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Re: Jersey City mayor-elect orders end to citywide reval
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Home away from home
 
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Steven is Full of shit on this one.
Posted on: 2016/1/28 12:49
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Re: Jersey City mayor-elect orders end to citywide reval
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Home away from home
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What Steve is arguing may or may not be true. I believe he's an honest politician. But he should recuse himself from the decision given his conflict of interest - and let an outside party arbitrate. http://njeducationaid.blogspot.com/20 ... rty-taxes-are-states.html Quote:
Posted on: 2016/1/28 12:48
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Re: Jersey City mayor-elect orders end to citywide reval
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Just can't stay away
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I like Steve Fulop, but that was five minutes and forty-three seconds of serious bullshit I just watched.
He?s saying to maximize growth, we need to continue subsidizing the taxes of owners of million-dollar homes in Hamilton Park, on the backs of homeowners in Bergen Lafayette. He said that! is the appeal of Hamilton Park so tenuous that if taxes go up, a well-off family who would've bought a $1.2M townhouse with low taxes, will not buy the same home for $1.1M with higher taxes? Would the seller of such a home be devastated by the loss in sale price? Hearing such an assessment from a Goldman Sachs banker - yeah - that might be the best way to maximize growth. Coming from a politician who seeks to be a leader in liberal / progressive values - nope. Wrong. Fail. That homeowner in B-L who could be pocketing the extra $200 or $300 a year - Ok that's chump change - but it starts to add up after 10, 15, 20 years. Mayor Fulop, how long do you suggest we wait before making property taxes in Jersey City equitable again?
Posted on: 2016/1/28 6:54
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Re: Jersey City mayor-elect orders end to citywide reval
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Home away from home
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Sure it is, if nothing is what you want to happen. It's worked for Mayors and certain constituencies for 18 years now since we should have last had a reval.
Posted on: 2016/1/28 4:47
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Re: Jersey City mayor-elect orders end to citywide reval
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Home away from home
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There are a few things to the video that I'd raise. 1. The reval has absolutely nothing to do with growing taxes. 2. Is there any evidence of a "domino effect" on house prices in any other municipality? Hoboken for example? 3. People who think they'd win after a reval should simply appeal. 4. The property tax card should be made transparent and simpler to interpret. Here's what we think your property is worth, here's your equalized tax rate. Here's what to do if you think you are over-taxed. 5. Doing nothing isn't a plan.
Posted on: 2016/1/28 3:00
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Re: Jersey City mayor-elect orders end to citywide reval
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Home away from home
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Wow!! Everything Fulop said was spot on and accurate. He also hinted at his preference on how to grow the tax base to pay for city services while keeping existing taxes low.
I know your Anti-Fulop, DanL, but that clip you posted presents him in a very favorable light, at least to me. I support a reval (as I would be one of the "winners" living in the Heights), but at least he was dead honest about the rationale for canceling. I hope the State forces it on us anyway and makes it a rolling assessment so we never have this problem again.
There is a reason why you lost the election DanL. Stop trying to pass the buck and look at your internal failings in the mirror. I can't stand folks who yell the problem but offer no solutions of their own.
As for Fulop, I know you read this forum, please aggressively continue to grow the tax base for Jersey City. You have my support at least. The work being done on the waterfront and the PILOTS in Journal Square are a great start.
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DanL wrote: the forum is tomorrow evening and our mayor addressed it again at last night's town meeting, draw your own conclusions - https://youtu.be/UGUd534uIs4 Quote:
Posted on: 2016/1/28 2:19
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Re: Jersey City mayor-elect orders end to citywide reval
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Home away from home
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DanL wrote: the forum is tomorrow evening and our mayor addressed it again at last night's town meeting, draw your own conclusions - https://youtu.be/UGUd534uIs4 Quote:
Posted on: 2016/1/28 2:02
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Re: Jersey City mayor-elect orders end to citywide reval
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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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the forum is tomorrow evening and our mayor addressed it again at last night's town meeting, draw your own conclusions -
https://youtu.be/UGUd534uIs4
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Stringer wrote:
Posted on: 2016/1/28 1:18
Edited by Webmaster on 2016/1/28 1:38:31
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Re: Jersey City mayor-elect orders end to citywide reval
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Home away from home
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All I know is that when the reval does happen, there will be wailing and screams from the people in the Downtown as they view their new assessments.
Posted on: 2016/1/27 17:17
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Re: Jersey City mayor-elect orders end to citywide reval
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Just can't stay away
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2015/10/21 0:40 Last Login : 2019/5/15 18:48 From One of the Oranges
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"The article said this will be the only public hearing so I suspect the decision has already been made and this is just for show. Let people vent and feel like they had an opportunity to" The state is basing its demand for Jersey City to reassess based on Jersey City' huge divergence between assessed valuation and true valuation (aka, Equalized Valuation) and Jersey City's largest-in-NJ Coefficient of Deviation. http://njeducationaid.blogspot.com/20 ... rty-taxes-are-states.html I agree, the decision to order the reassessment will be made independently of whatever people say tomorrow night, but this isn't necessarily bad governance because Jersey City's markers of property tax unfairness are so high and because the crowd tomorrow night will likely not be representative of the city as a whole.
