
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Re: Property Tax Appeal - Comparable Sales
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Home away from home
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You knew that, broken English always wins the game, it's called screw your own.
Posted on: 2010/5/27 13:16
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Re: Property Tax Appeal - Comparable Sales
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Home away from home
Joined:
2007/10/9 19:48 Last Login : 2013/2/18 15:54 From Van Vorst Park
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I'm still waiting to hear about my appeal. Is there a number I can call to follow up. I've heard squat since I filed the paperwork. I provided comps at that time as well.
Posted on: 2010/5/27 13:04
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Re: Property Tax Appeal - Comparable Sales
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Home away from home
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It was not so much a threat as a fact. We have a 25% abatement for a couple more years. I did not know of this rule. I wasn't looking for much over 25% so it made sense to withdraw.
Posted on: 2010/5/27 7:18
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Re: Property Tax Appeal - Comparable Sales
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Home away from home
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Ok...so they threatened you and you folded.
The towny threatened me with Plus 30% on 2 comps, I provided 6 comps (unfortunately) to say it was worth 25% less than I bought it for (now we are about 80% away in px). Yes I omited a few comps. He shut his mouth infront on the commisioner, as he realized it would sound rediculous if I am UP on my investment. The towny was actually bragging that he would get inside my house to see improvements, and raise my taxes even more. I asked the judge if I had to let him in my building and he said no. And I told the towny he would never get in without a court order. REVERSE discrimination!!!!!!!!!!! The broken English chick infront of me got the break without seeing the commisioner.
Posted on: 2010/5/27 0:56
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