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Re: New Tax Rate is Insane!
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bustjc wrote:
Its crazy to think that 20-30 years of amazing growth in downtown that the taxes were subsidized by the poorest neighborhoods of Jersey City, many of them paying higher taxes on properties worth a fraction of downtown properties for a very long time.





Bit of insight into how poorly this city is mismanaged, ehh?

From the schools, streets to the police force.






Posted on: 2/1 23:07
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Re: New Tax Rate is Insane!
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135jc wrote:
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bodhipooh wrote:
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MDM wrote:
I wonder if JC will see a massive amount of tax appeals, like the city did in the early '90s?


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.


There will be tons of appeals if property values fall 10%


Yet another reason why we should have a rolling valuation system.

If there is a city-wide drop in prices, then everybody is overpaying (going by the established rate) but if all valuations are lowered (say, because of a market crash) then the city would just be forced to raise the tax rate, so in the end nothing changes. At the end of the day, there is a municipal budget, and if someone's tax levy goes down, someone else's has to go up to make up the shortfall.

Posted on: 2/1 22:16
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Re: New Tax Rate is Insane!
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Its crazy to think that 20-30 years of amazing growth in downtown that the taxes were subsidized by the poorest neighborhoods of Jersey City, many of them paying higher taxes on properties worth a fraction of downtown properties for a very long time.

Even one year doesn't even come close to making up the gap of the free ride many (not all) downtown folks have enjoyed. But this is a double edged sword and hopefully will encourage Jersey City to follow the law and not delay tax revals for the outrageous amount of time it has.

I mostly worry for the life long residents. Some of them my friends that in no way would possibly be able to pay these increases and have to hope the programs available help them.

Posted on: 2/1 22:13
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Re: New Tax Rate is Insane!
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I have a tax abatement on my downtown condo. Expires sometime in 2027. I read the actual abatement agreement and the appraisal should not effect how much property taxes I owe. I'll still be paying the same $10,400 or so until 2028.

Posted on: 2/1 22:05
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Re: New Tax Rate is Insane!
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The part of this I'm most interested in now is what I speculated about in another current thread, that the value of the land has gone up enough to significantly affect even abated property, because only the improvement is abated, not the land value.

There was a recent article about housing costs I linked in some thread that talked about how cost of land is the major cost in markets like ours, yet that is not reflected in our current assessments where it's 1/3 to 1/5 the value of a house in my properties. What if that flips? Every condo and abated property would then would be paying far more for the value of the land.

Posted on: 2/1 21:24
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Re: New Tax Rate is Insane!
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bodhipooh wrote:
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MDM wrote:
I wonder if JC will see a massive amount of tax appeals, like the city did in the early '90s?


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.


There will be tons of appeals if property values fall 10%

Posted on: 2/1 21:23
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Re: New Tax Rate is Insane!
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HeightsNative wrote:
Keep in mind: a rate of 1.62% is one of the lowest in the state. There is no sympathy for your complaints.


I wrote the second part too quick and probably sounds harsh. I meant it's going to be tough to get sympathy for the complaints on this. The best you can do is appeal. Just not sure what grounds you can appeal on.

Posted on: 2/1 20:05
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Re: New Tax Rate is Insane!
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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: 2/1 18:30
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Re: New Tax Rate is Insane!
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MDM wrote:
I wonder if JC will see a massive amount of tax appeals, like the city did in the early '90s?


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: 2/1 18:00
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Re: New Tax Rate is Insane!
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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: 2/1 17:49
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Re: New Tax Rate is Insane!
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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: 2/1 17:48
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Re: New Tax Rate is Insane!
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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.




Nope, it's the cost of underpaying taxes for too many years.

Look at the bright side - you're living in the lap of luxury now in Paulus Hook (not some shithole on MLK).....


#having your cake served

Posted on: 2/1 17:29
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Re: New Tax Rate is Insane!
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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: 2/1 17:20
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Re: New Tax Rate is Insane!
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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
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Re: New Tax Rate is Insane!
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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
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Re: New Tax Rate is Insane!
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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: 2/1 17:02
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Re: New Tax Rate is Insane!
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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
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Re: New Tax Rate is Insane!
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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
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Re: New Tax Rate is Insane!
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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
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Re: New Tax Rate is Insane!
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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
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Re: New Tax Rate is Insane!
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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
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Re: New Tax Rate is Insane!
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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: 2/1 16:25
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Re: New Tax Rate is Insane!
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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
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Re: New Tax Rate is Insane!
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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
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Re: New Tax Rate is Insane!
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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: 2/1 15:54
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Re: New Tax Rate is Insane!
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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
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Re: New Tax Rate is Insane!
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Congrats

Posted on: 2/1 15:42
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Re: New Tax Rate is Insane!
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Sounds about right for a $2.5 mil property.

Ask people from Summit or Westchester.

Posted on: 2/1 15:33
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Re: New Tax Rate is Insane!
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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: 2/1 15:13
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Re: New Tax Rate is Insane!
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Between that and inabity to dedect, yes.

Posted on: 2/1 15:11
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