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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! For DTJC homeowners, with so many properties prone to sewer backups whenever it rains heavily, or for long stretches of time, combined with so-so schools, atrocious roads everywhere, and a host of other nuisances, the idea of paying 25K+ in property taxes seems almost absurd.
Posted on: 2016/8/28 16:46
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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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Now THERE'S a point! Will I be paying >25k to have my basement flooded by the sewer every time it rains heavy?
Posted on: 2016/8/28 1:44
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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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Believe me, I have no interest AT ALL to purchase anything in DTJC for at least another two years, and even then it is unlikely I will jump into that segment of the local market. The taxes commanded by some properties will not be commensurate with the infrastructure and services for which one is paying.
Posted on: 2016/8/27 19:41
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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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This is pretty much my understanding, as well. It's rather unfortunate that (seemingly) there are no legal requirements to fully disclose what is undoubtedly a very important factor for homeowners. I think most people would agree that, ethically, a full disclosure of what is something scheduled to happen is the right thing to do.
Posted on: 2016/8/27 19:34
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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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As long as the here you speak of is DT. It's a great time to buy underpriced overtaxed properties in other districts. Their taxes will fall and values rise. The notion that DT will drag down prices citywide is nonsense. After the reval, at first prices will be very slow to drop because of denial. So buyers will see high prices AND high taxes, vs lower prices and low taxes elsewhere. So in those areas prices will creep up in response to demand as the prices of the previously undertaxed creep down.
Posted on: 2016/8/27 18:38
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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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You're going to have to wait a couple years minimum before you can buy property here. Just isn't worth it until the reval is conducted and massive tax increases are fully priced in.
Posted on: 2016/8/27 18:14
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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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2007/7/4 16:37 Last Login : 2021/11/4 21:55 From Hamilton Park
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I asked the same question some times ago and the answer was no. The seller is under no obligations to communicate a process which has not started and is not impacting his/her taxes RIGHT NOW, and the statement that the taxes are low is true AT PRESENT. Whether the buyer agent is under obligation to communicate to the buyer ongoing processes that may affect FUTURE value is still not too clear however imho. Clearly buyer agents are ethically obligated to communicate PRESENT adversarial facts that they know about a property. The question is whether they are obligated to communicate a ONGOING process once it is started and that will impact FUTURE value. If yes to the latter, then current sellers have a very short time window to hide right now before the actual process starts. After that, any person could send a blank email to all realtors reminding them of their obligations, an email that could be used in the court of law.
Again this is all about the law evaluate things, present vs future.
Posted on: 2016/8/27 16:20
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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, but real estate agents might some sort of ethics clause regarding advising their clients regarding this issue.
Posted on: 2016/8/27 14:10
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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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This thread has been dormant for two months now. Any word on the current status of the reval process?
Just took a look in Zillow, and the number of properties valued at 750K in 07302 now stands at 76. From looking at the tax info for those listings, almost every single one is paying effective rates of well under 1% and seemingly EVERY SINGLE ONE unabashedly advertises "LOW TAXES". Looks to me like some buyers are trying to get out early, and using shady/dishonest claims they know will not be true for much longer. I asked this before, but I'm not sure if anyone ever answered: do homeowners have any recourse in such a situation in which they bought a property under pretenses that the previous owner knew would change drastically in the near future? In other words, can a buyer sue (or, have any other recourse) against a seller (or, either agent) that fails to disclose that property taxes were on the verge of doubling or tripling soon after the sale?
Posted on: 2016/8/27 12:31
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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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When I bought my property it had the standard 5 year abatement - 25% I think. As far as I can tell, when the property was renovated before I purchased it - the city did a reassessment - reset the assessed value based on that assessment (not the sale price), then set the "abatement" as 25% of that assessment - shown in the "exemptions" column of my property card. The abatement was that fixed % of assessed value for the 5 years. After 5 years, the full assessed value was used to calc my tax bill.
After the reval happens - I'd expect similarly abated properties to carry through that % abatement until the end of their abatement term.
Posted on: 2016/8/16 6:24
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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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Thank you, Brewster. I know you and I have similar understanding and opinion on the matter of taxes, and I have always found your posts to be respectful and on point. As to your question, the abatement is based on the sale value, and I always assumed that the value would be adjusted to market conditions on an ongoing basis, but I now have my doubts about that assumption, as the city seems unable (or, unwilling) to do a basic calculation of property valuation to achieve the benefits of a rolling valuation system. I suppose that if the city stuck to the legal requirement of having a reval performed every 10 years, this issue would largely go away. It would be interesting to learn how the city plans to incorporate properties currently abated into the tax rolls once they come off their abatements. Hopefully, whatever plan of action is drawn and adopted for this court-mandated reval will incorporate such things as taking into consideration exactly that.
