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Re: Jersey City mayor-elect orders end to citywide reval
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JCVoter/Solomon is gonna have a lot of angry homeowners to answer to when their taxes jump 75%

With the timing of the reval information release, it's almost like Fulop planned this punishment on Solomon. LoL!!

Posted on: 12/15 21:14
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Most Jersey City homeowners outside of Ward E will see no change to significant cuts in their property taxes.

Western Slope of The Heights will average a 25 percent decrease. Nice!

Posted on: 12/15 21:13
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bodhipooh wrote:
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JCGuys wrote:
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JCGuys wrote:
Quote:

landshark wrote:
One street over:
https://www.zillow.com/homes/82-prospect-st,-jersey-city,-nj-07307_rb/

Was the Heights supposed to be in the 1/3 that taxes stayed the same?


Yup. Can't wait for the reval to happen so we can see who had the best prediction. I'm thinking 1.75% of fair market value. Greenville will be in the best shape. There will be winners and losers in the heights. The biggest losers will be the land speculators that are sitting on $50 million properties that are only assessed for $100,000 back in 1987.


Bumping my post from March. I predicted 1.75%, when it's only 1.62% hahahaha!


I was expecting a 1.8% tax rate. Really surprised at the 1.62% (not yet final) so things are not as DIRE for DTJC, but will still crush a bunch of new homeowners who ought properties paying effective rates of 0.5 to 0.8. Those people are looking at increases of at least between 2 and 3 times the previous taxes. Ouch.


bodhipooh, please see my the post I bumped from last year. SOS was expecting 2.5% based on some arsehold friend he trusts from city hall. LoL.

Is SOS a disinformation agent in Ward E?

Posted on: 12/15 21:10
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SOS wrote:
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Thanks again for an informative post SAG. If only everyone, never mind an outsider with an agenda built into his name, were so civil and fact based.


All of stateaidguy's posts have been extremely informative and factual. I'm curious, who the outsider with an agenda built into his name - SOS? lol


I had a candid discussion with a long time city employee who's opinion I trust. This person isn't a politician and has served under many administrations. He believes that we'll have taxes of $25 per thousand (or what tax newbs call 2.5%) if we are very fortunate. It could easily be in the high 20's +. So if you want to shoot the messenger, go for it! I can guarantee that he knows more about the reval and jc taxes than anyone posting in this thread. Certainly more than me.


If your "source" is correct (he may be, or maybe not) then the hit will be much significant than even some are expecting. I wouldn't want to find myself sitting on a brownstone valued at over 1 million which currently pays 10K, or less. All those properties paying effective rates of 1% or less will get some nasty sticker shock.

BTW, not sure why you refer to people using percentages as tax newbs. In every other place where I have lived, taxes are always quoted as percentages. Ultimately, it is all the same. There is no difference between saying 2.5% or $25 per thousand.

Total aside: went to see a property last night that is being advertised for 1.5 MM at the site of a former bank on Montgomery (btw, the condo was way overpriced, it should be 1.2, or maybe even 1MM) and the taxes on it are a paltry 12K. If that property actually sells for 1.5MM, and your quoted rate of 2.5% comes to be, the updated tax bill would be 37.5K, a three time increase. What was particularly appalling is that the realtors were highlighting the low taxes in their advertising materials, without any mention of the impending reval. I wonder how many people are buying into the hot real estate market without any idea of what awaits them in less than two years.


Calling out SOS for disinfo:

"He believes that we'll have taxes of $25 per thousand (or what tax newbs call 2.5%) if we are very fortunate. It could easily be in the high 20's +. So if you want to shoot the messenger, go for it! I can guarantee that he knows more about the reval and jc taxes than anyone posting in this thread. Certainly more than me."

Your long time city employee was full of crap!

Posted on: 12/15 21:08
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Re: Jersey City mayor-elect orders end to citywide reval
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JCGuys wrote:
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landshark wrote:
One street over:
https://www.zillow.com/homes/82-prospect-st,-jersey-city,-nj-07307_rb/

Was the Heights supposed to be in the 1/3 that taxes stayed the same?


