Register now !    Login  
Main Menu
Who's Online
24 user(s) are online (10 user(s) are browsing Message Forum)

Members: 0
Guests: 24

more...




Browsing this Thread:   1 Anonymous Users




« 1 (2) 3 4 5 ... 24 »


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


Hide User information
Joined :
2010/9/5 2:25
Last Login :
4/3 15:49
Group:
Registered Users
Posts: 314
Offline
What would the delay do? So the 'oppressed' downtowner can move to GV? GTFO. Time to face reality.

Posted on: 2018/5/27 18:57
Top


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


Hide User information
Joined :
2012/1/11 18:21
Last Login :
8/14 17:34
From GV Bayside Park
Group:
Registered Users
Posts: 4974
Offline
Bowing to the wishes of Jersey City Mayor Steven Fulop, the state legislature has declined to advance a bill that might have provided some relief to residents facing sharp increases as a result of the revaluation of their property.

Two co-sponsors of the proposed legislation, State Sen. Sandra Cunningham and Assemblyman Raj Mukherji, said on Friday that the legislative committee considering the bill will not release it for the full legislature to vote.

Its third sponsor, State Sen. Brian Stack, was unavailable Friday to discuss the legislation’s reversed course.

Stack appeared before the Journal Square Neighborhood Association on May 21 to explain that the legislation would have delayed the impact of the recent property revaluation in Jersey City, as well as other towns.

“The bill would delay implementation of the division-ordered revaluations until the next calendar year, in order to minimize the adverse effects of implementing the revaluations in two ways,” the legislation explained.

Municipalities that did not apply revaluation results to tax bills before April 1 would have been allowed to postpone implementing the new assessments until Jan. 1, 2019, under this bill. That would have allowed the tax increases associated with the revaluation to be spread over four quarters in 2019, rather than two quarters if implemented in 2018.

Because the Jersey City revaluation is backdated to January 2018, residents with a tax increase will have to pay higher August and November tax bills because they underpaid in February and May.

Read more: Hudson Reporter - Reval delay won t happen Legislature won t vote on Stack and Cunningham bill

Posted on: 2018/5/27 18:15
Top


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


Hide User information
Joined :
2008/11/8 15:38
Last Login :
Yesterday 23:40
Group:
Registered Users
Posts: 184
Offline
Quote:

LoraJ wrote:
Quote:

jcity wrote:
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?


I still don't know what my new taxes will be. How can I have appealed something where I don't have the info?



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

Towards the bottom of this page is a link to a spreadsheet,
Proposed Assessments as of April 18th,

Click on that and open with Excel, Search out your address.

Posted on: 2018/5/25 13:37
Top


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


Hide User information
Joined :
2005/10/7 15:05
Last Login :
5/4 1:14
From Hamilton Park
Group:
Registered Users
Posts: 122
Offline
Quote:

jcity wrote:
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?


I still don't know what my new taxes will be. How can I have appealed something where I don't have the info?


Posted on: 2018/5/25 1:56
Top


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


Hide User information
Joined :
2004/11/14 2:38
Last Login :
Yesterday 13:28
Group:
Registered Users
Posts: 3635
Offline
I saw a listing g for a single famy in dtjc for $w.4 mlion. If that's soft, what is hard

Posted on: 2018/5/24 23:12
Top


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


Hide User information
Joined :
2010/2/8 16:51
Last Login :
8/10 1:27
Group:
Registered Users
Posts: 351
Offline
Quote:

Dolomiti wrote:
Quote:

brewster wrote:
The softness is not attributed to the reval, but to the new construction. And getting hustled by agents means nothing. The biggest challenge to agents in any market is getting the listing. Get a $1m listing and that's a $25-60k payday if you price it properly.

We've been hearing people proclaim that Factor X will kill DTJC RE property values for years now. It's a bit old. Not to mention that we are specifically discussing the effects of the reval.

