brewster wrote:

Cutting the overpaying but not raising the underpaying would leave a tax deficit, and therefore a budget deficit. That won't fly.

Bamb00zle wrote:
Brewster, surely it's possible to allow tax reductions immediately ? so there's no delay, and no need to explain anything ? for those in that category. And, at the same time, for those with large increases, say over $5,000 per year, allow a ?phase-in? period of several years, for example, 5 years.

JCBears wrote:
I'm definitely surprised the phase in option isn't on the table.

JCBears wrote:
I fall into the "I bought downtown with no intentions of leaving" column and I'm hoping someone can help me clarify all the info I've been seeing re: outcome of the reval.

Regardless of how much I paid when I bought, my taxes will now be based on the current market value of my home? So if our neighbors sold for $1.6 million recently am I to expect my tax bill to jump to the $28-$30k range as a result?

Do we expect this to be phased in or done in one swift move? A friend was told this week by the tax office not to expect any changes in tax bills until 3rd quarter 2018 and I find that hard to believe. Thought it would be in place by end of year 2017?

brewster wrote:
Quote:

135jc wrote:
Quote:

jc201jc wrote:
i have a question about how property taxes are handled now (pre reval). If i buy a condo that had been paying $5k/yr in taxes, will my property tax rate go up based on my purchase price?

Then when the reval is done, could it potentially go up again?

Unless something has changed you will not pay higher taxes then the previous owner. There are some waterfront high-rises however where taxes are reset upon the purchase price. This formula would have saved a lot of heartache for Jersey city but it is not used city wide.

While this is true ordinarily, the question was in context of the reval. If you buy before the reval, the assessment will be reset like all non-abated properties. Simply calculate what % of the sale price is the taxes and if it's less than 1.8% expect them to go up to that.

Much depends on how long ago the condo was built or condoed. A 100 year old building condoed a few years ago will not see taxes rise since the assessments were set at that time and are not wildly innacurate like the older properties DT.

135jc wrote:
Quote:

jc201jc wrote:
i have a question about how property taxes are handled now (pre reval). If i buy a condo that had been paying $5k/yr in taxes, will my property tax rate go up based on my purchase price?

Then when the reval is done, could it potentially go up again?

Unless something has changed you will not pay higher taxes then the previous owner. There are some waterfront high-rises however where taxes are reset upon the purchase price. This formula would have saved a lot of heartache for Jersey city but it is not used city wide.

jc201jc wrote:
^^ ok thanks that helps. I wonder if the reval will serve to stabilize prices in DTJC (or even lower them). Then again, people seem to be getting wrapped up in a real estate bubble again so I wouldn't be surprised if condo prices keep increasing, even if the tax bills will go up by a few thousand $$/yr

jc201jc wrote:
i have a question about how property taxes are handled now (pre reval). If i buy a condo that had been paying $5k/yr in taxes, will my property tax rate go up based on my purchase price?

Then when the reval is done, could it potentially go up again?

Erica wrote:
Quote:

JCGuys wrote:

There is nothing in those links which suggests inspectors will "assume that your unit is at the high end of the range of comparables" if they don't gain access. More bullshit disinformation. Why can't people be honest?

"Nothing" except exactly what I said (from the FAQ on ASI's website):

"Can I refuse entry to the field inspector?

Yes, you may refuse entry to your home, but is in your best interest to see that as much information as possible is gathered to help insure an accurate assessment. If an appraiser cannot inspect the inside of a building, it's possible an inaccurate assessment may result. The law provides that a property can be assessed at the highest reasonable value if the field inspector is denied entry.

The revaluation program should not be seen as an adversarial situation. Property owners have a vested interest in the outcome of the project and their cooperation is vital to achieve an equitable revaluation. If one person's property is under-assessed, all the other property owners in the municipality will pay higher taxes to make up for the discrepancy. Conversely, if property owners deny access to the field inspector they could wind up being over-assessed and pay more than their fair share of taxes."

I have no idea why you're so angry about this. It's common sense that if you're trying to get accurate data about every property in the city, and you have some properties about which you still have questions, you need to assume best-case scenario on those properties. In that case, owners who think you got it wrong in their case (they've been over-assessed) will willingly give you that information, improving the quality of your data. If you err on the side of under-assessing, owners who know you made a mistake (they've been under-assessed) will likely not tell you.

Erica wrote:
I have no idea why you're so angry about this. It's common sense that if you're trying to get accurate data about every property in the city, and you have some properties about which you still have questions, you need to assume best-case scenario on those properties. In that case, owners who think you got it wrong in their case (they've been over-assessed) will willingly give you that information, improving the quality of your data. If you err on the side of under-assessing, owners who know you made a mistake (they've been under-assessed) will likely not tell you.