Yup. Can't wait for the reval to happen so we can see who had the best prediction. I'm thinking 1.75% of fair market value. Greenville will be in the best shape. There will be winners and losers in the heights. The biggest losers will be the land speculators that are sitting on $50 million properties that are only assessed for $100,000 back in 1987.


Bumping my post from March. I predicted 1.75%, when it's only 1.62% hahahaha!


I was expecting a 1.8% tax rate. Really surprised at the 1.62% (not yet final) so things are not as DIRE for DTJC, but will still crush a bunch of new homeowners who ought properties paying effective rates of 0.5 to 0.8. Those people are looking at increases of at least between 2 and 3 times the previous taxes. Ouch.

Posted on: 12/15 21:07
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Re: Jersey City mayor-elect orders end to citywide reval
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ProdigalSon wrote:
From my understanding of the reassessment, the city will provide a fair market value for the home, if it sells at 1.8 it's a pretty good indication that 1.8 is the FMV. If the taxes go to 2.0%(seems low but humor me) that would make the taxes 36k annually, or 3k a month. That represents an increase of $2,117 in monthly overhead, which corresponds to about $580k in mortgage at 3.625%, I wouldn't touch downtown JC until after this is over.


Looks like you were wrong. You said 2.0% seems low. Actual will be closer to 1.6% hahaha.

Posted on: 12/15 21:03
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Re: Jersey City mayor-elect orders end to citywide reval
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JCGuys wrote:
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landshark wrote:
One street over:
https://www.zillow.com/homes/82-prospect-st,-jersey-city,-nj-07307_rb/

Was the Heights supposed to be in the 1/3 that taxes stayed the same?


Yup. Can't wait for the reval to happen so we can see who had the best prediction. I'm thinking 1.75% of fair market value. Greenville will be in the best shape. There will be winners and losers in the heights. The biggest losers will be the land speculators that are sitting on $50 million properties that are only assessed for $100,000 back in 1987.


Bumping my post from March. I predicted 1.75%, when it's only 1.62% hahahaha!

Posted on: 12/15 21:01
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ecoindie wrote:
http://www.nj.com/business/index.ssf/ ... ble_after_phantom_15.html

Appraisal Systems (Fulop hired for Reval) caused Maplewood property owner's property taxes to rise 111 percent from $7,100 to $15,000 in 18 months with bogus claims of non existent improvements and features.


bump. majority of JC neighborhoods seeing tax decrease. lol

Posted on: 12/15 20:57
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To go after O'Reilly never made sense, he was the tax assessor for JC before he became the business administrator. He understood JC properties better than any outside firm. Fulop wanted a scape goat in order to cancel the revaluation and decided O'Reilly would fix the bill.

Posted on: 2017/6/13 21:43
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Posted on: 2017/6/13 12:45
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Of course there will be revenue...to the campaign accounts of those who voted in favor of this scheme

Posted on: 2017/3/23 13:52
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light12v wrote:
LAST EVENING ANY PROSPECT FOR ADDING AN ADDITIONAL 16 ACRES TO JC TAX RATE-ABLES WAS ELIMINATED BY OUR ELECTED OFFICIALS.

YOU CAN SEND YOUR THANK-YOU CARDS TO:
MAYOR Steven Fulop
Council President Rolando R. Lavarro, Jr.
Councilwoman at Large Joyce Watterman
Councilman at Large Daniel Rivera
Ward A (Greenville) Councilman Frank Gajewski
Ward E (Downtown) Councilwoman Candice Osborne
Ward F (Bergen/Lafayette) Councilman Jermaine Robinson



Really? Is that so. How much revenue is the city collecting presently on the 16 acres? Here, I'll answer that for you: zero, nada, nothing.


City officials have argued that the deal isn't a giveaway, citing a revenue-sharing portion of its agreement with SciTech Scity. Once the complex earns a surplus beyond $78 million, the city would share in the revenue, initially getting 50 percent and, once the value of the city's land is paid off, 20 percent. If the project doesn't get off the ground, they say, the land reverts back to JCRA control.

..from:

http://www.nj.com/hudson/index.ssf/20 ... d.html#incart_2box_hudson
maybe the city council should get sometype of independent opinion...is there anything like the CBO for cities?

