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Re: 2017 Reval ~ Property Inspections |
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Home away from home
 
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Tax abatements are assessed but has no impact until they are off the roles. Tax abatements are not treated as ratables but contracts. Another reason why tax abatements are unfair to the general small homeowner.
Posted on: 2017/5/17 22:21
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Re: 2017 Reval ~ Property Inspections |
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Quite a regular
 
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How would PILOT? My bldg. has tax abatement and even the recently sold apts (and hence the reflected current market price) are paying around 1%-1.2% in taxes instead ~2%. Would this reval impact such properties as well?
Posted on: 2017/5/17 21:59
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Re: 2017 Reval ~ Property Inspections |
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Newbie
 
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I was assesed at $450K for a HELOC by Wells Fargo recently. They did comps. Not sure what to believe though but pretty sure 1BR 1.5BA 845sf on Mercer is closer to $550K. I pay $7000 in tax now so if they value it like Wells I won't pay much more. Honestly I can't pay much more. This whole situation is pretty nervewracking.
Posted on: 2017/5/17 19:23
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Re: 2017 Reval ~ Property Inspections |
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Home away from home
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Duda said you cannot be rewarded for not letting in an inspector, so you will get the higher assessment for this action.
Posted on: 2017/5/17 18:47
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Re: 2017 Reval ~ Property Inspections |
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Not too shy to talk
 
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I've heard arguments for both sides of the coin (letting in the inspectors vs. not letting them in) but neither being very convincing.
Does anyone have any strong opinions one way or the other, or experienced this in the past, here or elsewhere?
Posted on: 2017/5/17 18:15
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Re: 2017 Reval ~ Property Inspections |
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Home away from home
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If your valuation comes close to 550K, a realistic range for your future tax assessment is 10K - 12K, which is equivalent to a final tax rate of 1.8% to 2.2%. So, if you are paying much less than that, then yes, your taxes will go up.
Posted on: 2017/5/17 16:48
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Re: 2017 Reval ~ Property Inspections |
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Newbie
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Thank you for the info mfadam! How will they come up with fair values though? I have gotten a wide range from HELOC I was going to take out and their assessed value and also from putting it on the market to sell which I didn't ultimately end up doing.
Posted on: 2017/5/17 15:37
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Re: 2017 Reval ~ Property Inspections |
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Home away from home
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take .019 x your market value and that will be close to what you'll be paying.
Boodipooh - good points about gaming it. I guess if your place is average to below average condition for the neighborhood let em in. Otherwise...
Posted on: 2017/5/17 15:32
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Re: 2017 Reval ~ Property Inspections |
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Home away from home
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I feel for one of my neighbors then. They bought a place 2 years ago, and have spent the last year doing a gut renovation. I think someones taxes are going to increase.
Posted on: 2017/5/17 15:32
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Re: 2017 Reval ~ Property Inspections |
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Newbie
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Live on Mercer Street downtown and haven't had an inspection yet. My assessment is currently $93,600 and my place I guess is worth around $550,000. Does anyone know if my taxes will go up?
Posted on: 2017/5/17 15:27
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Re: 2017 Reval ~ Property Inspections |
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Home away from home
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Actually, this is an interesting one... for people who have done extensive interior renovation work, or those running illegal boarding homes with lots of bedrooms and bathrooms, choosing to not allow the inspectors into their place may be a smart move. Worst case scenario, they overestimate your value and you just ask them to come back to re-inspect and your only loss is that of time. Best case scenario, you are underestimated and you can keep that valuation by not opening your mouth. I am *really* surprised by the way these rules are laid out, as they really make it all too easy to try and game the process.
Posted on: 2017/5/17 14:20
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Re: 2017 Reval ~ Property Inspections |
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Home away from home
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Yup. And you might want to hold off on those major home repairs/improvements until they've come and gone...
Posted on: 2017/5/17 14:16
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Re: 2017 Reval ~ Property Inspections |
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Home away from home
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I'd say it's best to let them in. They're certainly not going to make estimates that lower your value when they have to guess...
Posted on: 2017/5/17 13:42
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Re: 2017 Reval ~ Property Inspections |
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Home away from home
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They will estimate, based on what they found out about nearby and similar properties, and probably won't estimate in your favor.
Posted on: 2017/5/17 13:13
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Re: 2017 Reval ~ Property Inspections |
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Home away from home
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So if we refuse to let the inspector into the house, or are not available to let them in, I guess they are just going to be doing an estimate for the basement, bathrooms, etc.? Or, do you think they'll go poking around and try to look in windows?
Posted on: 2017/5/17 12:48
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Re: 2017 Reval ~ Property Inspections |
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Home away from home
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Credit where credit is due: this was actually a good contribution. While there was little new information in the video, there was one little tidbit mentioned several times that I don't think was ever mentioned in other places: in addition to the basic information of each property (number of bedrooms, bathrooms, square footage) plus features (condition of kitchen and bathrooms, finished basements, mechanical systems such as AC, boilers, type of heat system) they will also take note of whether or not the property has views of NYC, and how good of a view it is. The guy doing the presentation also explained how they will determine if a basement is considered to be finished or not (two out of three surfaces must be covered, the three surfaces being floors, walls, and ceiling) and the amount of bathroom fixtures determines how the bathroom count is performed, not the actual number of such rooms. Thank you for posting the video.
Posted on: 2017/5/17 12:24
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Re: 2017 Reval ~ Property Inspections |
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Home away from home
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As iGreg said thanks for the link very good.
Posted on: 2017/5/17 9:21
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Re: 2017 Reval ~ Property Inspections |
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Home away from home
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Thanks that link is informative.
Posted on: 2017/5/16 22:28
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Re: 2017 Reval ~ Property Inspections |
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Home away from home
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Tax year starts in January. The reval company said it expects to send new assessments ~Thanksgiving, then there will be an appeal process. Homeowners are probably not going to see the effect until the second two quarters of 2018.
Posted on: 2017/5/16 21:38
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Re: 2017 Reval ~ Property Inspections |
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Home away from home
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Mark Duda explains the revaluation process at Dickinson H.S.
Edited to 28 minutes. https://www.youtube.com/watch?v=H3mvCTopMHw
Posted on: 2017/5/16 20:58
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Re: According to Appraisal Systems, the reval, physical inspections , will be completed by Thanksgiving |
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Home away from home
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Oh ok. I guess we shouldn't charge taxes fairly because "older people have settled in their ways"?
Posted on: 2017/4/28 16:09
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Re: 2017 Reval ~ Property Inspections |
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Home away from home
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Thanks for your reply. Good to know that they are finally hitting the streets downtown.
Posted on: 2017/4/28 14:01
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Re: According to Appraisal Systems, the reval, physical inspections , will be completed by Thanksgiving |
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Home away from home
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I'm tired of hearing the same inflammatory arguments. They're the reason there was no reval for 29 years. People sitting on a pile of money shouldn't be given a pass just because they invested so little a long time ago to make it. I've said several times I think the city should set up a bond issuing service that acts like the equivalent of a reverse mortgage for anyone at all who prefers not to pay their taxes. Bundle the liens and sell bonds against the eventual sale of the property so the city gets it operating taxes and homeowners get to kick the can down the road if they're willing to pay the interest at sale. Maybe sweeten it for the city by getting a couple extra tenths of %.
Posted on: 2017/4/28 12:35
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Re: According to Appraisal Systems, the reval, physical inspections , will be completed by Thanksgiving |
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Just can't stay away
 
