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Re: 2017 Reval ~ Property Inspections
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I may hearing this has been pushed back 6 months

Posted on: 10/16 15:23
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sophiabull wrote:
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bodhipooh wrote:
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sophiabull wrote:
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bodhipooh wrote:
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mrspigglewiggle wrote:
Type in your address to see if your property is colored in, indicating it has been inspected. Obviously if it is colored in and you had no idea it had been inspected, that's bad and you should call the asinj company. For those of us not yet colored in, I was told to sit tight.


That's a TERRIBLE assumption. If anything, I think getting assessed sight unseen is perhaps the best possible scenario for a homeowner: if the assessment came in too low, you keep your mouth shut and enjoy the tax break. If it is accurate, then you just pay your tax bill when it shows up. And, if the estimate comes in too high, or even a little above what you think is correct, you can request an in-person inspection, or you can easily appeal when the notices with estimated levies come out. There is LITERALLY no downside to getting a blind revaluation, only potential upside.


I am not so sure. I did ask the appraiser about this. Although the inspection was brief he was assessing what heating system there was (ie central HVAC) whether there was parking and whether the kitchen and bathrooms had been renovated. I was told that if an inspection is not completed they will assume the answer to all their questions is "yes" and the assessment will be likely significantly over-inflated.


You obviously missed the part about being able to request an inspection after an estimate is disclosed. The process was clearly laid out earlier in this thread: if an in-person inspection can not be completed, they will leave a note and will attempt a second time. If during that second attempt they are not able to gain access, they will leave a note with an estimate of value. You can then request an interior inspection if you think the estimate is not accurate.

See the last paragraph of the last page of the brochure released by the company doing the inspections:

http://asinj.com/revaluation/docs/int ... evaluation%20Brochure.pdf



I missed nothing. I spoke to the inspector at length about this. They were not going to make a second attempt at my property for the others tenants. They leave a note for you to call and schedule an inspection (or just leave it, if preferred). Then an owner can appeal after they send the estimates out.


Before the estimated values are final and bills are sent out, there will be a period when homeowners will be informed of the estimated valuations and they will be able to review and request an inspection explanation.

Posted on: 9/28 16:37
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Re: 2017 Reval ~ Property Inspections
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Other states have a seamless property assessment process that update annually. But of course New Jersey has to have some backward byzantine process where a property's assessment can be current market value, or the value that existed 40 years ago.


At a minimum, property assessments should be done at the county level and leave the town's out of it. It would cut out some of the self-serving BS and possible fraud with property owners being very friendly with the town assessor.

Not speaking about Jersey City specifically, just the whole process in general.

Posted on: 9/28 15:48
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bodhipooh wrote:
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sophiabull wrote:
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bodhipooh wrote:
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mrspigglewiggle wrote:
Type in your address to see if your property is colored in, indicating it has been inspected. Obviously if it is colored in and you had no idea it had been inspected, that's bad and you should call the asinj company. For those of us not yet colored in, I was told to sit tight.


That's a TERRIBLE assumption. If anything, I think getting assessed sight unseen is perhaps the best possible scenario for a homeowner: if the assessment came in too low, you keep your mouth shut and enjoy the tax break. If it is accurate, then you just pay your tax bill when it shows up. And, if the estimate comes in too high, or even a little above what you think is correct, you can request an in-person inspection, or you can easily appeal when the notices with estimated levies come out. There is LITERALLY no downside to getting a blind revaluation, only potential upside.


I am not so sure. I did ask the appraiser about this. Although the inspection was brief he was assessing what heating system there was (ie central HVAC) whether there was parking and whether the kitchen and bathrooms had been renovated. I was told that if an inspection is not completed they will assume the answer to all their questions is "yes" and the assessment will be likely significantly over-inflated.


You obviously missed the part about being able to request an inspection after an estimate is disclosed. The process was clearly laid out earlier in this thread: if an in-person inspection can not be completed, they will leave a note and will attempt a second time. If during that second attempt they are not able to gain access, they will leave a note with an estimate of value. You can then request an interior inspection if you think the estimate is not accurate.

See the last paragraph of the last page of the brochure released by the company doing the inspections:

http://asinj.com/revaluation/docs/int ... evaluation%20Brochure.pdf



I missed nothing. I spoke to the inspector at length about this. They were not going to make a second attempt at my property for the others tenants. They leave a note for you to call and schedule an inspection (or just leave it, if preferred). Then an owner can appeal after they send the estimates out.

