JERSEY CITY LIST - Re: The 10 Cities With the Highest Rents [Real Estate]

Forum Index

Board index » Jersey City, NJ » Real Estate » The 10 Cities With the Highest Rents

Browsing this Thread: 3 Anonymous Users

Bottom

Previous Topic

Next Topic Register To Post

JSleeze

Re: The 10 Cities With the Highest Rents

#24

Home away from home

Joined:
2009/8/27 22:16
Last Login :
2019/4/26 20:07

Group:
Registered Users

Posts: 359

Quote:

Wishful_Thinking wrote:
Quote:

Yvonne wrote:
I spoke to certain people who work in government, naturally I will not give names, they are still employed. However, the Friendly Budget is available which shows $2.8 billion exempt from the tax rate. That is a public document. It also shows the value of taxes not collected. The city's ratable base is available from the Hudson County Board of Taxation. This is the reason why I stated in my letter what is not being paid to the board of ed and county should be in all tax abatement agreements. This information should not be secret. I also compared the fees from Healy's budget to Fulop's budget.

What I am still interested in knowing is where the PILOT money goes. As you noted, Jersey City doesn't have the local sales or income tax like NYC does, so in a way Jersey City has dug some of this hole for itself, i.e., the over-reliance on property taxes. Having said that, this is a real city with the inevitable needs that cities have, and suburbs don't.

If Jersey City is truly getting something from the PILOT money - more parks, programs for kids, funding SID projects, than IMO it's a reasonable trade-off. Is there a source to where the PILOT funds go?

PILOT revenues go directly into the budget to fund the city's basic operations each year. In that regard, they are exactly the same as property taxes (with the exception that most newer buildings are paying a higher overall burden than owners of underassessed properties paying traditional property taxes. That is because the PILOT is a fixed percentage - 1.6% - against the purchase price and the purchase price of a new construction condominium is going to be higher than the 1988 assessment on a property paying traditional taxes.)

For example - the mayor's house on Ogden: IIRC from the newspaper articles, he paid ~ $775,000 and is paying in the $7,000s in property taxes. An "abated" new construction condo that sold for $775k is going to pay $12,400 in PILOT.

Posted on: 2016/4/7 15:26

MDM

Re: The 10 Cities With the Highest Rents

#23

Home away from home

Joined:
2010/7/9 11:16
Last Login :
10/30 16:49

Group:
Registered Users

Posts: 2743

Quote:

Where can I get information on this? I doubt my new walk-in shower will count, but it would be good to know in case I plan further improvements to my condo.

I have no idea how this works on condos.

More info here:

http://scarincihollenbeck.com/how-to- ... -abatement-in-new-jersey/

http://www.state.nj.us/treasury/taxation/lpt/ea1info.shtml

Posted on: 2016/4/5 18:49

Wishful_Thinking

Re: The 10 Cities With the Highest Rents

#22

Home away from home

Joined:
2013/10/15 17:32
Last Login :
2017/5/17 13:40

From Heights

Group:
Registered Users

Posts: 797

Quote:

MDM wrote:
Quote:

And how many tax abatements are given to you and I?

If you do major renovation work on your property, you qualify for a 5 year abatement.

Where can I get information on this? I doubt my new walk-in shower will count, but it would be good to know in case I plan further improvements to my condo.

Posted on: 2016/4/5 18:19

Wishful_Thinking

Re: The 10 Cities With the Highest Rents

#21

Home away from home

Joined:
2013/10/15 17:32
Last Login :
2017/5/17 13:40

From Heights

Group:
Registered Users

Posts: 797

Quote:

Yvonne wrote:
I spoke to certain people who work in government, naturally I will not give names, they are still employed. However, the Friendly Budget is available which shows $2.8 billion exempt from the tax rate. That is a public document. It also shows the value of taxes not collected. The city's ratable base is available from the Hudson County Board of Taxation. This is the reason why I stated in my letter what is not being paid to the board of ed and county should be in all tax abatement agreements. This information should not be secret. I also compared the fees from Healy's budget to Fulop's budget.

What I am still interested in knowing is where the PILOT money goes. As you noted, Jersey City doesn't have the local sales or income tax like NYC does, so in a way Jersey City has dug some of this hole for itself, i.e., the over-reliance on property taxes. Having said that, this is a real city with the inevitable needs that cities have, and suburbs don't.