Posted on: 2016/1/27 16:48
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Re: Jersey City mayor-elect orders end to citywide reval
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Home away from home
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N.J. hosting public hearing on Jersey City reval tomorrow.By The state of New Jersey, which last year warned Jersey City that it may need to perform a citywide tax revaluation, is hosting a public hearing tomorrow night to let residents voice their opinions. The hearing is part of the state's investigation into whether to force the reval, dreaded by some homeowners. State officials said it will be the only public hearing. The state Division of Taxation will conduct the hearing tomorrow at 6 p.m. in the Scott Ring Room on the second floor of Hudson County Community College, 161 Newkirk St. Read more: http://www.nj.com/jjournal-news/index ... ring_tomorrow_on_rev.html
Posted on: 2016/1/27 16:02
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Re: Jersey City mayor-elect orders end to citywide reval
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Home away from home
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The fact that Jersey City hasn't had a legally required reval in decades has absolutely nothing to do with any PA toll increases. Why even bring this up?? Any reval is designed to properly make sure everyone is paying their 'fair share'. Some will pay more, some will pay less, but the total amount of taxes will remain the same. Of course, those paying more will be pissed, and those paying less will be happy.
Posted on: 2016/1/23 0:01
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Re: Jersey City mayor-elect orders end to citywide reval
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Home away from home
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No, the toll hike was far more insidious. Cuomo and Christie conspired with their guys on the Port Authority where the latter proposed an outrageous toll increase (something like $20 to cross the bridge). Cuomo and Christie then had a very public "fight" with the PA, getting them to lower the toll hike, all so they could look like heroes. Of course, the "lowered" hike is what they wanted all along.
Posted on: 2016/1/22 23:32
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Re: Jersey City mayor-elect orders end to citywide reval
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Home away from home
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Or they'll back off, kick the can down the road for others to deal with and collect the political capital from "the people knowing they've been listened to." Isn't that what they did with the toll hike?
Posted on: 2016/1/22 23:25
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Re: Jersey City mayor-elect orders end to citywide reval
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Home away from home
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The article said this will be the only public hearing so I suspect the decision has already been made and this is just for show. Let people vent and feel like they had an opportunity to be heard.
Posted on: 2016/1/22 21:29
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Re: Jersey City mayor-elect orders end to citywide reval
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Home away from home
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Why do they even need to provide any reason beyond the most obvious and basic one: the city is legally required to conduct a revaluation EVERY 10 YEARS.
Posted on: 2016/1/22 20:10
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Re: Jersey City mayor-elect orders end to citywide reval
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Home away from home
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N.J. hosting public hearing on Jersey City revalBy JERSEY CITY — The state of New Jersey, which last year warned Jersey City that it may need to perform a citywide tax revaluation, is hosting a public hearing next week to let residents voice their opinion. The hearing is part of the state's investigation into whether to force the reval, dreaded by some homeowners. State officials said it will be the only public hearing. The state Division of Taxation will conduct the hearing on Thursday, Jan. 28 at 6 p.m. in the Scott Ring Room on the second floor of Hudson County Community College, 161 Newkirk St. In November, taxation officials told Jersey City that because its ratio of true value to assessed value is at just 24.6 percent, the state may force the city to perform a reval, its first since 1988. Read more: http://www.nj.com/hudson/index.ssf/20 ... on_jersey_city_reval.html
Posted on: 2016/1/22 17:15
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Re: Jersey City mayor-elect orders end to citywide reval
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Home away from home
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No - there is a single rate for all Jersey City. For 2016 it will be 27.63%, for 2015 it was 30.02%. Ref column 2 for Hudson/Jersey City under: http://www.state.nj.us/treasury/taxation/lpt/lptvalue.shtml When a new reno or property comes on the market, they will appraise the current value and multiply by the equalization rate to arrive at the 1988 "assessed" value (excluding the standard 5-year abatements on renos/new properties). So if you bought a new property in 2015 for $1m, it would have an assessed value of around $300k (1m x 30.02%). Reversing the process at any point in time gives estimated current value. So a property valued at 1m/300k assessed in 2015, would have an estimated value of 300k/27.63% = $1.086m in 2016. Single baseline (1988) for all assessed values allows the City to use a single rate across all properties.
Posted on: 2015/12/3 14:28
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Re: Jersey City mayor-elect orders end to citywide reval
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Home away from home
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No one has claimed that. This thread is (sad) proof that the property tax situation in JC is unnecessarily complicated and confusing.
Posted on: 2015/12/3 14:17
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Re: Jersey City mayor-elect orders end to citywide reval
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Home away from home
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Dtjcview,
I will have to check my jc tax bill. But if I am understanding this correctly it would mean that depending on the year built post last assessment properties would have different equalization rates. Anotherwords a property built or gut renovation completed in 2005 vs 2000 would have different rates. Another method would be to reassess based on purchase price. Btw they do this on the waterfront properties such as james monroe and portifino but not the rest of Jc. This is another wrinkle in the code. This would at least get a lot of properties paying their fair share.