JCGuys wrote:

There is nothing in those links which suggests inspectors will "assume that your unit is at the high end of the range of comparables" if they don't gain access. More bullshit disinformation. Why can't people be honest?

yorkster wrote:
So if your assessment comes in at $1M but the FMV should be at $850K, a person does not have the right to appeal because it's not greater than >15%? If so, that homeowner would be overpaying their taxes by $2700 (assuming 1.8%). How is that fair?

If the ratio of assessed value to true value
exceeds the average ratio by 15%, the
assessment is reduced to the common level.

Example
Director?s Ratio = 85%
Common Level Range = 72.25%-97.75%
True Value = $95000
Assessment = $94000
Ratio = 98.95% ($94000?$95000)
Judgment = Reduction in assessed value
New Assessment = $80750 ($95000 x 85%)
However, if the assessment falls within this
common level range, no adjustment is made.

Example
Director?s Ratio = 85%
Common Level Range = 72.25%-97.75%
True Value = $95000
Assessment = $90000
Ratio = 94.74% ($90000?$95000)
Judgment = No change in assessed value
If the assessed value to true value ratio falls
below the common level, the Tax Board must
increase the assessment to the common level.

Example
Director?s Ratio = 85%
Common Level Range = 72.25%-97.75%
True Value = $95000
Assessment = $67000
Ratio = 70.53% ($67000?$95000)
Judgment = Increase in assessed value
New Assessment = $80750 ($95000 x 85%)If the ratio of assessed value to true value
exceeds the average ratio by 15%, the
assessment is reduced to the common level.

Example
Director?s Ratio = 85%
Common Level Range = 72.25%-97.75%
True Value = $95000
Assessment = $94000
Ratio = 98.95% ($94000?$95000)
Judgment = Reduction in assessed value
New Assessment = $80750 ($95000 x 85%)
However, if the assessment falls within this
common level range, no adjustment is made.

Example
Director?s Ratio = 85%
Common Level Range = 72.25%-97.75%
True Value = $95000
Assessment = $90000
Ratio = 94.74% ($90000?$95000)
Judgment = No change in assessed value
If the assessed value to true value ratio falls
below the common level, the Tax Board must
increase the assessment to the common level.

Example
Director?s Ratio = 85%
Common Level Range = 72.25%-97.75%
True Value = $95000
Assessment = $67000
Ratio = 70.53% ($67000?$95000)
Judgment = Increase in assessed value
New Assessment = $80750 ($95000 x 85%)

JCGuys wrote:
There is nothing in those links which suggests inspectors will "assume that your unit is at the high end of the range of comparables" if they don't gain access. More bullshit disinformation. Why can't people be honest?

Erica wrote:
Quote:

JCGuys wrote:
Quote:

Erica wrote:

My understanding from the various Q&As I've seen is that if they're unable to access your unit, they will assume that your unit is at the high end of the range of comparables. So if some units in your building have been renovated with upgraded appliances and some have not, they will assume yours is one of the renovated ones unless they can get in to see otherwise.

Can you post a link to this Q&A? There's so much misinformation and disinformation out there, so I want to read that for myself on a reputable site.

I was referring mostly to the in-person Q&As that were held with ASI throughout the city in April. Civic Parent has a good recap of the Ward A one here: https://civicparent.org/news/jersey-ci ... tion-meetings-highlights/

There's also a JC-specific landing page on ASI's site (and their FAQ pages have a lot of useful info as well): http://asinj.com/revaluation.asp?p=current&id=359

ETA: ASI's site lists one more upcoming presentation at Lincoln High on 6/29 from 7:30PM - 8:30PM.

yorkster wrote:
So if your assessment comes in at $1M but the FMV should be at $850K, a person does not have the right to appeal because it's not greater than >15%? If so, that homeowner would be overpaying their taxes by $2700 (assuming 1.8%). How is that fair?

JCGuys wrote:
Quote:

Erica wrote:

My understanding from the various Q&As I've seen is that if they're unable to access your unit, they will assume that your unit is at the high end of the range of comparables. So if some units in your building have been renovated with upgraded appliances and some have not, they will assume yours is one of the renovated ones unless they can get in to see otherwise.

Can you post a link to this Q&A? There's so much misinformation and disinformation out there, so I want to read that for myself on a reputable site.

Erica wrote:

My understanding from the various Q&As I've seen is that if they're unable to access your unit, they will assume that your unit is at the high end of the range of comparables. So if some units in your building have been renovated with upgraded appliances and some have not, they will assume yours is one of the renovated ones unless they can get in to see otherwise.

iGreg wrote:
So, in other words:

"It's a big shit sandwich and we all have to take a bite"


#Upcharge

Azul_the_Cat wrote:
If I'm not mistaken, the valuation needs be out of wack by a certain percentage before you can appeal.