If Jersey City is truly getting something from the PILOT money - more parks, programs for kids, funding SID projects, than IMO it's a reasonable trade-off. Is there a source to where the PILOT funds go?

Posted on: 2016/4/5 18:17

MDM

Re: The 10 Cities With the Highest Rents

#20

Home away from home

Joined:
2010/7/9 11:16
Last Login :
10/30 16:49

Group:
Registered Users

Posts: 2743

Quote:

And how many tax abatements are given to you and I?

If you do major renovation work on your property, you qualify for a 5 year abatement.

Posted on: 2016/4/5 17:47

Yvonne

Re: The 10 Cities With the Highest Rents

#19

Home away from home

Joined:
2004/6/17 2:16
Last Login :
3/21 23:34

Group:
Registered Users

Posts: 5375

Quote:

WhoElseCouldIBe wrote:
Quote:

Pebble wrote:
Quote:

Yvonne wrote:
Millions of dollars of liens basically from the small homeowner are sold every year by the city. Speculators buy them, foreclose on the property and either develop the property or sell them to a developer. The developer then goes to city hall and ask for a tax abatement. The system is corrupt and the idea that JC should hand out 30 year tax abatements is wrong.

Tax abatements are available to you and I. You need only apply for one and list a reason. The request can be accepted or rejected. The fact that developers ask for them after foreclosing on a property isn't something shocking nor is it something that is illegal.

And how many tax abatements are given to you and I?

To me none, to you I have no clue. It is not right to give something to one person then take another's person property due to taxes.

Posted on: 2016/4/5 16:21

WhoElseCouldIBe

Re: The 10 Cities With the Highest Rents

#18

Home away from home

Joined:
2011/11/30 12:46
Last Login :
2017/8/3 1:06

Group:
Registered Users

Posts: 1907

Quote:

Pebble wrote:
Quote:

Yvonne wrote:
Millions of dollars of liens basically from the small homeowner are sold every year by the city. Speculators buy them, foreclose on the property and either develop the property or sell them to a developer. The developer then goes to city hall and ask for a tax abatement. The system is corrupt and the idea that JC should hand out 30 year tax abatements is wrong.

Tax abatements are available to you and I. You need only apply for one and list a reason. The request can be accepted or rejected. The fact that developers ask for them after foreclosing on a property isn't something shocking nor is it something that is illegal.

And how many tax abatements are given to you and I?

Posted on: 2016/4/5 16:07

Yvonne

Re: The 10 Cities With the Highest Rents

#17

Home away from home

Joined:
2004/6/17 2:16
Last Login :
3/21 23:34

Group:
Registered Users

Posts: 5375

Quote:

Pebble wrote:
Quote:

Yvonne wrote:
Millions of dollars of liens basically from the small homeowner are sold every year by the city. Speculators buy them, foreclose on the property and either develop the property or sell them to a developer. The developer then goes to city hall and ask for a tax abatement. The system is corrupt and the idea that JC should hand out 30 year tax abatements is wrong.

Tax abatements are available to you and I. You need only apply for one and list a reason. The request can be accepted or rejected. The fact that developers ask for them after foreclosing on a property isn't something shocking nor is it something that is illegal.

Yes, it is there if you are doing construction of 50% or more. For those not in a redevelopment zone the time frame is 5 years. I have no problem with five years. I have problem with 15, 20, 30, and 40 years tax abatements. That is excessive. Especially since Fulop has renewed two projects recently giving them more than 60 years.

Posted on: 2016/4/5 16:05

Pebble

Re: The 10 Cities With the Highest Rents

#16

Home away from home

Joined:
2013/3/29 21:43
Last Login :
2023/9/5 18:27

From Bergen Hill

Group:
Registered Users

Posts: 1980

Quote:

Yvonne wrote:
Millions of dollars of liens basically from the small homeowner are sold every year by the city. Speculators buy them, foreclose on the property and either develop the property or sell them to a developer. The developer then goes to city hall and ask for a tax abatement. The system is corrupt and the idea that JC should hand out 30 year tax abatements is wrong.

Tax abatements are available to you and I. You need only apply for one and list a reason. The request can be accepted or rejected. The fact that developers ask for them after foreclosing on a property isn't something shocking nor is it something that is illegal.

