Register now !    Login  
Main Menu
Who's Online
41 user(s) are online (23 user(s) are browsing Message Forum)

Members: 0
Guests: 41

more...




Browsing this Thread:   3 Anonymous Users




« 1 ... 9 10 11 (12)


Re: New Tax Rate is Insane!
#22
Just can't stay away
Just can't stay away


Hide User information
Joined:
2008/2/20 10:17
Group:
Registered Users
Posts: 104
Offline
Quote:

Yvonne wrote:
Buildings (Improvements) are taxed abated but not the land. Not knowing each circumstances, yes perhaps some people have an increase if the land value did go up.


lol

Posted on: 2/1 17:11
Print Top


Re: New Tax Rate is Insane!
#21
Home away from home
Home away from home


Hide User information
Joined:
2006/9/14 14:57
From Hamilton Park
Group:
Registered Users
Posts: 999
Offline
On the bright side, you can now make a profit


Quote:

paulushooker wrote:

I just got my revaluatation letter from Appraisal Systems:

2018 Total Assessed Value: $2,416,400

2018 Estimated Annual Taxes: $39,145.68

2017 Total Assessed Value: $190,000

2017 Total Annual Taxes: $14,820.00

According to this, my property taxes will increase by $24,000 or 2.6 times what I am paying now.

That's completely insane.


Posted on: 2/1 17:10
Print Top


Re: New Tax Rate is Insane!
#20
Home away from home
Home away from home


Hide User information
Joined:
2004/6/16 22:16
Group:
Registered Users
Posts: 4296
Offline
Buildings (Improvements) are taxed abated but not the land. Not knowing each circumstances, yes perhaps some people have an increase if the land value did go up.

Posted on: 2/1 17:02
Print Top


Re: New Tax Rate is Insane!
#19
Home away from home
Home away from home


Hide User information
Joined:
2008/8/12 14:31
Group:
Registered Users
Posts: 3355
Offline
Quote:

ThirdStreet wrote:
Quote:

Ralph_Abutts wrote:
Jersey City's 20 year tax abatements typically step-up in 5 year increments 20%/40%/60%/80%/100%, as a percentage of the property's assessed or "true value". That is, every 5 years your abatement tax will increase, with the first 5 years paying approx 20% of the tax it normally would w/o the abatement.



I think our building we are the total amount we are 1.67% of the purchase price. I have been paying that for the 9 years granted the value has gone up. Recent buyers in my building therefore a probably paying a higher rate than the 1.62% percent city has come up with

So much for this Yvonne lady's constant insinuation that that all the people in the abatement aren't paying taxes and are "unaffected" by this tax increase.

Also, the appraisal value is in my letter is about 5% higher than what similar units have sold for in my building the last few month


Yvonne is full of it. The reality is that the city is reaping a windfall from all these abated properties, as all of the money they pay (with the exception of 5%) goes directly to city coffers. Some developments (like CanCo) are paying tax rates that match or slightly exceed the proposed 1.62%.

Posted on: 2/1 16:46
Print Top


Re: New Tax Rate is Insane!
#18
Home away from home
Home away from home


Hide User information
Joined:
2008/8/12 14:31
Group:
Registered Users
Posts: 3355
Offline
Quote:

paulushooker wrote:

Quote:

stillinjc wrote: Sounds about right for a $2.5 mil property. Ask people from Summit or Westchester.

I am sure there are plenty of people who pay $40K in taxes in plenty of places. That is not my issue. The issue is being whacked with a 164% tax increase in one go.



Where have you been the past two years we have been discussing this ad nauseum?? You *had* to know this was coming. It has been highlighted right here in jclist.com many times over that a ton of properties in DTJC were ridiculously under assessed, paying effective rates of under 1%. In your case, you were under assessed at about .6% for years. You should be thankful you got away with underpaying for so many years.

And, as for the title of this thread, you should be SUPER thankful the rate came out so low. If this reval had been completed a few years ago, it would have come out higher, probably close to 2%. The recent run up in market values has been widespread, and allowed for the rate to come out much lower than just a few years ago. I doubt JC will be able to keep rates this low for long. There will be increased pressure from the county and state for the city to take on a larger percentage of the local school budget and other expenditures. Hard to argue you should only levy 1.62% when other towns exceed 2% and have to contribute to our budget.

Posted on: 2/1 16:44
Print Top


Re: New Tax Rate is Insane!
#17
Just can't stay away
Just can't stay away


Hide User information
Joined:
2008/2/20 10:17
Group:
Registered Users
Posts: 104
Offline
Quote:

Ralph_Abutts wrote:
Jersey City's 20 year tax abatements typically step-up in 5 year increments 20%/40%/60%/80%/100%, as a percentage of the property's assessed or "true value". That is, every 5 years your abatement tax will increase, with the first 5 years paying approx 20% of the tax it normally would w/o the abatement.



