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Re: Property Tax Assessment
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Home away from home
 
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It applies to all properties. Think of it this way. The City baselined property values back in the 80s at the last city-wide reval. The 30.02% (in amc's post) represents the percentage of current value that maps to the 80's "assessed value" baseline. Today's value *0.3002 = assessed value OR Assessed value /0.3002 = implied market value Which works out at around 333k per 100k assessed. It's not surprising to see properties sell for 3-4x their assessed values.
Posted on: 2015/1/20 19:25
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Re: Property Tax Assessment
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Home away from home
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Tax Appeal deadline is April 1, 2015
You can file online starting February 1, 2015 https://secure.njappealonline.com/prodappeals/login.aspx The Ratio is 30.02 For additional information http://www.hudsoncountynj.org/board-taxation/ For assessment search http://tax1.co.monmouth.nj.us/cgi-bin ... &out_type=0&district=0906
Posted on: 2015/1/20 19:02
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Re: Property Tax Assessment
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Home away from home
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Does this apply to condos as well? With the exception of a recent Sheriff's sale in my building, the recent sales - even in the Heights - were well in excess of the assessed value; 150 to 200%.
Posted on: 2015/1/20 18:57
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Re: Property Tax Assessment
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Home away from home
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I don't - yet - but am curious as to how you might proceed. I've compared the assessed value of my condo to others in my building, and found that units of a similar size and layout are assessed the same. Sales prices vary wildly, though - the unit next door to mine, which is almost a mirror image, sold for $267/s.f. Nearly his asking, and above the Zillow "estimate". A very similar unit upstairs sold at a Sheriff's sale for $121/s.f. PM me if you find out anything, though.
Posted on: 2015/1/20 18:48
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Re: Property Tax Assessment
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Home away from home
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I videotaped this meeting on tax appeals, the attorney contact is at the end of the show.
https://www.youtube.com/watch?v=4dAxSKDj7yo&feature=youtu.be
Posted on: 2015/1/14 18:55
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Newbie
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Hi, does anyone have any experience tax appeal attorney that can refer? I want to find someone who can help me in appealing my condo in jersey city.
thx
Posted on: 2015/1/13 22:50
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Re: Property Tax Assessment
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Home away from home
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Brewster is right. You can appeal - but that would only bring your property in line with current market values, and not your neighbor's (under) assessments.
The current JC equalization rate is 31.24%. Divide that into your assessed value to get what the county thinks your property is worth - about $320k per $100k assessed value - and your property needs to be valued under about $272k/100 assessed (-15%) to appeal. It's this equalization rate that is the cause of the big discrepancies. It represents the average increase in property values across all of JC since 1988. Downtown values have risen faster than elsewhere - so generally downtown is under-assessed than other parts of JC. The only way to resolve this issue is a city-wide reval. http://www.state.nj.us/treasury/taxat ... pt/county_equalized.shtml
Posted on: 2014/10/24 16:01
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Home away from home
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By the way Brewster, I was told the County Tax Assessor has the ability to force the city to do the reval. Fulop stopped it and the County is silent.
Posted on: 2014/10/24 15:52
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Home away from home
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Your experience is the rule rather than the exception. Taxes here are unfair, due to an unconscionably long time since the last revaluation. And you cannot use your neighbors taxes as evidence in tax appeal, only sales comparisons, and then only arms length, no foreclosures or short sales.
The gutted house should have at least had the reno added to their capitalization, I don't know what triggers a reno spot reval.
Posted on: 2014/10/24 15:38
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Newbie
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Thanks dtjcview....I assumed that my neighbours haven't been reassessed which could be the reason that i am paying higher taxes compared to the others. Is there any way I can appeal and have the city lower my taxes to match theirs under the reevaluation is done? I've been hearing about this reeval for over two years now and nothing has been done. Not trying to cause problems for others but I hate to pay higher taxes for a 3-family house when the neighbors own 4-family houses and pay less than me. Any advice would be appreciated.
Posted on: 2014/10/24 15:34
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Re: Property Tax Assessment
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Home away from home
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Check first whether your neighbor(s) have abatements. A newly renovated property typically gets a 5-year 40% or so abatement. http://tax1.co.monmouth.nj.us/cgi-bin ... &out_type=0&district=0906 An abatement would be shown under the "Exemption" column of the property record - giving a lower "assessed" value. The other cause of differences is simply the drift that has occurred since the last reval in 1988 - an un-renovated property might be undervalued compared to say a property renovated within the last 10 years. A major renovation will effectively "mark-to-market" the property value against current prices - the same process that happens with an appeal. Most downtown properties that have not been renovated or revalued since 1988 are under-assessed.
Posted on: 2014/10/24 14:18
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Property Tax Assessment
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Hey guys - hoping someone can help me understand how property taxes are accessed in Jersey City. I get that the assessment consists of two parts - land value and live-in space value and then the city charges you some percentage on that value. I bought my house in 2012 in downtown Jersey City and there is a row of about 7 houses that are identical to mine in terms of land value. My property however has been assessed at a higher live-in space value compared to my neighbors. As a matter of fact, one of the houses next door was entirely gutted and re-done and they are also paying about 40% less than my property.
Can anyone help me understand why that is? How can 4 out of 7 houses pay 40-50% less than what i am paying when we all have the same layout including the house that was entirely gutted, totally re-done and is now on the market for close to $2 million.
Posted on: 2014/10/24 13:54
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