Posted on: 9/28 15:02
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Re: 2017 Reval ~ Property Inspections
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Quote:

sophiabull wrote:
Quote:

bodhipooh wrote:
Quote:

mrspigglewiggle wrote:
Type in your address to see if your property is colored in, indicating it has been inspected. Obviously if it is colored in and you had no idea it had been inspected, that's bad and you should call the asinj company. For those of us not yet colored in, I was told to sit tight.


That's a TERRIBLE assumption. If anything, I think getting assessed sight unseen is perhaps the best possible scenario for a homeowner: if the assessment came in too low, you keep your mouth shut and enjoy the tax break. If it is accurate, then you just pay your tax bill when it shows up. And, if the estimate comes in too high, or even a little above what you think is correct, you can request an in-person inspection, or you can easily appeal when the notices with estimated levies come out. There is LITERALLY no downside to getting a blind revaluation, only potential upside.


I am not so sure. I did ask the appraiser about this. Although the inspection was brief he was assessing what heating system there was (ie central HVAC) whether there was parking and whether the kitchen and bathrooms had been renovated. I was told that if an inspection is not completed they will assume the answer to all their questions is "yes" and the assessment will be likely significantly over-inflated.


You obviously missed the part about being able to request an inspection after an estimate is disclosed. The process was clearly laid out earlier in this thread: if an in-person inspection can not be completed, they will leave a note and will attempt a second time. If during that second attempt they are not able to gain access, they will leave a note with an estimate of value. You can then request an interior inspection if you think the estimate is not accurate.

See the last paragraph of the last page of the brochure released by the company doing the inspections:

http://asinj.com/revaluation/docs/int ... evaluation%20Brochure.pdf


Posted on: 9/28 14:47
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Re: 2017 Reval ~ Property Inspections
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sophiabull wrote:
Quote:

bodhipooh wrote:
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mrspigglewiggle wrote:
Type in your address to see if your property is colored in, indicating it has been inspected. Obviously if it is colored in and you had no idea it had been inspected, that's bad and you should call the asinj company. For those of us not yet colored in, I was told to sit tight.


That's a TERRIBLE assumption. If anything, I think getting assessed sight unseen is perhaps the best possible scenario for a homeowner: if the assessment came in too low, you keep your mouth shut and enjoy the tax break. If it is accurate, then you just pay your tax bill when it shows up. And, if the estimate comes in too high, or even a little above what you think is correct, you can request an in-person inspection, or you can easily appeal when the notices with estimated levies come out. There is LITERALLY no downside to getting a blind revaluation, only potential upside.


I am not so sure. I did ask the appraiser about this. Although the inspection was brief he was assessing what heating system there was (ie central HVAC) whether there was parking and whether the kitchen and bathrooms had been renovated. I was told that if an inspection is not completed they will assume the answer to all their questions is "yes" and the assessment will be likely significantly over-inflated.


But then you can informally request a review. I agree with bodhipooh and not buying this propaganda it's in the best interest to have a physical inspection.

Posted on: 9/28 14:09
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bodhipooh wrote:
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mrspigglewiggle wrote:
Type in your address to see if your property is colored in, indicating it has been inspected. Obviously if it is colored in and you had no idea it had been inspected, that's bad and you should call the asinj company. For those of us not yet colored in, I was told to sit tight.


That's a TERRIBLE assumption. If anything, I think getting assessed sight unseen is perhaps the best possible scenario for a homeowner: if the assessment came in too low, you keep your mouth shut and enjoy the tax break. If it is accurate, then you just pay your tax bill when it shows up. And, if the estimate comes in too high, or even a little above what you think is correct, you can request an in-person inspection, or you can easily appeal when the notices with estimated levies come out. There is LITERALLY no downside to getting a blind revaluation, only potential upside.


I am not so sure. I did ask the appraiser about this. Although the inspection was brief he was assessing what heating system there was (ie central HVAC) whether there was parking and whether the kitchen and bathrooms had been renovated. I was told that if an inspection is not completed they will assume the answer to all their questions is "yes" and the assessment will be likely significantly over-inflated.

Posted on: 9/28 14:03
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Dolomiti wrote:
All the properties will be assessed. Getting assessed in November instead of August doesn't offer any advantage.

The "boondoggle" was the endless delays in getting the reval started in the first place. So far, things seem to be proceeding normally.