Posted on: 2016/8/16 1:57
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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, why don't you go back and read over this entire thread, so you have a slight idea what you're talking about. It's posts like this that confuse the crap out of people and make them give up about understanding the tax system. I'll lay it all out for those just joining this program already in progress. Property tax= rate x multiplier x assessed value The multiplier is set by the city as the compensation for inflation and appreciation. For 2015 it was 3.38. So the official tax rate of 7.482% can be divided by the multiplier to yield the "effective" rate of 2.216%, the rate on what the city thinks is the market value. So a $1m house should have paid $22,160 last year. The reval is to correct the difference between what the city thinks it's worth and what it actually is. Abatements have absolutely nothing to do with assessments. The point of abatements is to be outside this system. But here's a question for the panel: when a property comes off abatement is it's assessment based on an appraisal at that time or using some number from the time of construction?
Posted on: 2016/8/16 0:30
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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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Hey numbers don't lie just look at the history of the J.C. property tax rate for the last 30 years. Once the reval takes place the tax rate will drop from it's current $74 per thousand to around $20 but the assessed market value will go up so...do the math. That's why all of a sudden abatements are all the rage. Imagine having a assessed value at from 28 years ago for the next 30 or 40 years.
Posted on: 2016/8/15 22:26
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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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What's even funnier (read, sadder) is that they felt it was unfair for them to have to pay their fair share in property taxes, and even went as far as to state that their new tax levy was below what it should if the property had been assessed at the actual rate, based on the actual sale $ value, and so they have decided not to appeal the new levy. Lots of new DTJC homeowners are in for a big surprise. But, people keep saying that is an overblown fear, and many others are blissfully in denial.
Posted on: 2016/8/15 22:19
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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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Posted on: 2016/8/15 21:28
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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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Maybe nothing to worry about for the time being, but this is an indication property taxes could easily triple once the reval occurs. Downtown property owners should be very worried.
Posted on: 2016/8/15 21:06
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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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I recall the thread - it was a recent purchase, combined with renovation work the prior owners did (required permits to be pulled) that triggered it. Most people probably have nothing to worry about.
Posted on: 2016/8/15 20:42
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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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2014/8/19 16:35 Last Login : 2019/1/12 22:36 From the village
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I did hear of this anecdotally on the Harsimus Cove NextDoor page. I believe someone purchased a single or two family on 5th street for around $750k. Saw their taxes jump from $5800 to $15500.
Posted on: 2016/8/15 20:16
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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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2012/9/18 3:58 Last Login : 2021/9/23 15:07 From Between Thought and Expression
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"Spot reassessments" - what "grapevine?" Call the tax assessor's office and explain to them what you've heard. They're friendly and at times surprisingly forthcoming with information. I think that is likely BS but anything is possible.
Posted on: 2016/8/15 19:57
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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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I just heard through the grapevine that some homebuyers are getting spot reassessments at sale value, just for ownership transfer, not for reno or condo-ing etc. Can anyone confirm this? They said it's just been in the last 2 years.
Posted on: 2016/8/15 19:41
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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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I'd be curious about the biggest assessment/market value disparities too. Let everyone know what you find. But I was thinking of the implications of the reval for overall municipal revenue. Ok, 99% of the time, a reval is tax neutral, but I think Jersey City might be in the 1% when it is revenue negative and does require an increase in the municipal tax levy. This is because in PILOT agreements there is a cap on what the PILOT payment and land taxes are. This means that if the land taxes increase, the PILOT payment decreases on a dollar-for-dollar basis. Since the land taxes are shared with the JC BOE and Hudson County, there will be less money for the JC municipality. Let's say there's a PILOTed property that now pays $100,000 in land taxes and a $1 million PILOT payment. Let's say that the property's land is underassessed and post-reval the land taxes go up by $300,000 to $400,000. Well, this means that the PILOT payment is correspondingly reduced by $300,000 and the new PILOT payment is only $700,000. Pre-reval, JC got half of the land taxes ($50k) and 95% of the PILOT ($950,000), so $1 million total. * Post-reval JC will get half of the land taxes (now $200,000) and 95% of the $700,000 PILOT, so $665,000. Now JC is only getting $865,000 total. Of course a lot of the "loss" goes to the JCBOE and Jersey Cityans will have their school taxes offset, but a portion does go to Hudson County and that offset money will be spread very broadly. * Older PILOT deals give 100% of the PILOT payment to the municipality.