Yes, I know that getting calls from RE agents means nothing. So does one RE agent saying "single family homes are soft," or one single listing. That's why I'm saying you have to look at actual data, which a) shows no major drop in prices yet and b) shows that in the long term, prices are likely to hold or increase.


The reval won't kill downtown, but the absence of any definite guidance going forward (2 year / 5 year / 10 year reassessment) creates uncertainty which isn't good for the RE market in the short term.

Condos are still selling from what I've seen as most were probably converted 10-15 years ago and not dramatically affected by increasing taxes to the same degree as 1-4 family buildings.

Posted on: 2018/5/24 16:40
Top


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


Hide User information
Joined :
2012/8/6 22:56
Last Login :
8/14 0:20
Group:
Registered Users
Posts: 1021
Offline
Quote:

brewster wrote:
The softness is not attributed to the reval, but to the new construction. And getting hustled by agents means nothing. The biggest challenge to agents in any market is getting the listing. Get a $1m listing and that's a $25-60k payday if you price it properly.

We've been hearing people proclaim that Factor X will kill DTJC RE property values for years now. It's a bit old. Not to mention that we are specifically discussing the effects of the reval.

Yes, I know that getting calls from RE agents means nothing. So does one RE agent saying "single family homes are soft," or one single listing. That's why I'm saying you have to look at actual data, which a) shows no major drop in prices yet and b) shows that in the long term, prices are likely to hold or increase.

Posted on: 2018/5/24 15:18
Top


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


Hide User information
Joined :
2004/11/6 21:13
Last Login :
8/16 21:59
From Hamilton Park
Group:
Registered Users
Posts: 5542
Offline
Quote:

Dolomiti wrote:
That's funny, because I keep getting realtors pestering me, asking if I want to sell my DT condo. Dueling anecdotes!

That's why we cannot rely on anecdotes, and have to look at actual data. So far, it shows an increase in inventory, and no change in prices. Long-term data from Hoboken after its reval shows very strong market values, too.

The softness is not attributed to the reval, but to the new construction. And getting hustled by agents means nothing. The biggest challenge to agents in any market is getting the listing. Get a $1m listing and that's a $25-60k payday if you price it properly.

Posted on: 2018/5/24 15:10
Top


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


Hide User information
Joined :
2012/8/6 22:56
Last Login :
8/14 0:20
Group:
Registered Users
Posts: 1021
Offline
Quote:

brewster wrote:
Quote:

Dolomiti wrote:
Guess what? Property values in DTJC haven't dropped yet. They might not drop at all. As pointed out so many times, supply in DTJC is extremely tight, and demand is very high. Don't hold your breath expecting a huge property tax break in any follow-up revals.

Funny, I was just chatting with a realtor who was saying the single family market is very soft right now. I have a Zillow alert that updates me about listings in the neighborhood, and I watch them post high, then drop. A neighbor's asking dropped from $1.3m FSBO to $1m by a broker.

That's funny, because I keep getting realtors pestering me, asking if I want to sell my DT condo. Dueling anecdotes!

That's why we cannot rely on anecdotes, and have to look at actual data. So far, it shows an increase in inventory, and no change in prices. Long-term data from Hoboken after its reval shows very strong market values, too. (See https://jerseydigs.com/hudson-county-r ... ate-market-report-1q2018/ as linked earlier by user1111).


Posted on: 2018/5/24 15:01
Top


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


Hide User information
Joined :
2004/11/6 21:13
Last Login :
8/16 21:59
From Hamilton Park
Group:
Registered Users
Posts: 5542
Offline
Quote:

Dolomiti wrote:
Guess what? Property values in DTJC haven't dropped yet. They might not drop at all. As pointed out so many times, supply in DTJC is extremely tight, and demand is very high. Don't hold your breath expecting a huge property tax break in any follow-up revals.

Funny, I was just chatting with a realtor who was saying the single family market is very soft right now. I have a Zillow alert that updates me about listings in the neighborhood, and I watch them post high, then drop. A neighbor's asking dropped from $1.3m FSBO to $1m by a broker.