100% agreed on this. And, yes, ultimately all that matters is that all properties be (accurately) assessed by the stated deadline.

Posted on: 9/28 12:24
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Anyone else find it odd that, out of all the JC neighborhoods, DTJC is the only one that has a fraction of homes assessed?

Huh?

Several neighborhoods have spotty assessment completions, and we are a long way from completion. There are big swaths around Lincoln Park and Greenville that are completely untouched.


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Given all the not-so-good optics of the tax situation prior to the reval, and all the talk of reverse robin hood scenarios, you would think that the people in charge would have wanted to quell any more talk of non-DTJC neighborhoods getting shafted. But, what do I know? This whole thing has been a boondoggle.

Huh?

All the properties will be assessed. Getting assessed in November instead of August doesn't offer any advantage.

The "boondoggle" was the endless delays in getting the reval started in the first place. So far, things seem to be proceeding normally.

Posted on: 9/27 19:21
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Anyone else find it odd that, out of all the JC neighborhoods, DTJC is the only one that has a fraction of homes assessed? Given all the not-so-good optics of the tax situation prior to the reval, and all the talk of reverse robin hood scenarios, you would think that the people in charge would have wanted to quell any more talk of non-DTJC neighborhoods getting shafted. But, what do I know? This whole thing has been a boondoggle.

Posted on: 9/27 13:15
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mrspigglewiggle wrote:
Type in your address to see if your property is colored in, indicating it has been inspected. Obviously if it is colored in and you had no idea it had been inspected, that's bad and you should call the asinj company. For those of us not yet colored in, I was told to sit tight.


That's a TERRIBLE assumption. If anything, I think getting assessed sight unseen is perhaps the best possible scenario for a homeowner: if the assessment came in too low, you keep your mouth shut and enjoy the tax break. If it is accurate, then you just pay your tax bill when it shows up. And, if the estimate comes in too high, or even a little above what you think is correct, you can request an in-person inspection, or you can easily appeal when the notices with estimated levies come out. There is LITERALLY no downside to getting a blind revaluation, only potential upside.

Posted on: 9/27 13:11
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ThirdStreet wrote:
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mrspigglewiggle wrote:
Hazzuh! I called the Tax Assessor's office and spoke to a very nice woman who gave me this website: http://asinj.com/revaluation.asp?p=current&id=359

Type in your address to see if your property is colored in, indicating it has been inspected. Obviously if it is colored in and you had no idea it had been inspected, that's bad and you should call the asinj company. For those of us not yet colored in, I was told to sit tight.Quote:

iGreg wrote:
2017 Reval Info


Not sure how accurate those maps are. I am at Liberty harbor I have had inspector come into my unit and inspect it. However according to the map the only thing that has been inspected in my neighborhood is that little park near Zepellin hall.


Was your inspection in the last three or four weeks? The map is accurate/updated as of September 1, 2017.

Posted on: 9/27 13:07
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mrspigglewiggle wrote:
Hazzuh! I called the Tax Assessor's office and spoke to a very nice woman who gave me this website: http://asinj.com/revaluation.asp?p=current&id=359

Type in your address to see if your property is colored in, indicating it has been inspected. Obviously if it is colored in and you had no idea it had been inspected, that's bad and you should call the asinj company. For those of us not yet colored in, I was told to sit tight.Quote:

iGreg wrote:
2017 Reval Info


Not sure how accurate those maps are. I am at Liberty harbor I have had inspector come into my unit and inspect it. However according to the map the only thing that has been inspected in my neighborhood is that little park near Zepellin hall.

Posted on: 9/27 12:07
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Hazzuh! I called the Tax Assessor's office and spoke to a very nice woman who gave me this website: http://asinj.com/revaluation.asp?p=current&id=359

Type in your address to see if your property is colored in, indicating it has been inspected. Obviously if it is colored in and you had no idea it had been inspected, that's bad and you should call the asinj company. For those of us not yet colored in, I was told to sit tight.Quote:

iGreg wrote:
2017 Reval Info

Posted on: 9/27 9:30
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bryler wrote:
Maybe this has already been asked and answered, but in the midst of the current property revaluation, does it make sense to refinance now, or wait for the assessment to be completed early next year? I assume the value determined by the revaluation will have no impact on an appraisal conducted by a bank for a refinancing?

