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Re: Buy this beauty - and pray the reval never happens!
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Home away from home
 
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The inspections seem have already hit a bump:
http://www.nj.com/hudson/index.ssf/20 ... or_jersey_city_reval.html
Posted on: 2016/12/11 15:19
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Re: Buy this beauty - and pray the reval never happens!
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Home away from home
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Quote:
Posted on: 2016/12/9 6:19
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Re: Buy this beauty - and pray the reval never happens!
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Home away from home
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As they well should. Time to pay up
Posted on: 2016/12/9 4:48
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Re: Buy this beauty - and pray the reval never happens!
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Home away from home
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Could be... of course. But, let's get real. How low could the post-reval tax rate come out to be? I very much doubt we will end up with anything below 2%. Even if we ended up at something like 1.8% (which seems SO far-fetched) it means that the vast majority of nice properties in DTJC will end up with tax levies that are double what they pay now.
Posted on: 2016/12/9 4:13
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Re: Buy this beauty - and pray the reval never happens!
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Home away from home
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It could be he's hoping that the newly measured aggregate value of the tax base will be higher than what the tax board believes it is currently, based on the ratio they set each year. If it were, then the rate would go down. But it seems unlikely. Prices like this make Hoboken seem a better buy, similar prices and 1.6% tax rate. At least until someone in Trenton wakes up and notices they have low taxes and still get Abbott money.
Posted on: 2016/12/9 3:43
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Re: Buy this beauty - and pray the reval never happens!
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Home away from home
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I don't think you understand how property taxes are supposed to be levied... After the reval, there will be a property tax rate determined for the entire city, and that property tax rate is applied equally to each property. If the property value is pegged at 3MM, and the tax rate is 2%, the property will pay exactly mfadam stated: 60K. It would be hard for a recent homebuyer to argue in November 2017 that his property is not worth what he paid a few months earlier. Or, is it that you think someone is going to pay 3MM, but the property will be somehow valued at much less than that by a professional valuator?
Posted on: 2016/12/9 3:15
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Re: Buy this beauty - and pray the reval never happens!
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Home away from home
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Dude, it is not fear mongering to state that the reval will likely have a negative impact on prices in DTJC. Unlike JC, Hoboken is a much smaller city than JC, and less geographically spread out. At the time of their reval, the disparity in appreciation between areas was not as acute as in JC. The property in the OP for this thread is a perfect example of a property that stands to see a massive tax increase after the reval. Even if that property sold for 2.5 MM, a very conservative tax rate of 2% (which is lower than what most people are expecting/assuming) would mean that the new owners would be liable for 50K in taxes, which is more than triple its current levy. You don't think that a doubling or tripling of property taxes will have an effect on real estate prices? I guess we will know who is right in about 18 to 24 months, when the reval levies are finally in place and potential buyers are fully informed as to the taxes of each property.
Posted on: 2016/12/9 3:08
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Re: Buy this beauty - and pray the reval never happens!
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Home away from home
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My understanding is that the reval will be revenue-neutral; the idea is to keep the same total revenues, but distribute it more fairly based on current value. So that home will certainly pay far more in taxes, and a new owner might get sticker shock when the new tax bill comes, but it's not going to be $60k per year.
Posted on: 2016/12/9 2:55
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Re: Buy this beauty - and pray the reval never happens!
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Home away from home
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Quote:
Posted on: 2016/12/9 2:12
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Re: Buy this beauty - and pray the reval never happens!
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Home away from home
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well if 2% is the going rate for JC property taxes and some chump hits their $3mm ask, they're looking at a cool $60K a year in taxes. Not bad for getting your trash hauled and mediocre to bad school options.
Though they are close to the PATH...
Posted on: 2016/12/9 1:40
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Re: Buy this beauty - and pray the reval never happens!
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Home away from home
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well if 2% is the going rate for JC property taxes and some chump hits their $3mm ask, they're looking at a cool $60K a year in taxes. Not bad for getting your trash hauled and mediocre to bad school options.
Though they are close to the PATH...
Posted on: 2016/12/9 1:40
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Re: Buy this beauty - and pray the reval never happens!
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Home away from home
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Riiiiiiiiiiight To be a bit more specific: One plan is to dramatically increase the standard deductible to $15k single / $30k joint filers. At that point, many people won't need to itemize deductions, such as the one for property taxes. Upper income earners will also in theory face a lower tax bracket, and have stricter limits on deductions. Mnuchin indicated it would target a revenue-neutral result. This should happen shortly after Hell freezes over. Keep in mind that in the unlikely event that the property tax deduction is killed outright, property values will likely drop around 10-12% as well.