Posted on: 2017/3/23 13:46
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If the city can sell 2.5 acres for $24 million to the Medical Center then it had the potential to sell 16 acres with prime view of NYC, the Hudson River, Liberty State Park and the lite rail. It is probably worth $100 to $200 million. It is probably the reason no appraisal was done before the transfer.

Posted on: 2017/3/23 13:00
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light12v wrote:
LAST EVENING ANY PROSPECT FOR ADDING AN ADDITIONAL 16 ACRES TO JC TAX RATE-ABLES WAS ELIMINATED BY OUR ELECTED OFFICIALS.

YOU CAN SEND YOUR THANK-YOU CARDS TO:
MAYOR Steven Fulop
Council President Rolando R. Lavarro, Jr.
Councilwoman at Large Joyce Watterman
Councilman at Large Daniel Rivera
Ward A (Greenville) Councilman Frank Gajewski
Ward E (Downtown) Councilwoman Candice Osborne
Ward F (Bergen/Lafayette) Councilman Jermaine Robinson



Really? Is that so. How much revenue is the city collecting presently on the 16 acres? Here, I'll answer that for you: zero, nada, nothing.


City officials have argued that the deal isn't a giveaway, citing a revenue-sharing portion of its agreement with SciTech Scity. Once the complex earns a surplus beyond $78 million, the city would share in the revenue, initially getting 50 percent and, once the value of the city's land is paid off, 20 percent. If the project doesn't get off the ground, they say, the land reverts back to JCRA control.

..from:

http://www.nj.com/hudson/index.ssf/20 ... d.html#incart_2box_hudson

Posted on: 2017/3/23 12:36
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light12v wrote:
LAST EVENING ANY PROSPECT FOR ADDING AN ADDITIONAL 16 ACRES TO JC TAX RATE-ABLES WAS ELIMINATED BY OUR ELECTED OFFICIALS.

YOU CAN SEND YOUR THANK-YOU CARDS TO:
MAYOR Steven Fulop
Council President Rolando R. Lavarro, Jr.
Councilwoman at Large Joyce Watterman
Councilman at Large Daniel Rivera
Ward A (Greenville) Councilman Frank Gajewski
Ward E (Downtown) Councilwoman Candice Osborne
Ward F (Bergen/Lafayette) Councilman Jermaine Robinson




Excellent news!

Posted on: 2017/3/23 7:47
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LAST EVENING ANY PROSPECT FOR ADDING AN ADDITIONAL 16 ACRES TO JC TAX RATE-ABLES WAS ELIMINATED BY OUR ELECTED OFFICIALS.

YOU CAN SEND YOUR THANK-YOU CARDS TO:
MAYOR Steven Fulop
Council President Rolando R. Lavarro, Jr.
Councilwoman at Large Joyce Watterman
Councilman at Large Daniel Rivera
Ward A (Greenville) Councilman Frank Gajewski
Ward E (Downtown) Councilwoman Candice Osborne
Ward F (Bergen/Lafayette) Councilman Jermaine Robinson



Posted on: 2017/3/23 4:35
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Re: Jersey City mayor-elect orders end to citywide reval
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heights wrote:
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bodhipooh wrote:
Another entry for the JC Property Tax Hall of Shame:

https://www.zillow.com/homedetails/243 ... y-NJ-07302/38888495_zpid/

243 2nd St -
Asking Price: 1.75 MM
Taxes (2015): 10.6 K (a whopping 0.6%)

If we end up at a 2% rate, the new taxes would be 35K. Even if we end up with a 1.8% rate, this property will pay 31.5K. I wonder if the seller, or their agent, will disclose that to potential buyers.

Tell me again how this reval is not overdue?

If they have to be told then they should continue to rent.


That's total BS, Heights. Full disclosure of critical matters related to a property sale should be legally required. Lots of buyers are gobbling up DTJC properties seemingly unaware of the impending reval. How's someone supposed to know about the reval process and the potential for a doubling or tripling of the advertised taxes.


The joke is that any property on a 25x100 lot should have to pay $35k in taxes. Let alone one in a city loaded with business and industry that should offset property taxes. Then again I guess Steve will need to cover the estimated $9.6 million lost in federal aid.

