dr_nick_riviera wrote:
How bad do you think a correction in downtown would be? 10%? 15% at the most?

I'm thinking whatever correction happens, there's so much pent up housing demand coming in from NYC, any excess inventory would get absorbed quickly and the dip would be very short lived.

DTJC is still dirt cheap compared to gentrified areas of Brooklyn and Queens, even with today's prices.

Yvonne wrote:
In order to appeal a wrong assessment, you must first pay the taxes. That is the tricky part. While the reval should go through I know of many people basically seniors in 1988 who did lose their home because they did not have the money to pay the taxes in order to do the appeal.

third_street_hats wrote:
Not to be callous, but if you've been here all your life and have paid off your mortgage on that brownstone but can't afford the taxes you will probably have to sell.

tommyc_37 wrote:
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third_street_hats wrote:
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user1111 wrote:
The biggest fear I heard last night was if this happens and you are not making 200k a year you just do not belong in zip code 07302 and not many folks were happy about that.

I think that's oversimplifying. More accurate would be if you are not making 200k a year you just do not belong in a single family brownstone in zip code 07302. Not to be callous, but if you've been here all your life and have paid off your mortgage on that brownstone but can't afford the taxes you will probably have to sell. You've been getting a sweetheart deal on the backs of those less fortunate and probably should have been more prepared.

The reality, when you look at a map, is that 07302 is the location and size equivalent of Dumbo, Brooklyn Heights, Cobble Hill, Vinegar Hill. So if you're priced out of owning in those neighborhoods, you're probably going to very soon be priced out of 07302.

This isn't the end of the world. It will slightly drive down prices downtown as we re-correct and also force folks into the heights, journal square, mcginley, and be-la. Property values there will start to rise just as they did in Fort Greene, Bushwick, and Bed-Stuy.

Agreed that it's not a terrible thing as it will correct prices, which have been over-inflated.

However, those that have been living downtown and are accustomed to amenities like 24/7 subway service to Manhattan, walkable streets, nice architecture, and a reasonable selection of restaurants/bars/cafes, are less likely to disperse to the Heights and Be-La, and more likely to opt for places like Crown Heights, Ridgewood, Bed-Stuy...which are places that are far more similar to DTJC than Heights/Be-La are, and still more affordable than DTJC.

dr_nick_riviera wrote:
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third_street_hats wrote:
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user1111 wrote:
The biggest fear I heard last night was if this happens and you are not making 200k a year you just do not belong in zip code 07302 and not many folks were happy about that.

I think that's oversimplifying. More accurate would be if you are not making 200k a year you just do not belong in a single family brownstone in zip code 07302. Not to be callous, but if you've been here all your life and have paid off your mortgage on that brownstone but can't afford the taxes you will probably have to sell. You've been getting a sweetheart deal on the backs of those less fortunate and probably should have been more prepared.

The reality, when you look at a map, is that 07302 is the location and size equivalent of Dumbo, Brooklyn Heights, Cobble Hill, Vinegar Hill. So if you're priced out of owning in those neighborhoods, you're probably going to very soon be priced out of 07302.

This isn't the end of the world. It will slightly drive down prices downtown as we re-correct and also force folks into the heights, journal square, mcginley, and be-la. Property values there will start to rise just as they did in Fort Greene, Bushwick, and Bed-Stuy.

How bad do you think a correction in downtown would be? 10%? 15% at the most? I'm thinking whatever correction happens, there's so much pent up housing demand coming in from NYC, any excess inventory would get absorbed quickly and the dip would be very short lived. I'm sure the hedge funds and real estate speculators are also salivating. DTJC is still dirt cheap compared to gentrified areas of Brooklyn and Queens, even with today's prices.

third_street_hats wrote:
Quote:

user1111 wrote:
The biggest fear I heard last night was if this happens and you are not making 200k a year you just do not belong in zip code 07302 and not many folks were happy about that.

I think that's oversimplifying. More accurate would be if you are not making 200k a year you just do not belong in a single family brownstone in zip code 07302. Not to be callous, but if you've been here all your life and have paid off your mortgage on that brownstone but can't afford the taxes you will probably have to sell. You've been getting a sweetheart deal on the backs of those less fortunate and probably should have been more prepared.

The reality, when you look at a map, is that 07302 is the location and size equivalent of Dumbo, Brooklyn Heights, Cobble Hill, Vinegar Hill. So if you're priced out of owning in those neighborhoods, you're probably going to very soon be priced out of 07302.

This isn't the end of the world. It will slightly drive down prices downtown as we re-correct and also force folks into the heights, journal square, mcginley, and be-la. Property values there will start to rise just as they did in Fort Greene, Bushwick, and Bed-Stuy.

third_street_hats wrote:
Quote:

user1111 wrote:
The biggest fear I heard last night was if this happens and you are not making 200k a year you just do not belong in zip code 07302 and not many folks were happy about that.

I think that's oversimplifying. More accurate would be if you are not making 200k a year you just do not belong in a single family brownstone in zip code 07302. Not to be callous, but if you've been here all your life and have paid off your mortgage on that brownstone but can't afford the taxes you will probably have to sell. You've been getting a sweetheart deal on the backs of those less fortunate and probably should have been more prepared.