I think our building we are the total amount we are 1.67% of the purchase price. I have been paying that for the 9 years granted the value has gone up. Recent buyers in my building therefore a probably paying a higher rate than the 1.62% percent city has come up with

So much for this Yvonne lady's constant insinuation that that all the people in the abatement aren't paying taxes and are "unaffected" by this tax increase.

Also, the appraisal value is in my letter is about 5% higher than what similar units have sold for in my building the last few month

Posted on: 2/1 16:41
Print Top


Re: New Tax Rate is Insane!
#16
Home away from home
Home away from home


Hide User information
Joined:
2008/8/12 14:31
Group:
Registered Users
Posts: 3355
Offline
Quote:

Ralph_Abutts wrote:
Quote:

Yvonne wrote:
Everyone is high because nearly $3 billion (2017) figure is not added to the ratable base.


Innumeracy, in perpetuity. (sigh). Your really need to stop, take a step back, and learn - instead of being a false prophet of anti-abatement ignorance.


+1

She has been corrected on numerous occasions, but she continues to spout the same false nonsense.

Posted on: 2/1 16:39
Print Top


Re: New Tax Rate is Insane!
#15
Just can't stay away
Just can't stay away


Hide User information
Joined:
2013/12/28 8:51
Group:
Registered Users
Posts: 119
Offline
Quote:

Yvonne wrote:
Everyone is high because nearly $3 billion (2017) figure is not added to the ratable base.


Innumeracy, in perpetuity. (sigh). Your really need to stop, take a step back, and learn - instead of being a false prophet of anti-abatement ignorance.

Posted on: 2/1 16:30
Print Top


Re: New Tax Rate is Insane!
#14
Just can't stay away
Just can't stay away


Hide User information
Joined:
2013/12/28 8:51
Group:
Registered Users
Posts: 119
Offline
Tax = Value x Rate

Jersey City's 20 year tax abatements typically step-up in 5 year increments 20%/40%/60%/80%/100%, as a percentage of the property's assessed or "true value". That is, every 5 years your abatement tax will increase, with the first 5 years paying approx 20% of the tax it normally would w/o the abatement. That is the Rate part of the equation above (super/over simplified).

If your abatement agreement considers reassessments, then it could go up even more, much like when the property is sold to a new owner and its value has increased. That is the Value part of the equation above.

Posted on: 2/1 16:25
Print Top


Re: New Tax Rate is Insane!
#13
Home away from home
Home away from home


Hide User information
Joined:
2011/11/28 17:22
From Jersey City yo!
Group:
Registered Users
Posts: 574
Offline
Quote:

paulushooker wrote:

The valuation is in line with sales but if the 1.62% tax rate is final, then the bubble will burst in Jersey City.



Fixed it for ya.

Posted on: 2/1 16:12
Print Top


Re: New Tax Rate is Insane!
#12
Just can't stay away
Just can't stay away


Hide User information
Joined:
2008/2/20 10:17
Group:
Registered Users
Posts: 104
Offline
Quote:

Yvonne wrote:
Nearly one third of Jersey City is a non-ratable, meaning they are not affected by the new taxes. Everyone is high because nearly $3 billion (2017) figure is not added to the ratable base. If taxes went up 3 or 4 times just multiply that $3 billion to $9 billion or $12 billion for the 2018 rate.


By none-ratable, do you mean the buildings with tax abatement? In that case, I don't think it's true that "they are not affected by the new taxes". I live in Liberty harbor which is supposed to have 20 year tax abatement and which I thought meant my taxes were supposed to change for 20 years . I got the similar letter telling me my taxes are going up too.

Posted on: 2/1 15:56
Print Top


Re: New Tax Rate is Insane!
#11
Home away from home
Home away from home


Hide User information
Joined:
2009/3/19 11:20
From Scenic McGinley Square
Group:
Registered Users
Posts: 647
Offline
The free ride is over now people. If you didn't prepare for this inevitable bomb, that's on you.

The market won't collapse, it will go though a little turbulence as people adjust to the reality of what they should have been paying in taxes.

To the people who were paying seriously under assessed taxes, what did you think was going to happen? I mean, you had to know your 2.5M house was not really supposed to be assesed at 200k, right?

