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Re: New Tax Rate is Insane!
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Home away from home
 
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Keep in mind: a rate of 1.62% is one of the lowest in the state. There is no sympathy for your complaints.
Posted on: 2018/2/1 23:30
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Re: New Tax Rate is Insane!
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Home away from home
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Any tax appeal will likely be dismissed without much fuss: what would be the argument to bring an appeal? That the person doesn't want to pay so much? Once the revaluation is completed and put in place, that is the new baseline. It is utterly impossible to try and argue against your new tax levy when it is based on a professional valuation of property that was carried out citywide.
Posted on: 2018/2/1 23:00
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Re: New Tax Rate is Insane!
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Home away from home
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I wonder if JC will see a massive amount of tax appeals, like the city did in the early '90s?
Posted on: 2018/2/1 22:49
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Re: New Tax Rate is Insane!
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Home away from home
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Years back when I went through my tax appeal, there appeared to be buildings in the downtown that looked like they were headed for a 250% to 300% increase in taxes, if /when the revaluation took place.
As bad as you are getting clobbered, others might be a lot worse.
Posted on: 2018/2/1 22:48
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Re: New Tax Rate is Insane!
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Home away from home
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Quote:
paulushooker wrote:
Posted on: 2018/2/1 22:29
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Re: New Tax Rate is Insane!
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Home away from home
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Unlike many here, I personally, call the county tax assessor whenever new figures come out. You may not agree, but it is not my information but how the county figures out the bill. By the way, when I do bring this up at council meetings, the business administrator does not say, Mrs. Balcer you are wrong. This administration is quick to point out an error if I make one.
Posted on: 2018/2/1 22:20
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Re: New Tax Rate is Insane!
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Just can't stay away
 
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Quote:
lol
Posted on: 2018/2/1 22:11
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Re: New Tax Rate is Insane!
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Home away from home
Joined:
2006/9/14 18:57 Last Login : 2020/1/27 22:17 From Hamilton Park
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1053
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On the bright side, you can now make a profit
Quote:
paulushooker wrote:
Posted on: 2018/2/1 22:10
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Re: New Tax Rate is Insane!
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Home away from home
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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: 2018/2/1 22:02
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Re: New Tax Rate is Insane!
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Home away from home
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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: 2018/2/1 21:46
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Re: New Tax Rate is Insane!
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Home away from home
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Quote:
paulushooker wrote:
Posted on: 2018/2/1 21:44
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Re: New Tax Rate is Insane!
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Just can't stay away
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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: 2018/2/1 21:41
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Re: New Tax Rate is Insane!
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Home away from home
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+1 She has been corrected on numerous occasions, but she continues to spout the same false nonsense.
Posted on: 2018/2/1 21:39
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Re: New Tax Rate is Insane!
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Home away from home
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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: 2018/2/1 21:30
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Re: New Tax Rate is Insane!
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Home away from home
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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: 2018/2/1 21:25
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Re: New Tax Rate is Insane!
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Home away from home
Joined:
2011/11/28 22:22 Last Login : 9/8 19:51 From Jersey City yo!
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Quote:
paulushooker wrote:
Posted on: 2018/2/1 21:12
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Re: New Tax Rate is Insane!
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Just can't stay away
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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: 2018/2/1 20:56
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Re: New Tax Rate is Insane!
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Home away from home
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2009/3/19 15:20 Last Login : 2020/6/2 11:06 From Scenic McGinley Square
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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: 2018/2/1 20:54
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Re: New Tax Rate is Insane!
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Just can't stay away
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Quote: 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: 2018/2/1 20:46
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Re: New Tax Rate is Insane!
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Home away from home
Joined:
2012/1/11 18:21 Last Login : 2019/12/26 15:30 From GV Bayside Park
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Congrats
Posted on: 2018/2/1 20:42
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Re: New Tax Rate is Insane!
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Home away from home
Joined:
2011/11/28 22:22 Last Login : 9/8 19:51 From Jersey City yo!
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Sounds about right for a $2.5 mil property.
Ask people from Summit or Westchester.
Posted on: 2018/2/1 20:33
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Newbie
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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: 2018/2/1 20:13
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Re: New Tax Rate is Insane!
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Home away from home
Joined:
2017/1/3 18:17 Last Login : 2020/10/12 20:58 From Jersey City
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434
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Between that and inabity to dedect, yes.
Posted on: 2018/2/1 20:11
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Re: New Tax Rate is Insane!
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Home away from home
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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: 2018/2/1 20:08
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Re: New Tax Rate is Insane!
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Just can't stay away
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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: 2018/2/1 19:54
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Re: New Tax Rate is Insane!
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Home away from home
Joined:
2017/1/3 18:17 Last Login : 2020/10/12 20:58 From Jersey City
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Well, that is the 1.62% rate right there. Based on recent sales in your neighborhood, is the valuation in line?
Posted on: 2018/2/1 19:47
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Re: New Tax Rate is Insane!
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Home away from home
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There goes the free ride from years of not being reassessed. Be grateful it lasted as long as it did.
Posted on: 2018/2/1 19:47
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New Tax Rate is Insane!
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Just can't stay away
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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: 2018/2/1 19:31
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