Posted on: 2017/3/23 0:06
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bodhipooh wrote:
Another entry for the JC Property Tax Hall of Shame:

https://www.zillow.com/homedetails/243 ... y-NJ-07302/38888495_zpid/

243 2nd St -
Asking Price: 1.75 MM
Taxes (2015): 10.6 K (a whopping 0.6%)

If we end up at a 2% rate, the new taxes would be 35K. Even if we end up with a 1.8% rate, this property will pay 31.5K. I wonder if the seller, or their agent, will disclose that to potential buyers.

Tell me again how this reval is not overdue?

If they have to be told then they should continue to rent.


That's total BS, Heights. Full disclosure of critical matters related to a property sale should be legally required. Lots of buyers are gobbling up DTJC properties seemingly unaware of the impending reval. How's someone supposed to know about the reval process and the potential for a doubling or tripling of the advertised taxes.

Posted on: 2017/3/22 23:14
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It's really tough to come up with any honest argument that doesn't support getting this reval done quickly and accurately.

People are coming up with all kinds of quack justifications for why it is unfair. Amazing what sticker shock will do to ones ability to be rational...

Posted on: 2017/3/22 22:08
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bodhipooh wrote:
Another entry for the JC Property Tax Hall of Shame:

https://www.zillow.com/homedetails/243 ... y-NJ-07302/38888495_zpid/

243 2nd St -
Asking Price: 1.75 MM
Taxes (2015): 10.6 K (a whopping 0.6%)

If we end up at a 2% rate, the new taxes would be 35K. Even if we end up with a 1.8% rate, this property will pay 31.5K. I wonder if the seller, or their agent, will disclose that to potential buyers.

Tell me again how this reval is not overdue?

If they have to be told then they should continue to rent.

Posted on: 2017/3/22 20:08
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Another entry for the JC Property Tax Hall of Shame:

https://www.zillow.com/homedetails/243 ... y-NJ-07302/38888495_zpid/

243 2nd St -
Asking Price: 1.75 MM
Taxes (2015): 10.6 K (a whopping 0.6%)

If we end up at a 2% rate, the new taxes would be 35K. Even if we end up with a 1.8% rate, this property will pay 31.5K. I wonder if the seller, or their agent, will disclose that to potential buyers.

Tell me again how this reval is not overdue?


Posted on: 2017/3/22 19:12
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Posted on: 2017/3/22 14:17
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brewster wrote:
My experience with appraisals is that they're bullshit from top to bottom.


During my financing journey in the pre-housing bubble era, I came to the same conclusion. I became convinced the appraisal came out to whatever the bank (I could only use portfolio lenders.. no Fannie or Freddie) wanted the appraisal to come out too.

One (Emigrant Savings) arbitrarily reduced the value on the appraisal report because the building was attached on two sides (it's a townhouse). This left me with five figure mortgage and far more equity in the property than I had figured (based on comps in the area).

Posted on: 2017/3/22 2:33
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My experience with appraisals is that they're bullshit from top to bottom. I was trying to refi and had banks do 2 different appraisals. I held the tape measure for 1 guy. His gross sq footage came out 20% under. The other guys was 15% under. I could see the bogus measurements in the drawings. A rowhouse with a 1 floor extension is easy, it's 2 boxes. The banks said tough shit, that's what it's worth.

What they apparently do is decide what the number should be and then fudge using the measurements and subjective numbers like GRM to make it come out. One appraisal even had the 3 methods, comp, replacement and rent, all come out within a couple of thousand of each other. What do suppose the odds were?

Now take that process, and for the reval make it even faster and shittier. Should be fun.
omg, don't get me started on appraisals. i once had an appraisal done for a refi that was so bad that the bank rejected the appraisal because it was so badly done despite the fact that the property appraised at the value i needed. why use comprabales for a house 5-15 miles away when similar houses have sold right done the street in the recent past?

Posted on: 2017/3/21 22:35
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That article is being bandied about on the NextDoor site. The article is poorly written in that critical facts were left out of the narrative. Before getting all riled up, look at the facts. The taxes did not rise 111% because of the appraisal errors. The guy is looking for sympathy based on half truths.