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I had no intention to fire things up. I merely stated an opinion.
Such anger (and inflammatory language) as you've exhibited isn't necessary in civil discussion. Older people have settled in their ways and many are not adept at dealing with the sometimes chicanery of the money merchants. A cursory look at the JC property values vs. taxation really brought the issue home to me. Then to see houses (etc) which were up for sale for 500% of what was paid for them at auction a month earlier indicates an indecency at large amongst the populace.
Posted on: 2017/4/28 8:10
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Re: 2017 Reval ~ Property Inspections |
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Home away from home
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I do not know why you are not removed from this blog. You are making inflammatory remarks. Your were not around during the revaluation neither were you around when the VVPA started. You are "fake news." Talk about something you know and stop with the lies.
Posted on: 2017/4/27 19:00
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Re: 2017 Reval ~ Property Inspections |
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Home away from home
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How ironic, this bigoted woman that can barely string together a sentence never paid her fair share and who did enormous damage to the VVP area while she was president of the NA, was content to let everyone else cover her. Painful increases for Downtown now because her lies and propaganda wouldn't allow for it to be done in the past, low taxes and a seven figure payout for her. Meanwhile the rest of us get to pay more and she collects her windfall while telling us how great never used parking lots are.
Posted on: 2017/4/27 17:54
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Re: According to Appraisal Systems, the reval, physical inspections , will be completed by Thanksgiving |
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Home away from home
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Can that inflammatory bullshit. If they're sitting on a pile of equity they can easily reverse mortgage to pay their taxes. That tax will be less than 2% of FMV, when properties have gone up 100% in just the last few years, and will continue to go up more than 2% on average without a doubt. Or they can sell and walk away with a pile of cash. Reverse mortgages are not inherently evil, there was sales abuse as there was of every mortgage product. Properly used a senior can pay their taxes, and even have a chunk of pocket money if they would rather have some rather than leave it all to their ungrateful kids.
Posted on: 2017/4/27 17:48
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Re: 2017 Reval ~ Property Inspections |
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Newbie
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He was leaving the stickers, but because my wife was home he took care of the inspection then and there. Just as well to get it over with in my opinion.
Maybe something was lost in translation when my wife communicated what he said. Maybe it won't be inspections lasting a year, but instead up to a year to get the new valuation mailed to people. If the new numbers come out at the beginning of 2018Q2, I guess that gives enough time for people to challenge them.
Posted on: 2017/4/27 17:23
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According to Appraisal Systems, the reval, physical inspections , will be completed by Thanksgiving |
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Just can't stay away
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Ecomomic violence with or without justification will be visited on many older residents of Jersey City. But this is the price to be paid because of the proximity to NYC. It's a shame.
Posted on: 2017/4/27 17:21
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Re: 2017 Reval ~ Property Inspections |
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Home away from home
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According to Appraisal Systems, the reval, physical inspections , will be completed by Thanksgiving of this year, and the new rate will go into effect Q3 of 2018. Did you buy your house within the last several years or do a major renovation during that period? Were the inspectors leaving notes on your neighbor's doors?
Posted on: 2017/4/27 16:26
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