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Re: 38 Mercer Street up for grabs for $2.5 million
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Home away from home
 
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You don't really have a choice in taxes unless you get the law changed. If you fail to pay property taxes, you can lose your property through the tax lien process. The alternative is to sell and move. And you'll find in NJ it's close to a blanket 2% wealth tax (on property value) across all of NJ.
Posted on: 2014/7/28 16:30
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Re: 38 Mercer Street up for grabs for $2.5 million
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Home away from home
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I will consider paying this much for property and this much in taxes when J.C. gets rid of affordable housing and rent controlled buildings. It would be insane to pay this much with the city services we recieve. This kind of money warrants the service those recieve in nort west Bergen County.
Posted on: 2014/7/28 14:28
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Get on your bikes and ride !
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Re: 38 Mercer Street up for grabs for $2.5 million
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Newbie
Joined:
2012/11/14 20:24 Last Login : 2015/5/28 21:45 From jersey city
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Viva la Reval. I was just looking today at several post-reval Hoboken Townhouses that have recently hit the market. For list prices between 2-3 million, taxes were between 30-45K. Their 2013 taxes were 11K-16K.
Posted on: 2014/7/27 22:18
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Re: 38 Mercer Street up for grabs for $2.5 million
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Home away from home
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A reval would have zero impact to City Budget. The City issued a detailed guide back in 2010 - though I can't find, but the quote below from jcindependent expresses it well. The numbers I quoted for 38 Mercer, were derived on calculation of fair market value in the method both the existing Hudson appeal process uses, and the Reval would use - comparable recent sales/square ft. The taxes after a reval of $39k/$1.6m would be correct if over-assessed and under-assessed property values balanced out City-wide. If under-assessment > over-assessment then that $39k would be marginally lower, or if it's the other way around, they might be marginally higher. Hard to predict where that will land given the way the JC equalization rate has worked over the time since 1988. This rate set by the county assumes all JC properties have increased the same x3 since 1988. (*1/0.3272 to be precise). Post-reval best guess may be to use the County's margin of error on tax appeals +/- 15% - which would give $33-45k. $33-45k is still a big increase on $11k. http://www.jerseycityindependent.com/ ... -first-reval-in-22-years/ Quote:
Posted on: 2014/7/26 16:12
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Re: 38 Mercer Street up for grabs for $2.5 million
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Home away from home
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Don't you need to know the 'correct' assessment of all taxable property and the city budget to determine the tax rate of any one property?
Posted on: 2014/7/26 14:17
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Re: 38 Mercer Street up for grabs for $2.5 million
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Home away from home
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2004/2/6 23:13 Last Login : 2021/7/30 1:08 From Jersey City
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you are right - it is outrageous and thanks for outlining the impact and gross injustice of not moving forward with the tax reval.
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Posted on: 2014/7/26 13:46
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Re: 38 Mercer Street up for grabs for $2.5 million
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Home away from home
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I did a bit of number crunching. I took the 4700 sq ft listed in Trulia, and plugged that number into easytaxfix.com. It values the property at $1.6m - the kind of number the reval would produce. On that basis they should be paying $39k/year on the property. That $28k/year underpayment is coming out of other taxpayers pockets. Simply put we need the reval. The biggest issue will likely be not driving low-income families, seniors and vets out of homes homes that have greatly increased in value. That can be addressed easily by deferring taxes until sale/transfer. This kind of undervaluation is quite simply outrageous.
Posted on: 2014/7/26 13:18
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Re: 38 Mercer Street up for grabs for $2.5 million
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Home away from home
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They only pay $11k in taxes on that place!? REVAL! My guess is they never got permits for renovations. Such bullshit.
Posted on: 2014/7/26 11:34
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Re: 38 Mercer Street up for grabs for $2.5 million
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Home away from home
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There's another old firehouse for sale on 6th St, about $1.5 million, I think
https://www.google.com/maps/@40.725588,-74.046531,3a,74.6y,17.08h,76.59t/data=!3m4!1e1!3m2!1saCdjFM7RciPU84ccWe8ypQ!2e0
Posted on: 2014/7/25 21:34
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800 Craft Beers in stock!
www.thirstyquaker.com www.facebook.com/thirstyquaker www.twitter.com/thirstyquaker |
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38 Mercer Street up for grabs for $2.5 million
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Home away from home
Joined:
2014/6/9 22:10 Last Login : 2017/6/16 11:22 From Jersey City, NJ
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http://www.trulia.com/property/316233 ... r-St-Jersey-City-NJ-07302
It's where they filmed "Snooki & JWoww" back in 2012. Great location and they're asking ~$500 / sq foot.
Posted on: 2014/7/25 21:24
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