JadedJC wrote:
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bodhipooh wrote:
Like I said earlier, it is incredibly rich to see so many self-avowed liberals become overnight fiscal conservatives demanding more out of less, and crying unfair taxation.

Reminds of a cocktail party I went to waaay back in the 90s, when an acquaintance of mine introduced me to a Republican couple who were prominent at the time. Everything was free market this and free market that with these people, until you someone pointed out that they were living in a pretty sweet rent-controlled three-bedroom apartment on the Upper West Side. Then it was all "Hands off our rent-controlled apartment! We're entitled to this apartment!"

stillinjc wrote:
Sounds about right for a $2.5 mil property.

Ask people from Summit or Westchester.

bodhipooh wrote:
Like I said earlier, it is incredibly rich to see so many self-avowed liberals become overnight fiscal conservatives demanding more out of less, and crying unfair taxation.

jcguy05 wrote:
i agree with everyone about paying their fair share of the property tax and those under assessed already lucked out for the past years.

However there needs to be a transition period as oppose to this shock of a $20K+ increase as the OP had.

Imagine people who have been living in those brownstones for 10-20 years or newcomers, who doesnt read the forum or understand that a reval means you get a 20K tax increase (and no one knows the numbers until they get the letter this past 2 weeks).

Now all of sudden they need to pay 20k extra a year.

What should have happened is they do the reval, letting the owners know the new tax will be 20k higher, and the tax gets increased 25% each year until it hit the 20k threshold.

This at least give those people time to move out or get their money prepared to pay the increase.

In short, agree with the reval/assessments, but doesnt agree with this piss poor execution they have done.

bodhipooh wrote:
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brewster wrote:
Lets say the shocked DT homeowner has been here 5 years. According to Zillow, prices have risen 83% in that time! Even assuming a 10% retraction that still a lot of equity gain to pay 1.6% of your value every year with a HELOC, or reverse mortgage if you're old enough (this defusing all the breastbeating about de-homing seniors).

Does anyone believe that DT property will not continue to appreciate at 1.6% minimum on average in the future? The expected howls of "I don't care about appreciation, I just want to keep living in my house!!!" will be hollow. The only people truly fucked is anyone who purchased in the last couple of years that were not told by their realtor or attorney about the coming reval, and are left holding the bag for taxes but not having ridden the values up.

Agreed 100%, but when it comes to money and taxes, people can be completely irrational. The threads on Nextdoor.com are mind blowing by the purposeful obtuseness of people.

Like I said earlier, it is incredibly rich to see so many self-avowed liberals become overnight fiscal conservatives demanding more out of less, and crying unfair taxation.

biggoron wrote:
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SOS wrote:
PDF of current letters/assessments that have gone out -

http://www.asinj.com/revaluation.asp?p=current&id=359

Click on "Assessment Lists" lower left of page.

My property is not listed. In fact only about 6000 are listed in the PDF (39 per page times 153 pages = 5967). Looks like it is a slowish rollout to get everyone their new assessment.

brewster wrote:
Lets say the shocked DT homeowner has been here 5 years. According to Zillow, prices have risen 83% in that time! Even assuming a 10% retraction that still a lot of equity gain to pay 1.6% of your value every year with a HELOC, or reverse mortgage if you're old enough (this defusing all the breastbeating about de-homing seniors).

Does anyone believe that DT property will not continue to appreciate at 1.6% minimum on average in the future? The expected howls of "I don't care about appreciation, I just want to keep living in my house!!!" will be hollow. The only people truly fucked is anyone who purchased in the last couple of years that were not told by their realtor or attorney about the coming reval, and are left holding the bag for taxes but not having ridden the values up.

SOS wrote:
PDF of current letters/assessments that have gone out -

http://www.asinj.com/revaluation.asp?p=current&id=359

Click on "Assessment Lists" lower left of page.

landshark wrote:
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SOS wrote:
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landshark wrote:
We live in a rowhouse that is in a group of 10 built at the same time and essentially the same size. Some have been updated a more than others but a pretty good sample to compare assessments.

I saw the assessments for 6 of the 10 yesterday. There is an 8k difference in tax from the lowest to highest one. The one in the worst condition got one of the highest assessments.

The assessors are going to have a lot of explaining to do once all the numbers are published.

Did the one is the worst condition allow the appraisers into the home? If not, that might explain the disparity.

Yes all 6 let the inspectors in. The worst one was rated below the others at the time.

bodhipooh wrote:
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T-Bird 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's pretty simple - that the house is worth less than its appraised value. That's what all appeals are based on. Once the full effect of the new income tax law and the reval settle in on the market, it wouldn't be surprising at all for homes at the higher end of the market to be worth 10% to 15% less. I've already factored in 10% into my thinking. While it's true no one knew the tax laws would change so dramatically when the reval started, that's the world we're in now. People like paulushooker may have to pay full fare this year, but I'm betting it won't be a difficult case to make a year from now that assessed values are too high.

I was surprised the city didn't go with a somewhat higher rate and softer assessments, which is common. That approach builds in some cushion for near term market dips.

Agreed that, once properties take a hit in value, a homeowner could then file an appeal. My post was not properly elucidated: there would be no grounds to bring an appeal NOW. That could change in a couple of years. But, according to so many of you, properties will not take a hit because other buyers pushed out of NYC will want to swoop in and snap up available inventory.

Personally, I do think there will be a period of adjustment and some properties will ?lose? value, but that will likely take some time to manifest itself in clear terms. After all, a lot of the run up in DTJC valuations was partly driven by the artificially low taxes.

T-Bird 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's pretty simple - that the house is worth less than its appraised value. That's what all appeals are based on. Once the full effect of the new income tax law and the reval settle in on the market, it wouldn't be surprising at all for homes at the higher end of the market to be worth 10% to 15% less. I've already factored in 10% into my thinking. While it's true no one knew the tax laws would change so dramatically when the reval started, that's the world we're in now. People like paulushooker may have to pay full fare this year, but I'm betting it won't be a difficult case to make a year from now that assessed values are too high.

I was surprised the city didn't go with a somewhat higher rate and softer assessments, which is common. That approach builds in some cushion for near term market dips.

SOS wrote:
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landshark wrote:
We live in a rowhouse that is in a group of 10 built at the same time and essentially the same size. Some have been updated a more than others but a pretty good sample to compare assessments.

I saw the assessments for 6 of the 10 yesterday. There is an 8k difference in tax from the lowest to highest one. The one in the worst condition got one of the highest assessments.

The assessors are going to have a lot of explaining to do once all the numbers are published.

Did the one is the worst condition allow the appraisers into the home? If not, that might explain the disparity.

landshark wrote:
We live in a rowhouse that is in a group of 10 built at the same time and essentially the same size. Some have been updated a more than others but a pretty good sample to compare assessments.

I saw the assessments for 6 of the 10 yesterday. There is an 8k difference in tax from the lowest to highest one. The one in the worst condition got one of the highest assessments.

The assessors are going to have a lot of explaining to do once all the numbers are published.

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?

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.

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%

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.

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.