Posted on: 2018/5/24 3:43
Top


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


Hide User information
Joined :
2017/9/21 1:56
Last Login :
Yesterday 19:46
From Chilltown
Group:
Registered Users
Posts: 178
Offline

Yes because when the rest of state funds most of JC's education budget, you morons don't realize that the more you cry about your absurdly low tax rate, the more the state is going to look at it and say "heeeeey wait a minute, why are we still paying for their shitty schools?" It can only go up from here so enjoy the relatively free ride while it lasts. The tax rate, under that circumstance, will continue to be discussed as nauseum until you people get it and STFU about your taxes going up from the reval.

Posted on: 2018/5/24 3:17
Top


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


Hide User information
Joined :
2009/7/17 3:05
Last Login :
7/16 18:01
Group:
Registered Users
Posts: 851
Offline
Quote:

HeightsNative wrote:
Quote:

thor800 wrote:
Quote:

bodhipooh wrote:
Quote:

thor800 wrote:
The timing couldn't have been worse - most properties were reassessed at the height of the market


This argument shows a lack of understanding about the revaluation and property taxes. Whether it had been at the height of the market, or bottom, it doesn't matter. If the market had been lower, then the property tax rate would have been higher.

The city needed collect X amount of money.

X = (total value of market) * (tax rate)

If (total value of market) is lower, then (tax rate) has to go up, as X is constant in a revaluation.

The only thing that would make a difference is how different areas stack or compare against each other. The almost four year delay in the reval actually helped DTJC, as that period saw an accelerated increase in valuation in areas outside of DTJC, which translated into properties outside of DTJC getting relative higher levies than they would have 5 years ago.

In any case, the timing matters little. The reval was overdue, and DTJC was in for a HUGE increase regardless of when the reval had been completed. Those who claim the timing was terrible because it is a high market don't understand the issue clearly.



No I completely understand the market - DTJC assessed at the highest values ever with no regard for corresponding drop in market value after taxes double and no guidance moving forward.

Yes it was way overdue and definitely not fair for residents in other words to overpay for years, but also not fair to saddle downtown with absurdly high taxes with no clear plan to reassess more regularly in the future.


They're not "absurdly high taxes"; they're exactly the taxes one should pay for a residence in a particular market. Also, at a rate of 1.62% is still one of the lowest tax RATES in the entire state. Try paying 2.3% or whatever the state average is, on these valuations, then I'd say whoa. But again, there are options: reverse mortgages, the senior freeze, etc.


Are you still going to bang the drum on tax rates? It has been discussed at nauseam. They mean nothing! Here it is again. A town with high market values has a low tax rate. A town with depressed values has a high tax rate! Just imagine if the reval was done 8 years ago. The rate would have been over 2%.

Posted on: 2018/5/24 3:02
Top


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


Hide User information
Joined :
2012/8/6 22:56
Last Login :
8/14 0:20
Group:
Registered Users
Posts: 1021
Offline
Quote:

thor800 wrote:
Quote:

bodhipooh wrote:
Quote:

thor800 wrote:
The timing couldn't have been worse - most properties were reassessed at the height of the market


This argument shows a lack of understanding about the revaluation and property taxes. Whether it had been at the height of the market, or bottom, it doesn't matter. If the market had been lower, then the property tax rate would have been higher.

The city needed collect X amount of money.

X = (total value of market) * (tax rate)

If (total value of market) is lower, then (tax rate) has to go up, as X is constant in a revaluation.

The only thing that would make a difference is how different areas stack or compare against each other. The almost four year delay in the reval actually helped DTJC, as that period saw an accelerated increase in valuation in areas outside of DTJC, which translated into properties outside of DTJC getting relative higher levies than they would have 5 years ago.

In any case, the timing matters little. The reval was overdue, and DTJC was in for a HUGE increase regardless of when the reval had been completed. Those who claim the timing was terrible because it is a high market don't understand the issue clearly.