What is incredibly frustrating is how the reporter absolutely sticks by her misreporting despite multiple comments stating that this story is bullcrap. She keeps insisting that the owner was bamboozled because of an incorrect bathroom/bedroom count--however, multiple people have sourced the original MLS sheet showing 6 bedrooms as well as the owner's OWN for rent listing showing 6 bedrooms. She completely ignores his purchase price. I would bet good money that the house is not 1500 sq ft as he claimed, anyone with eyes can see that. Several comments have calculated square foot based on Google Earth/dug up property records that show around 2600 sq ft. I could go on and on.

The article and journalist either have an agenda... or are incredibly dense. Neither of which is good in media.


Exactly. I didn't want to get into all the details, but glad you did. In addition to what you state above, a few people went through the hassle of documenting the actual history of the property in terms of taxes, sale values, and MLS listings. It is SUPER CLEAR to anyone wanting to get to the truth that the story is BS. But, of course, people react emotionally, instead of rationally, and this story is now being used by those who want to oppose the reval at any cost.

What is the expression for that? Oh, yeah: feels before reals!

Posted on: 2017/3/21 22:30
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bodhipooh wrote:
That article is being bandied about on the NextDoor site. The article is poorly written in that critical facts were left out of the narrative. Before getting all riled up, look at the facts. The taxes did not rise 111% because of the appraisal errors. The guy is looking for sympathy based on half truths.


What is incredibly frustrating is how the reporter absolutely sticks by her misreporting despite multiple comments stating that this story is bullcrap. She keeps insisting that the owner was bamboozled because of an incorrect bathroom/bedroom count--however, multiple people have sourced the original MLS sheet showing 6 bedrooms as well as the owner's OWN for rent listing showing 6 bedrooms. She completely ignores his purchase price. I would bet good money that the house is not 1500 sq ft as he claimed, anyone with eyes can see that. Several comments have calculated square foot based on Google Earth/dug up property records that show around 2600 sq ft. I could go on and on.

The article and journalist either have an agenda... or are incredibly dense. Neither of which is good in media.

Posted on: 2017/3/21 21:43
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My experience with appraisals is that they're bullshit from top to bottom. I was trying to refi and had banks do 2 different appraisals. I held the tape measure for 1 guy. His gross sq footage came out 20% under. The other guys was 15% under. I could see the bogus measurements in the drawings. A rowhouse with a 1 floor extension is easy, it's 2 boxes. The banks said tough shit, that's what it's worth.

What they apparently do is decide what the number should be and then fudge using the measurements and subjective numbers like GRM to make it come out. One appraisal even had the 3 methods, comp, replacement and rent, all come out within a couple of thousand of each other. What do suppose the odds were?

Now take that process, and for the reval make it even faster and shittier. Should be fun.

Posted on: 2017/3/21 20:12
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That article is being bandied about on the NextDoor site. The article is poorly written in that critical facts were left out of the narrative. Before getting all riled up, look at the facts. The taxes did not rise 111% because of the appraisal errors. The guy is looking for sympathy based on half truths.

Posted on: 2017/3/21 17:35
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Reading the article, he is tackling the problem in an ineffectual, time wasting manner.

One should:

1) make sure your taxes are paid in full, even as bad as the assessment/billing is

2) file an appeal directly with the *County* Board of Taxation.

3) do so before the April 1st deadline.

Unlike him, you notably cut the municipality and its tax assessor out of the loop. This is all covered by statute (NJSA 54:3). Hire a lawyer, already, Phil O.

If you do not like the County Board of Taxation's assessment, then you can appeal to the NJ State Tax Court.

Here's the nice part. When you win your appeal, the municipality refunds your tax overpayment, plus pays an additional 5% interest to you. Tax appeal refunds put a hurt into the muni budget; the town will take notice and direct its attention to its tax assessor or reval firm or both.







Posted on: 2017/3/21 16:58
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ecoindie wrote:
http://www.nj.com/business/index.ssf/ ... ble_after_phantom_15.html

Appraisal Systems (Fulop hired for Reval) caused Maplewood property owner's property taxes to rise 111 percent from $7,100 to $15,000 in 18 months with bogus claims of non existent improvements and features.


And that property owner is a former Fulop aide who, last I know, worked at the JCRA.

Posted on: 2017/3/21 16:29
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