Posted on: 2016/4/5 15:35

Dos A Cero

Yvonne

Re: The 10 Cities With the Highest Rents

#15

Home away from home

Joined:
2004/6/17 2:16
Last Login :
3/21 23:34

Group:
Registered Users

Posts: 5375

Millions of dollars of liens basically from the small homeowner are sold every year by the city. Speculators buy them, foreclose on the property and either develop the property or sell them to a developer. The developer then goes to city hall and ask for a tax abatement. The system is corrupt and the idea that JC should hand out 30 year tax abatements is wrong.

Posted on: 2016/4/4 13:28

Poncho11

Re: The 10 Cities With the Highest Rents

#14

Home away from home

Joined:
2011/2/14 18:30
Last Login :
2021/6/30 13:44

Group:
Registered Users

Posts: 189

Quote:

heights wrote:
[quote]
Yvonne wrote:
NYC has an income tax and sales. That said, everyone contributes in the tax base. It is different here. The currency is based on property taxes. In the 1970s and 1980s, there was massive immigration from Russia and Poland, those immigrants were placed in affordable housing in our city. I have nothing against any immigrant, but JC is asked to fill the federal program to house immigrants. I am sure when the Syrian immigrants come, they will be in affordable housing. The basis for Fulop's tax abatement program is linked to affordable housing. JC cannot fix the world's problem when we need our sewerage fixed and addressed the flooding problems. Affordable housing is not affordable taxes.

Yvonne how can anyone on this site dispute your findings. The potholes are in dire need of repair and paving. I would like to hear the reasons to make your claims seem unjustified. Keep plugging away even though you are preaching to the wrong choir, they only rent in multi dwellings, fellow homeowners understand your plight.[/quote

Correct !

Posted on: 2016/4/4 10:30

user1111

Re: The 10 Cities With the Highest Rents

#13

Home away from home

Joined:
2012/1/11 18:21
Last Login :
2019/12/26 15:30

From GV Bayside Park

Group:
Registered Users

Posts: 5356

Preach!!!

Posted on: 2016/4/4 10:22

http://googleitbitch.com/

Yvonne

Re: The 10 Cities With the Highest Rents

#12

Home away from home

Joined:
2004/6/17 2:16
Last Login :
3/21 23:34

Group:
Registered Users

Posts: 5375

I spoke to certain people who work in government, naturally I will not give names, they are still employed. However, the Friendly Budget is available which shows $2.8 billion exempt from the tax rate. That is a public document. It also shows the value of taxes not collected. The city's ratable base is available from the Hudson County Board of Taxation. This is the reason why I stated in my letter what is not being paid to the board of ed and county should be in all tax abatement agreements. This information should not be secret. I also compared the fees from Healy's budget to Fulop's budget.

Posted on: 2016/4/4 1:21

heights

Re: The 10 Cities With the Highest Rents

#11

Home away from home

Joined:
2005/7/13 15:03
Last Login :
7/5 23:54

From Western Slope

Group:
Registered Users

Posts: 4638

Quote:

Yvonne wrote:
NYC has an income tax and sales. That said, everyone contributes in the tax base. It is different here. The currency is based on property taxes. In the 1970s and 1980s, there was massive immigration from Russia and Poland, those immigrants were placed in affordable housing in our city. I have nothing against any immigrant, but JC is asked to fill the federal program to house immigrants. I am sure when the Syrian immigrants come, they will be in affordable housing. The basis for Fulop's tax abatement program is linked to affordable housing. JC cannot fix the world's problem when we need our sewerage fixed and addressed the flooding problems. Affordable housing is not affordable taxes.

Posted on: 2016/4/4 0:10

Get on your bikes and ride !

Yvonne

Re: The 10 Cities With the Highest Rents

#10

Home away from home

Joined:
2004/6/17 2:16
Last Login :
3/21 23:34

Group:
Registered Users

Posts: 5375

NYC has an income tax and sales. That said, everyone contributes in the tax base. It is different here. The currency is based on property taxes. In the 1970s and 1980s, there was massive immigration from Russia and Poland, those immigrants were placed in affordable housing in our city. I have nothing against any immigrant, but JC is asked to fill the federal program to house immigrants. I am sure when the Syrian immigrants come, they will be in affordable housing. The basis for Fulop's tax abatement program is linked to affordable housing. JC cannot fix the world's problem when we need our sewerage fixed and addressed the flooding problems. Affordable housing is not affordable taxes.

Posted on: 2016/4/4 0:06

Wishful_Thinking

Re: The 10 Cities With the Highest Rents

Home away from home

Joined:
2013/10/15 17:32
Last Login :
2017/5/17 13:40

From Heights

Group:
Registered Users

Posts: 797

Quote:

Yvonne wrote:
How many of those buildings in JC also have a tax abatement, yet they charge high rents.