The reality, when you look at a map, is that 07302 is the location and size equivalent of Dumbo, Brooklyn Heights, Cobble Hill, Vinegar Hill. So if you're priced out of owning in those neighborhoods, you're probably going to very soon be priced out of 07302.

This isn't the end of the world. It will slightly drive down prices downtown as we re-correct and also force folks into the heights, journal square, mcginley, and be-la. Property values there will start to rise just as they did in Fort Greene, Bushwick, and Bed-Stuy.

user1111 wrote:
The biggest fear I heard last night was if this happens and you are not making 200k a year you just do not belong in zip code 07302 and not many folks were happy about that.

dr_nick_riviera wrote:

In other words, the reval, as ordered by the state, will proceed regardless of whatever legal actions the city takes?

terrencemcd wrote:
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dr_nick_riviera wrote:


One thing I'm unclear on - can the city still appeal at this point? If that option is available, it almost certainly sounds like what they plan to do.

If that happens, is a stay put on the reval order? The city would almost certainly lose the appeal - but would that mean we're looking at a reval and new tax numbers happening later than 2018?

The city can appeal and says it will. But I've received no indication from the state that they think the reval case has anything to do with their reval order from last week.

dr_nick_riviera wrote:


One thing I'm unclear on - can the city still appeal at this point? If that option is available, it almost certainly sounds like what they plan to do.

If that happens, is a stay put on the reval order? The city would almost certainly lose the appeal - but would that mean we're looking at a reval and new tax numbers happening later than 2018?

dr_nick_riviera wrote:
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user1111 wrote:
Terrence T. McDonald | The Jersey Journal

A tense exchange between Mayor Steve Fulop and a Jersey City pastor on the impending property revaluation capped the launch yesterday of a new interfaith community action group.




The Rev. Alonzo Perry Sr., of the New Hope Missionary Baptist Church, pressed Fulop on why his administration has not moved forward with a citywide reval, one Perry said would shift the city's tax burden from its less affluent neighborhoods to wealthier areas. Fulop's attempts to explain his reasoning for postponing the reval were met with occasional jeers from the crowd of about 850 gathered inside Old Bergen Church for the launch of Jersey City Together.

More

One thing I'm unclear on - can the city still appeal at this point? If that option is available, it almost certainly sounds like what they plan to do.

If that happens, is a stay put on the reval order? The city would almost certainly lose the appeal - but would that mean we're looking at a reval and new tax numbers happening later than 2018?

user1111 wrote:
Terrence T. McDonald | The Jersey Journal

A tense exchange between Mayor Steve Fulop and a Jersey City pastor on the impending property revaluation capped the launch yesterday of a new interfaith community action group.




The Rev. Alonzo Perry Sr., of the New Hope Missionary Baptist Church, pressed Fulop on why his administration has not moved forward with a citywide reval, one Perry said would shift the city's tax burden from its less affluent neighborhoods to wealthier areas. Fulop's attempts to explain his reasoning for postponing the reval were met with occasional jeers from the crowd of about 850 gathered inside Old Bergen Church for the launch of Jersey City Together.

More

JSleeze wrote:
I found it interesting that toward the end of the article, as he's chastising the crowd, Fulop invokes "public service." The only thing Fulop serves is himself.

Monroe wrote:
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stateaidguy wrote:

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Yvonne wrote:
In case you missed - JC will get $20 million less in state aid. Since 2005, local taxpayers have paid $40 million more to the budget. The state froze our payment at $72 million since 1990 but it has been going up and will continue to go up.

Yvonne,

Where did you get the $20 million amount?

The state aid notices show JC getting another $300k.

I corrected her on this a week or so ago. JC schools are getting a bit more this year than last.

stateaidguy wrote:

Quote:

Yvonne wrote:
In case you missed - JC will get $20 million less in state aid. Since 2005, local taxpayers have paid $40 million more to the budget. The state froze our payment at $72 million since 1990 but it has been going up and will continue to go up.

Yvonne,

Where did you get the $20 million amount?

The state aid notices show JC getting another $300k.

Yvonne wrote:
In case you missed - JC will get $20 million less in state aid. Since 2005, local taxpayers have paid $40 million more to the budget. The state froze our payment at $72 million since 1990 but it has been going up and will continue to go up.

hudson57 wrote:
yes, in theory it's a zero sum result. however, what we, the uneducated property taxpayers, don't know is if and what such reval will trigger on county or state level!? if aid/grants decrease as a result of reval, then the total tax burden in absolute $$ terms will go up...

mfadam wrote:
so JC (or any other former blighted area) should get aid in perpetuity even if it has pulled itself way up financially speaking? If JC loses aid that is because there are other more deserving areas - and that is how it should be.

hudson57 wrote:
yes, in theory it's a zero sum result. however, what we, the uneducated property taxpayers, don't know is if and what such reval will trigger on county or state level!? if aid/grants decrease as a result of reval, then the total tax burden in absolute $$ terms will go up...