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Re: New Tax Rate is Insane!
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Home away from home
 
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LoL. I would love to see a judge rule for the Ward E homeowners and then get slapped on appeal.
Posted on: 2018/5/6 9:38
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Re: New Tax Rate is Insane!
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Home away from home
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Reval protest mounting downtown |
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Re: New Tax Rate is Insane!
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Home away from home
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Quote:
Perhaps this is why Fulop was walking back his comments on doing a second reval at a recent ward meeting?
Posted on: 2018/5/5 19:38
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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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With Jersey City?s long-delayed revaluation finally complete and homeowners closer to paying their new rates, many questions remain as to what the effect on the real estate market will be. In their first 2018 quarterly report, Pure Properties takes a closer look.
Appraisal Systems, the company hired to conduct the revaluation, has released data that indicates the estimated tax increase in Downtown neighborhoods will be around 67% for 1-4 family homes and 24% for condominiums. The numbers are so daunting that Mayor Fulop has floated the idea of a ?second revaluation? in 2019 due to changes that might take place in the market following the new rates. At least one fear about the health of Downtown?s marketplace appears to have materialized; Downtown Jersey City had a notable surge in 1-4 family homes coming to market during 2018?s first quarter, with the number listed Downtown increasing 238% from 13 in quarter one of 2017 to 44 in 2018?s first quarter. Downtown also had 17 total sales of 1-4 family homes, a 31% increase compared to the first quarter of 2017. However, Pure Properties? latest market report shows that while more homes are for sale, prices haven?t taken a hit. The median sales price for 1-4 family homes increased 2% from 2017?s first quarter to $1.425 million, while condo sale prices dipped 2% year-to-year to $721,000. Rents Downtown have thus far been unaffected by the tax upheaval, staying flat over the year to average $2,600/month. Conversely, Greenville saw a spike in property values during the quarter. The neighborhood is expected to benefit from the revaluation in the form of lower tax bills, and the average sale price of 1-4 family homes in Jersey City?s most southern neighborhood jumped 17% in the quarter to $345,000. However, condo sales in the neighborhood dropped 25% over the year to an average of $307,500. Jersey Digs
Posted on: 2018/5/5 16:39
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Re: New Tax Rate is Insane!
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Home away from home
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Quote:
Did you need to sign for these tax letters - JC sent me something - I need to pick it up and sign for it...
Posted on: 2018/5/2 2:32
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Re: New Tax Rate is Insane!
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Home away from home
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You mean like this?
 or this?  The Unconventional Allure of the Slender Dwelling https://www.nytimes.com/2010/04/23/gre ... tions/23iht-reskinny.html Google "skinny house", it's a thing. Why was it separate deed rather than a combined lot is the big question.
Posted on: 2018/4/23 1:50
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Re: New Tax Rate is Insane!
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Home away from home
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Quote:
It was sold as a package when I bought this beat-to-hell 3 family building back in '99.. My tenants use it for parking.
Posted on: 2018/4/22 19:32
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Re: New Tax Rate is Insane!
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Home away from home
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Ok I'll bite. So why do you own a lot that you can't build on?
Posted on: 2018/4/22 12:58
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Re: New Tax Rate is Insane!
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Home away from home
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Quote:
I would agree with you except this lot in question can't be built on, due to its size (small), shape, and the lack of setbacks from adjoining buildings. If I did put a 1 family on it, it would be one of those insanely skinny houses without about 7 ft of width in the interior. Basically, a multi-story closet.
Posted on: 2018/4/22 11:27
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Re: New Tax Rate is Insane!
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Home away from home
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Vacant lots have more value then ones with houses on them. You don't have to buy a house to only knock it down in order to build a new house so it is more appealing that way.
Posted on: 2018/4/21 23:57
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Get on your bikes and ride !
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Re: New Tax Rate is Insane!
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Home away from home
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Got my vacant lot appraisal. Raised my taxes about 100%. I expected to go up given the higher land appraisals, but not that much. The lot is small, non-build, partially paved, and has room for about three cars.
Appraised value: about $124k Seems kind of high to me.
Posted on: 2018/4/21 11:26
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Re: New Tax Rate is Insane!
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Home away from home
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Quote:
Use "advanced search" in step 4 on this page to set parameters of your search. Unfortunately it's harder to geographically limit than the RE sites, you have to dig through your results. http://tax1.co.monmouth.nj.us/cgi-bin ... istrict=0906&ms_user=monm
Posted on: 2018/4/16 16:43
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Re: New Tax Rate is Insane!
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Home away from home
Joined:
2006/3/19 18:27 Last Login : 2019/10/21 14:19 From McGinley Square
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Can anyone recommend an online site for comps between 10/1/16- 10/1/17? When I go on trulia, I can only find recent sales, is there some way to filter this so that I can see only sales in that window?
Posted on: 2018/4/16 16:22
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Re: New Tax Rate is Insane!
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Home away from home
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2007/7/4 16:37 Last Login : 2021/11/4 21:55 From Hamilton Park
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FYI. The deadline for the appraisal company to complete valuations is May 1. The appeal deadline has been pushed to June. http://www.nj.com/jjournal-news/index ... o_file_tax_appeals_i.html
Posted on: 2018/4/14 21:30
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Re: New Tax Rate is Insane!
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Home away from home
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Apparently the deadline for submitting an appeal is May 1st. At some point I saw a list of recommended attorneys that could assist with this - but now I can't find that.
Does anyone have a list of recommended attorneys to help with the tax appeal process?