We bought in DTJC in 2015 and our property value appears to have increased (although this is hard to tell with any degree of certainty until we start the refinance and order the appraisal from the bank, or wait for the revaluation to be completed).


Refinance now. Interest rates are going up along with costs. The reval will have no impact on that.

Posted on: 9/27 8:47
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Just rang. I work from home so happened to be in.

Posted on: 9/25 16:21
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HighFiveCity wrote:
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sophiabull wrote:
JSQ here. My building was inspected yesterday.


Seconded. I'm eastern side of JSQ and got mine yesterday too.


Did you guys get notifications beforehand, or they just rang your doorbell?

Posted on: 9/24 9:35
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JSQ here. My building was inspected yesterday.


Seconded. I'm eastern side of JSQ and got mine yesterday too.

Posted on: 9/22 18:22
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Maybe this has already been asked and answered, but in the midst of the current property revaluation, does it make sense to refinance now, or wait for the assessment to be completed early next year? I assume the value determined by the revaluation will have no impact on an appraisal conducted by a bank for a refinancing?

We bought in DTJC in 2015 and our property value appears to have increased (although this is hard to tell with any degree of certainty until we start the refinance and order the appraisal from the bank, or wait for the revaluation to be completed).

Posted on: 9/22 17:37
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JSQ here. My building was inspected yesterday.

Posted on: 9/22 11:32
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Where are these inspected properties? I live in Journal Square and haven't gotten any postcards or updates regarding the re-eval and as far as I know, no one in my building has been inspected yet. What's the timeline to inspect Journal Square?Quote:

AMo wrote:
Here's the latest from the state.

Approximately 50% of properties have been inspected. The work should be completed within the next few months.

Preliminary assessments will likely go out in February. Property owners will have a period to informally challenge the assessment. The final tax list will be published by March 15th. If one doesn't like that number, they can file a formal appeal within 45 days. (Double check on this.)

Posted on: 9/22 8:55
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Here's the latest from the state.

Approximately 50% of properties have been inspected. The work should be completed within the next few months.

Preliminary assessments will likely go out in February. Property owners will have a period to informally challenge the assessment. The final tax list will be published by March 15th. If one doesn't like that number, they can file a formal appeal within 45 days. (Double check on this.)

Posted on: 9/22 0:50
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Should we not expect to hear anymore from City Hall on the Reval until after the election?

Posted on: 9/18 14:59
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thor800 wrote:
agreed - no one is saying that Joe shouldn't pay more, but how much more is the question.

if the 2% market value equalizer holds, I doubt many people will see any relief especially with the recent interest in BL, greenville, jsq, etc as a result of DTJC pricing out.


You are misunderstanding the property tax situation... It is not about the rate, but the deviation between the final rate decision, and what you pay at the moment as a factor of the market value of your home. Most of the properties in DTJC are paying effective rates of 1% or less (in some extreme cases, we have seen effective rates of 0.7% and lower) and for those properties the increase will be substantial. For people paying effective rates of 5% (as we have seen in many properties in Greenville, and BL) the tax drop should be fairly significant in terms of percentage, but in terms of dollars it will not be that high (for a property that is worth 200K, the drop from 5% to 2% would be 6K) while the increase in DTJC is much more significant because of the property values. A theoretical DTJC brownstone worth 1MM paying a 0.7% tax rate would see an increase of 13K if the rate is set at 2%.

Posted on: 9/6 16:32
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thor800 wrote:
if the 2% market value equalizer holds, I doubt many people will see any relief especially with the recent interest in BL, greenville, jsq, etc as a result of DTJC pricing out.


You're creating a causal connection between the rate and the assessments where there is none. This is the process:

1: they assess all the properties to come up with the new ratable base, the aggregate value of all the property.

2: They strike a rate on that value that brings in exactly the same tax as before.

It's extremely unlikely that the other wards are now as under assessed as DT. But if they are, then their taxes don't go down and yours don't go up.

Posted on: 9/6 15:06
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agreed - no one is saying that Joe shouldn't pay more, but how much more is the question.

if the 2% market value equalizer holds, I doubt many people will see any relief especially with the recent interest in BL, greenville, jsq, etc as a result of DTJC pricing out.

Quote:

Dolomiti wrote:
Quote:

thor800 wrote:
[quote]
not everyone that currently owns downtown has been living there forever and been substantially subsidized by other areas of the city. these areas have also seen increased values in the past few years and maybe wont see that golden $100 or $200 per month reduction by the reval - at most ? who will be crying now ?