Posted on: 2016/6/21 14:57
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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 are the most under assessed properties in the city?
500 Summit in Journal Square recently sold for $26.5 million. The assessed value is only $151,000. http://tax1.co.monmouth.nj.us/cgi-bin ... 609605____00004_________M https://commercialobserver.com/2016/06 ... -jersey-city-parking-lot/ What other crazy examples are out there? I'm now convinced the threats of higher residential taxes is a red herring as its land speculators that will be hit hardest. Guess we'll know for sure by November of next year. We should compile all the fear mongers, especially the one guy who said the reval will lead to a budget shortfall and/or cut services. Call them out when they're proven to be wrong. Probably Fulop sockpuppets anyway.
Posted on: 2016/6/21 5:50
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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: 2016/6/20 16:39
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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 Cucci council who basically won with the mayor did have a backbone. One of its members was the late Frances O. Thompson. They and others did not give Cucci want he wanted all the time. There was many debates.
Posted on: 2016/6/17 21:31
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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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When its not stacked in favor of the sitting Mayor. This goes for all Mayors and Councils.
Posted on: 2016/6/17 20:20
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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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When will the council grow a backbone and say, "No."
Posted on: 2016/6/17 20:14
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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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It's blatant political posturing for his mayor run but I did think the comment was amusing.
Posted on: 2016/6/17 18:18
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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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Surprised Boggiano voted for this. Does he honestly think the city is in the right?
More and more impressed with Yun by the day.
Posted on: 2016/6/17 17:35
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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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this fiasco should be done, but its not -
http://www.nj.com/hudson/index.ssf/20 ... c.html#incart_river_index Another $125K OK'd for firm hired to defend Jersey City in reval contract case The City Council this week voted to give the outside law firm handling the reval breach-of-contract case another $125,000 after a closed-door meeting with one of the firm's attorneys. The additional funds give Bernardsville law firm Schain, Schaffer & Rafanello a total of $450,000 so far for its representation of the city in the case, brought by Realty Appraisal Co. after Democratic Mayor Steve Fulop in 2013 stopped the citywide property revaluation the company was hired in 2011 to conduct. The city lost the case in April when Hudson County Superior Court Judge Francis B. Schultz ruled the city acted in bad faith when Fulop halted the reval and stopped all payments to Realty Appraisal. The council on Wednesday voted 8-1 to approve the $125,000 contract extension, with only Ward D Councilman Michael Yun voting against. The extra funds are intended to pay for the law firm, where Somerset County Democratic Chair Peg Schaffer is a managing partner, to draft the city's appeal of Schultz's ruling. Yun declined to say what transpired during the closed-door meeting between council members and an attorney from the firm, but he said he was unconvinced by the attorney's belief that the city will get a different result from the appellate court. "He was able to convince us in five minutes that we should go to a higher court but over the seven-day trial period he was not able to convince the judge that we're in the right," Yun told The Jersey Journal. Revaluation bill for Jersey City taxpayers could top $8.5M Revaluation bill for Jersey City taxpayers could top $8.5M The total includes costs from the aborted 2011 reval and the one ordered by New Jersey on Monday. Ward C Councilman Rich Boggiano, generally a Fulop critic, supported the contract extension because he believes the city's contention that it could win back the roughly $2 million Realty Appraisal was paid before the reval was halted two years ago. Yun said he believes the city will lose the appeal, the purpose of which, he said, is to "save the mayor's face. Nothing more than that." A request for comment from city spokeswoman Jennifer Morrill was not returned. Schultz ordered the city to pay Realty Appraisal $984,511, the amount the firm says it is owed for work completed but not paid for when Fulop stopped the reval. The city is also on the hook for the company's legal fees and interest at the rate of $216.37 daily. The state in April ordered the city to conduct a reval, a process dreaded by politicians that seeks to put every property's assessed value on par with its true value. Because Jersey City hasn't had a reval since 1988, its ratio of assessed to true value is just 27.6 percent. The city is soliciting bids for the process, which is supposed to be completed by November 2017.
Posted on: 2016/6/17 15:18
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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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JC is still affordable and convenient, relative to many other parts of the metro area. The Millennials are a huge generation; there are more Millennials alive today than there are Boomers (and 3x as many of them as Gen X). They prefer to live near cities, and as long as JC is less expensive than Manhattan, chances are a few of 'em are going to move here. Especially as their incomes improve. By the way, I wonder who is moving into JC these days? Retirees? ;)
Posted on: 2016/6/14 0:36
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