Posted on: 2018/4/10 16:47
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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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Exactly my point. The August and November bills will be the true up.
Posted on: 2018/4/9 14:59
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Re: New Tax Rate is Insane!
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Home away from home
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Quote:
Yes, but the catch is that the second half taxes will also include the overage (or, reduction) from the 1st half. So, for someone whose taxes may have been initially estimated at 9K, but the post reval taxes come in at 18K, their second half taxes would be 13.5K: 9K for (second half taxes) plus 4.5K (difference between correct first half payment, 9K, and the initially estimated 4.5K payment of the first half.) For those facing large increases, the second half of this year will be tough if they didn't plan accordingly.
Posted on: 2018/4/9 14:27
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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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Doesn't the first big hit for those whose taxes have gone up come in August?
February, May, August, November?
Posted on: 2018/4/9 13:14
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Re: New Tax Rate is Insane!
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Home away from home
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Quote:
1) News flash! Lots of people are seeing reductions in their taxes. Anyone whose mortgage is paid off, is on a limited income, and gets a tax cut, will find their financial position improved. It's a bit disgusting that you repeatedly ignore the people who benefit. 2) It's April. Taxes are due in November. As noted above, if your taxes went up, that's because the value of your home went up as well. Anyone who can't figure out how to tap the equity of their home in the next six months isn't trying.
Posted on: 2018/4/8 18:10
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Re: New Tax Rate is Insane!
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Home away from home
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Last building reassessment came in. Combined tax went down for me on all properties about $11k. That is a nice down-payment on upgrading my ugly-ass siding this summer.
Hopefully the improvements don't raise my taxes back up too much.
Posted on: 2018/4/8 14:10
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Re: New Tax Rate is Insane!
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Newbie
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Quote:
Absolutely insane to buy that property. Deep in the flood zone (was under 3 feet of water in Sandy/Irene) and up against a abandoned building. Say goodbye to your entire first level in the next big storm and possibly your whole building when the building next door is worked on. That's all landfill there!
Posted on: 2018/4/5 14:16
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Re: New Tax Rate is Insane!
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Quite a regular
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Has anyone who filed the informal appeal received any feedback yet? The rep told me expect to hear in 4-6 weeks, which has already passed.
Posted on: 2018/4/5 14:09
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Re: New Tax Rate is Insane!
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Home away from home
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If you don't have a mortgage but your taxes went up a lot t means you have a property that has also has greatly increased equity. Home equity line of credit, problem solved.
Posted on: 2018/4/5 13:21
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Re: New Tax Rate is Insane!
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Home away from home
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The shoe has not dropped, when we get our new bills, there will be a note stating all taxes must be paid ... with a November date. Those who do not have a mortgage but limited income will not be able to pay and many homes will go into lien. Before the reval, normally 2,000 homes are in lien.
Posted on: 2018/4/5 12:59
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Re: New Tax Rate is Insane!
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Home away from home
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Pretty smart on your part Lora. Banks like to guestimate your coming escrow payment and they often estimate on the high side. I caught one years ago after reading about a proposed tax hike in one amount while the bank initiated an amount a few percentage points higher. I always paid my own taxes separately after that. Many folks--especially new mortgagees aren't aware that you can
pay your taxes separately.
Posted on: 2018/4/5 0:37
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Re: New Tax Rate is Insane!
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Home away from home
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Quote:
Don't know if you know this but if the column isn't wide enough it will show ###. Grab the line between the T and U and expand column T.
Posted on: 2018/4/4 22:39
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Re: New Tax Rate is Insane!
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Not too shy to talk
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I was looking at the "Proposed Assessments" spreadsheet on
http://www.asinj.com/revaluation.asp?p=current&id=359. Does someone know what the "###" in the "2018 Taxes Estimated" column means? I could not find any description of it in the spreadsheet or on their website. Is it pending an assessment?
Posted on: 2018/4/4 22:22
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Re: New Tax Rate is Insane!
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Not too shy to talk
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LoraJ- As soon as I received my reval I called my mortgage company that paid my property taxes and had them removed from escrow/monthly draft to avoid having to pay the new difference to escrow. I am glad I did-because you will get a bill asking for the new tax difference for escrow. I received any remaining escrow and now don't have to have an even bigger payment that reflects the new taxes. I received my new mortgage bill this month (much lower without taxes, of course) and set up a new bank account for paying my property tax myself.
Posted on: 2018/4/3 18:49
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Re: New Tax Rate is Insane!
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Home away from home
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true, but, imo, the facts they priced this thing at $2.4 million suggests that the sky is not falling as some had predicted. even if they take $1.5/$1.8 million, i would not consider that a disaster.Quote:
Posted on: 2018/4/3 18:48
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Re: New Tax Rate is Insane!
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Home away from home
Joined:
2005/11/12 17:04 Last Login : 5/7 14:26 From Downtown JC, VVP Area
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560
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Quote:
Agree with K-Lo2 about it being too soon to gauge a trend. But as for the $9,000 rental income, say the buyer puts down $400k and mortgages $2M at 4.18% fixed for 30 years. That's $9,839 in debt service, plus taxes, plus insurance, plus maintenance/repairs, plus loss of investment return on the down payment. In other words, a seriously-negative cash flow investment. There's been an empty just-remodeled 4-family on my block for sale for a year or so listed at $4M. No surprise it's still on the market, and their taxes just jumped to over $40k.
Posted on: 2018/4/3 18:05
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