Posted on: 2016/12/8 21:46
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Re: Buy this beauty - and pray the reval never happens!
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Home away from home
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Quote:
Quote:
Thank you for confirming.
Posted on: 2016/12/8 21:41
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Re: Buy this beauty - and pray the reval never happens!
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Home away from home
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Yes. Plus, the reval will be revenue-neutral... which is why it did not destroy property values in Hoboken, or spark a huge wave of sales by older/longer-term residents. Fears of the effects are exaggerated by the usual suspects, i.e. the ones who have insisted for about 2 years now that JC is in another real estate bubble.
Posted on: 2016/12/8 21:38
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Re: Buy this beauty - and pray the reval never happens!
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Home away from home
Joined:
2006/5/10 16:36 Last Login : 2023/7/18 1:45 From Hamilton Park
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Property taxes are deductible...for now.
One of Trump's numerous and ever shifting plans and promises is to eliminate it! Robin.
Posted on: 2016/12/8 21:38
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Re: Buy this beauty - and pray the reval never happens!
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Home away from home
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Getting ready for the reval myself, I was wondering: are 'property tax' tax deductable?
From what i read, they are but would like to get confirmation. If they are, that would help softening the impact of the increase...
Posted on: 2016/12/8 21:27
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Re: Buy this beauty - and pray the reval never happens!
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Home away from home
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That is a really nice house. $3mm is a lot, and I'm not sure the market will bare it. But I'm not insisting on that point. I hope I'm wrong. Parking is a great amenity. Looking at these and other similar pictures of home renovations gives me house envy and makes me want to renovate my place. However, the cost of such renovations can be around the $500k mark, which seems like a lot of dough to me Even if you can assume me it brings up the value by 100% of the cost of the renovation, I still have to pay that loan back, because I certainly don't have the cash for that kind of renovation. But God Bless the people that do. I love looking at real estate porn.
Posted on: 2016/12/8 21:13
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Re: Buy this beauty - and pray the reval never happens!
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Home away from home
Joined:
2005/11/12 17:04 Last Login : 5/7 14:26 From Downtown JC, VVP Area
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Tern, We could debate that issue all day but the fact is that if you look at the VERY-detailed elevation maps of Jersey City you'd see that the intersection of Washington and Grand is a high point. I remember when Sandy hit and they were all clear there but a few blocks West, say by Grand and either Grove St. or Jersey Ave there were cars under water.
Posted on: 2016/12/8 20:15
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Re: Buy this beauty - and pray the reval never happens!
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Home away from home
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yes, it is expensive but how do carrying costs compare to brooklyn or manhattan?
Posted on: 2016/12/8 20:01
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Re: Buy this beauty - and pray the reval never happens!
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Home away from home
Joined:
2006/5/10 16:36 Last Login : 2023/7/18 1:45 From Hamilton Park
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Flooding means you don't want to have a basement in that location, so that is a positive
Robin.
Posted on: 2016/12/8 19:59
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Re: Buy this beauty - and pray the reval never happens!
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Home away from home
Joined:
2005/11/12 17:04 Last Login : 5/7 14:26 From Downtown JC, VVP Area
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Dang, that looks dynamite on the inside. Outside, not so much, and being on Grand Street (commuter drag strip 5 days/week) would be a major negative. I looked at the house directly across the street in 1999. It was huge but needed a lot of work and the price at the time was at the top end of my limit at a whopping $425k. Decided against it mainly because of location...
Having been active & watching the DTJC R.E. market for the past 30 years has been mind-blowing. The Reval may be the game-changer... This building last sold in April, 2012 for $1.1M. At $3M it's roughly $13k/month at current interest rates and taxes, assuming 20% ($600k) Down Payment. That's a lotta coin AND it doesn't even have a basement (but it does have parking)...
Posted on: 2016/12/8 19:05
Edited by jcneighbor on 2016/12/8 19:34:58
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Re: Buy this beauty - and pray the reval never happens!
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Home away from home
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Less than 1/2 the taxes and over 3.5x's the value (based on the asking price) of my place in the Heights.
Posted on: 2016/12/8 19:04
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Buy this beauty - and pray the reval never happens!
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Home away from home
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https://www.coldwellbankerhomes.com/nj ... 03-grand-st/pid_15388565/
In 2015, taxes were $11,790 (the property was assessed at $158,600).
Posted on: 2016/12/8 18:28
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