OK, think of it this way.

Let's say that Joe bought a brownstone in 2015 for $800k, and is paying $8k per year in property taxes. After the reval, his taxes shoot up to $16k.

Joe has, in fact, already benefitted. By the time the reval takes effect, he'd have saved well over $25k just in a few years (as he should have been paying higher taxes in 2015, 2016, 2017, and 2018). And someone else had to pay the taxes he didn't pay.

In addition, if we don't do the reval, or somehow shield Joe from his full obligation, he's still getting a tax break moving forward. Further, someone else is still paying the remainder of Joe's fair share, while he continues to reap the benefit not only of lower taxes, but also higher property values.


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telling someone that they shouldnt be pissed their taxes are skyrocketing based on an arguably inflated investor driven market and if they dont like it, then they can just sell and leave is just being a dick.

Yes and no.

Yes, in that the city should not have delayed the reval for 30 frickin' years. It should have done this about every 5 years, in which case people would see more frequent and significantly smaller changes in property taxes.

No, in that it is unjustified to be mad that you have to pay your fair share -- especially after getting a break, at some else's expense.

Griping about "inflated investor driven market" is nonsense, because the people whose taxes are going up have directly benefitted from that market. Nor is there any sign, even after people literally spending years predicting a massive crash, that JC is in an unsustainable real estate bubble.

Posted on: 9/6 12:54
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the bonding/reverse mortgage idea seems to make sense to me as a way of helping people who can't afford new taxes

Posted on: 9/6 11:19
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thor800 wrote:
but couldn't those homeowners paying 3% have sought out relief through the tax accessor office ?


True, but a lot homeowners aren't that sophisticated about taxes. I wasn't until maybe 5 years ago when I bought a property at short sale and was inundated with lawyers offering to appeal for me. Didn't fly for that property but I successfully appealed for a property I'd owned since 2004.

But lets say everyone appealed who could. The base goes down,
so the rate goes up, and all the people who were paying half the previous rate are still underpaying, but by slightly less.

Posted on: 9/6 11:11
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[quote]
not everyone that currently owns downtown has been living there forever and been substantially subsidized by other areas of the city. these areas have also seen increased values in the past few years and maybe wont see that golden $100 or $200 per month reduction by the reval - at most ? who will be crying now ?

OK, think of it this way.

Let's say that Joe bought a brownstone in 2015 for $800k, and is paying $8k per year in property taxes. After the reval, his taxes shoot up to $16k.

Joe has, in fact, already benefitted. By the time the reval takes effect, he'd have saved well over $25k just in a few years (as he should have been paying higher taxes in 2015, 2016, 2017, and 2018). And someone else had to pay the taxes he didn't pay.

In addition, if we don't do the reval, or somehow shield Joe from his full obligation, he's still getting a tax break moving forward. Further, someone else is still paying the remainder of Joe's fair share, while he continues to reap the benefit not only of lower taxes, but also higher property values.


Quote:
telling someone that they shouldnt be pissed their taxes are skyrocketing based on an arguably inflated investor driven market and if they dont like it, then they can just sell and leave is just being a dick.

Yes and no.

Yes, in that the city should not have delayed the reval for 30 frickin' years. It should have done this about every 5 years, in which case people would see more frequent and significantly smaller changes in property taxes.

No, in that it is unjustified to be mad that you have to pay your fair share -- especially after getting a break, at some else's expense.

Griping about "inflated investor driven market" is nonsense, because the people whose taxes are going up have directly benefitted from that market. Nor is there any sign, even after people literally spending years predicting a massive crash, that JC is in an unsustainable real estate bubble.

Posted on: 9/6 10:01
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Re: 2017 Reval ~ Property Inspections
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roughly 1.5% when I bought in 2015, but the past few years have seen crazy value increases in DTJC as well as Heights and JSQ albeit maybe not as much. It depends what those properties were assessed at and effectively paying though - if a property in JSQ at $50,000 paying $4,000 / year now has a market value of $500,000, its the same as a $100,000 paying $8,000 now worth $1,000,000 which I think is fairly reasonable though I do not know if the JSQ scenario is accurate. It seems like the rateable base is the question which will determine the market equalization ratio.

I understand the relativity concept, but couldn't those homeowners paying 3% have sought out relief through the tax accessor office ?


Posted on: 9/6 9:53
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