Posted on: 2/1 15:54
Print Top


Re: New Tax Rate is Insane!
#10
Just can't stay away
Just can't stay away


Hide User information
Joined:
2004/11/16 14:25
From Downtown
Group:
Registered Users
Posts: 123
Offline

Quote:

stillinjc wrote: Sounds about right for a $2.5 mil property. Ask people from Summit or Westchester.

I am sure there are plenty of people who pay $40K in taxes in plenty of places. That is not my issue. The issue is being whacked with a 164% tax increase in one go.


Posted on: 2/1 15:46
Print Top


Re: New Tax Rate is Insane!
#9
Home away from home
Home away from home


Hide User information
Joined:
2012/1/11 13:21
From GV Bayside Park
Group:
Registered Users
Posts: 4893
Offline
Congrats

Posted on: 2/1 15:42
Print Top


Re: New Tax Rate is Insane!
#8
Home away from home
Home away from home


Hide User information
Joined:
2011/11/28 17:22
From Jersey City yo!
Group:
Registered Users
Posts: 574
Offline
Sounds about right for a $2.5 mil property.

Ask people from Summit or Westchester.

Posted on: 2/1 15:33
Print Top


Re: New Tax Rate is Insane!
#7
Newbie
Newbie


Hide User information
Joined:
1/30 18:11
From Jersey city
Group:
Registered Users
Posts: 3
Offline
That is a huge hike - it must be hard to stomach. However if the 14K was for an entire brownstone, that was seriously undertaxed, as compared to what newbies are paying in downtown. People are currently paying over 14k for 2BR apartments that are nowhere near as grande as a beautiful brownstone.

I do wonder whether it will have an affect on the market, but for people willing and able to pay over 2 mill for a property, perhaps the $$ is less of an issue.

Perhaps when this all settles out, the tax rate may be reduced. Do we have any hope for that? Is it a possibility?

Posted on: 2/1 15:13
Print Top


Re: New Tax Rate is Insane!
#6
Home away from home
Home away from home


Hide User information
Joined:
2017/1/3 13:17
From Jersey City
Group:
Registered Users
Posts: 198
Offline
Between that and inabity to dedect, yes.

Posted on: 2/1 15:11
Print Top


Re: New Tax Rate is Insane!
#5
Home away from home
Home away from home


Hide User information
Joined:
2004/6/16 22:16
Group:
Registered Users
Posts: 4296
Offline
Nearly one third of Jersey City is a non-ratable, meaning they are not affected by the new taxes. Everyone is high because nearly $3 billion (2017) figure is not added to the ratable base. If taxes went up 3 or 4 times just multiply that $3 billion to $9 billion or $12 billion for the 2018 rate.

Posted on: 2/1 15:08
Print Top


Re: New Tax Rate is Insane!
#4
Just can't stay away
Just can't stay away


Hide User information
Joined:
2004/11/16 14:25
From Downtown
Group:
Registered Users
Posts: 123
Offline

The valuation is in line with sales but if the 1.62% tax rate is final, then the housing market will collapse in Jersey City.


Posted on: 2/1 14:54
Print Top


Re: New Tax Rate is Insane!
#3
Home away from home
Home away from home


Hide User information
Joined:
2017/1/3 13:17
From Jersey City
Group:
Registered Users
Posts: 198
Offline
Well, that is the 1.62% rate right there. Based on recent sales in your neighborhood, is the valuation in line?

Posted on: 2/1 14:47
Print Top


Re: New Tax Rate is Insane!
#2
Home away from home
Home away from home


Hide User information
Joined:
2007/12/30 11:56
Group:
Registered Users
Posts: 514
Offline
There goes the free ride from years of not being reassessed. Be grateful it lasted as long as it did.

Posted on: 2/1 14:47
Print Top


New Tax Rate is Insane!
#1
Just can't stay away
Just can't stay away


Hide User information
Joined:
2004/11/16 14:25
From Downtown
Group:
Registered Users
Posts: 123
Offline

I just got my revaluatation letter from Appraisal Systems:

2018 Total Assessed Value: $2,416,400

2018 Estimated Annual Taxes: $39,145.68

2017 Total Assessed Value: $190,000

2017 Total Annual Taxes: $14,820.00

According to this, my property taxes will increase by $24,000 or 2.6 times what I am paying now.

That's completely insane.


Posted on: 2/1 14:31
Print Top




« 1 ... 9 10 11 (12)




[Advanced Search]





Login
Username:

Password:

Remember me



Lost Password?

Register now!



LicenseInformation | AboutUs | PrivacyPolicy | Faq | Contact


JERSEY CITY LIST - News & Reviews - Jersey City, NJ - Copyright 2004 - 2017