Posted on: 2015/12/3 12:36
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Re: Jersey City mayor-elect orders end to citywide reval
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Home away from home
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In other municipalities around the country, any given property's market value is estimated YEARLY based on widely available data. So, your home's value is estimated and updated yearly based on market conditions, comparable sales, etc. For example, if your house is assessed at 200K in 2015 and the local market is doing fairly well, its estimated value in 2016 would be higher (say, around 205K or 210K) and the property tax levy would be based on that estimated value. They don't apply the same appreciation metric to every house within a city because doing so would be illogical. Instead, most cities base appreciation estimates on "hyper-local" information. Again, this is done ALL OVER THE US. I agree with you that a revaluation is deficient without a plan to at least try and maintain a regular updating of property value estimates on a regular, rolling basis. So, in your theoretical scenario of properties losing value because they are now assessed the proper tax levy, after a year or so, said properties would see an adjustment based on market conditions and comparable sales. Again, this is done all over the US. Why this seems beyond the grasp of local officials is perplexing.
Posted on: 2015/12/3 3:38
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Re: Jersey City mayor-elect orders end to citywide reval
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Home away from home
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@Heights - Sell at assessed value? No. Not since the 80's/early 90's. Downtown - most people wouldn't even sell for assessed value x equalization rate - for the reason given in Brewster's post.
"But different areas have appreciated at different rates, getting further apart as time has gone on."
Posted on: 2015/12/3 3:02
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Re: Jersey City mayor-elect orders end to citywide reval
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Home away from home
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Posted on: 2015/12/3 3:02
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Re: Jersey City mayor-elect orders end to citywide reval
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Home away from home
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Would anyone actually sell their property based on it's assessed value ?
Posted on: 2015/12/3 2:36
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Get on your bikes and ride !
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Re: Jersey City mayor-elect orders end to citywide reval
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Home away from home
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To put it in more familiar terms, the equalization rate is like the Consumer Price Index, it's supposed to track the value increase of the entire JC market with 1 number. But different areas have appreciated at different rates, getting further apart as time has gone on. So a 1988 property value is the 88 value times the EQ rate to come out at a guess of what it's current value is. A newly assessed property (like an appeal or new construction) is assessed at current market value divided by that equalization rate. So when it's taxes are calculated, they use the exact same rate as everyone else. To make it even more confusing the official tax rate (2014 is 7.434%) is on the assessment, not the actual or theoretical current value. 135jc: Ignorant doesn't mean stupid, it means you don't know the facts. Some people will stop to learn the facts before having an opinion, others not so much. Can't say I've never been guilty of same, but I'm always willing to learn. Edit: Was just trying to learn why "reassessment upon sale" hasn't been used. All I could glean was that some towns have used it exclusively, placing nearly the entire tax burden on the new residents. But wouldn't using the transfer price as the assessment, in addition to a regular reval for untransferred properties, result in a much more accurate and fair valuations? An added benefit is buyers will know exactly what their taxes will be, and no one will buy a place considering its low assessment to be part of it's charm.
Posted on: 2015/12/3 1:11
Edited by brewster on 2015/12/3 1:32:59
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Re: Jersey City mayor-elect orders end to citywide reval
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Home away from home
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Every JC property, new and old, is assessed and taxed against an implied 1988 value. If you look at the assessed value on your property card - that's what your home was supposedly worth in 1988. The County issued "equalization rate" is supposed to convert the 1988 assessment to today's implied value. It's both complicated and confusing.
Posted on: 2015/12/3 0:34
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Re: Jersey City mayor-elect orders end to citywide reval
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Home away from home
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Exactly. As I stated in a previous post this is a horrible system. In my opinion designed to be manipulated. Why should one property be taxed at its 1988 value and another at its 2015. Brrwster would rather call me ignorant but property values should go up year not the tax rate. Seems simple to me but I am not a Hudson county politician with favors I owe.
Posted on: 2015/12/3 0:17
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Re: Jersey City mayor-elect orders end to citywide reval
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Home away from home
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That's one of the possible flaws with a big-bang approach. If we moved to a yearly reval it wouldn't be a issue - but that's simply not going to happen.
Posted on: 2015/12/3 0:07
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Re: Jersey City mayor-elect orders end to citywide reval
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Home away from home
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So what happens when all the overvalued properties and undervalued properties (due to taxes) are reassessed and the market corrects. Will there then have to be yet another assessment based on their post assessment sales? There will be hundreds appealing.
Posted on: 2015/12/2 23:51
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Re: Jersey City mayor-elect orders end to citywide reval
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Home away from home
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See what I mean? When someone is both profoundly ignorant of the facts AND aggressive about defending their perk, it's hopeless. ?It is difficult to get a man to understand something, when his salary depends on his not understanding it.? - Upton Sinclair
Posted on: 2015/12/2 23:40
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