Tax abatements were not necessarily intended to provide for affordable housing - an exception being the 421A abatement in NYC, which required a certain amount of affordable housing units be included. Rather, they were intended to spur development. While it's arguable that here, in certain neighborhoods, as was the case in NYC, the abatements are no longer needed to spur development I'll think you'll find most developers - at all price points - will argue they still need them to make the project viable.

Eventually these developments will come "on line" as fully taxable properties, but even then we won't be able to look to them as a means to get cheaper rents, and keep less well-off people from losing their homes when they can't keep up with the taxes - that requires an entirely separate approach, and probably a lot more money from the rest of us to subsidize these people in place.

Posted on: 2016/4/3 21:55

heights

Re: The 10 Cities With the Highest Rents

Home away from home

Joined:
2005/7/13 15:03
Last Login :
7/5 23:54

From Western Slope

Group:
Registered Users

Posts: 4638

http://www.nj.com/opinion/index.ssf/2 ... n.html#incart_river_index

Posted on: 2016/4/3 20:24

Get on your bikes and ride !

psyop

Re: The 10 Cities With the Highest Rents

Home away from home

Joined:
2009/7/25 0:34
Last Login :
2021/9/21 23:51

Group:
Registered Users

Posts: 401

LOL you are funny!

Posted on: 2016/4/3 13:09

Yvonne

Re: The 10 Cities With the Highest Rents

Home away from home

Joined:
2004/6/17 2:16
Last Login :
3/21 23:34

Group:
Registered Users

Posts: 5375

Quote:

psyop wrote:
Quote:

Yvonne wrote:
Quote:

psyop wrote:
Quote:

Yvonne wrote:
How many of those buildings in JC also have a tax abatement, yet they charge high rents.

Seriously, can you just let someone post something without injecting your BS?

I don't consider this BS. First, high rents are being charged, second, they are not paying their board of ed and full county taxes. Those services do not disappear, it is just passed on to the small homeowner. And third, sometimes these projects receive redevelopment money. I see greedy people profiting on the backs of people who must pay for their fair share of government. Maybe you like being used psyop, I don't.

I guess Jersey City was great for you at some point in time and now you hate everything about it and will just complain about that until the end of time, you must be really a miserable person.
You need to always have the last word about whatever you say so go for it.

Who says I hate things? That is your opinion, I hate nothing. Neither will I be silent when long time neighbors (especially neighbors I knew downtown) lost their homes through taxes. I want fairness, as you why you don't, well that is your problem.

Posted on: 2016/4/3 1:56

psyop

Re: The 10 Cities With the Highest Rents

Home away from home

Joined:
2009/7/25 0:34
Last Login :
2021/9/21 23:51

Group:
Registered Users

Posts: 401

Quote:

Yvonne wrote:
Quote:

psyop wrote:
Quote:

Yvonne wrote:
How many of those buildings in JC also have a tax abatement, yet they charge high rents.

Seriously, can you just let someone post something without injecting your BS?

I don't consider this BS. First, high rents are being charged, second, they are not paying their board of ed and full county taxes. Those services do not disappear, it is just passed on to the small homeowner. And third, sometimes these projects receive redevelopment money. I see greedy people profiting on the backs of people who must pay for their fair share of government. Maybe you like being used psyop, I don't.

I guess Jersey City was great for you at some point in time and now you hate everything about it and will just complain about that until the end of time, you must be really a miserable person.
You need to always have the last word about whatever you say so go for it.

Posted on: 2016/4/3 0:55

Yvonne

Re: The 10 Cities With the Highest Rents

Home away from home

Joined:
2004/6/17 2:16
Last Login :
3/21 23:34

Group:
Registered Users

Posts: 5375

Quote:

psyop wrote:
Quote:

Yvonne wrote:
How many of those buildings in JC also have a tax abatement, yet they charge high rents.

Seriously, can you just let someone post something without injecting your BS?

I don't consider this BS. First, high rents are being charged, second, they are not paying their board of ed and full county taxes. Those services do not disappear, it is just passed on to the small homeowner. And third, sometimes these projects receive redevelopment money. I see greedy people profiting on the backs of people who must pay for their fair share of government. Maybe you like being used psyop, I don't.

Posted on: 2016/4/3 0:45