No I completely understand the market - DTJC assessed at the highest values ever with no regard for corresponding drop in market value after taxes double and no guidance moving forward.

Guess what? Property values in DTJC haven't dropped yet. They might not drop at all. As pointed out so many times, supply in DTJC is extremely tight, and demand is very high. Don't hold your breath expecting a huge property tax break in any follow-up revals.

Posted on: 2018/5/24 1:13
Top


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


Hide User information
Joined :
2017/9/21 1:56
Last Login :
Yesterday 19:46
From Chilltown
Group:
Registered Users
Posts: 178
Offline
Quote:

RichMauro wrote:
Quote:

Saradove wrote:
Parkman, I'm with you. I have an 82 year old friend who, with his wife, bought a home in 1968, raised their kids & became a beloved neighbor to many. The house never had a major updating, it was their home with no thought to it becoming a goldmine. He doesn't want to sell ... it's his home, his neighborhood. A home is an emotional thing, sentimental, not always a money-maker as some see it. I realize that this doesn't mesh with today's reality but I just wanted to throw in my two cents.


Way to go Sara. That sounds like Jersey City heart you're speaking with; something that seems to be in short supply amongst the money changers on this forum. It's about home not bucks all the time.


Except that feel good sentiments like this don't exist in the real world. Again, and again, and again...every day that poor senior downtown, sitting on a million dollar plus valuation, is delaying their FAIR increase, actual poorer folks are over paying (I'm generalizing - yes, not everyone getting a decrease is poor. It's a relative point). Can you really sit there and tell me that someone who can sell their place today for over a million bucks NET should get an extension over the person in Greenville or BL who lives paycheck to paycheck barely making ends meet? Because I can guarantee you there are more of the latter than the former. And the reval will provide relief to far more people than will be hurt by it. That's a fact.

It's easy to say it's not about the bucks when you've been getting a deep discount on the backs of so many for so long. Funny how a largely democrat population, sanctuary city and all that nonsense, recoils when it's time to pay their FAIR share (spare me. I know not every person affected is a democrat. And no I'm not a republican).

Posted on: 2018/5/24 0:36
Top


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


Hide User information
Joined :
2013/10/14 23:28
Last Login :
7/2 21:27
From Earth
Group:
Registered Users
Posts: 250
Offline
Quote:

Saradove wrote:
Parkman, I'm with you. I have an 82 year old friend who, with his wife, bought a home in 1968, raised their kids & became a beloved neighbor to many. The house never had a major updating, it was their home with no thought to it becoming a goldmine. He doesn't want to sell ... it's his home, his neighborhood. A home is an emotional thing, sentimental, not always a money-maker as some see it. I realize that this doesn't mesh with today's reality but I just wanted to throw in my two cents.


Way to go Sara. That sounds like Jersey City heart you're speaking with; something that seems to be in short supply amongst the money changers on this forum. It's about home not bucks all the time.

Posted on: 2018/5/23 23:59
Top


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


Hide User information
Joined :
2008/8/12 18:31
Last Login :
Yesterday 23:51
Group:
Registered Users
Posts: 3744
Offline
Quote:

thor800 wrote:
Quote:

bodhipooh wrote:
Quote:

thor800 wrote:
The timing couldn't have been worse - most properties were reassessed at the height of the market


This argument shows a lack of understanding about the revaluation and property taxes. Whether it had been at the height of the market, or bottom, it doesn't matter. If the market had been lower, then the property tax rate would have been higher.

The city needed collect X amount of money.

X = (total value of market) * (tax rate)

If (total value of market) is lower, then (tax rate) has to go up, as X is constant in a revaluation.

The only thing that would make a difference is how different areas stack or compare against each other. The almost four year delay in the reval actually helped DTJC, as that period saw an accelerated increase in valuation in areas outside of DTJC, which translated into properties outside of DTJC getting relative higher levies than they would have 5 years ago.

In any case, the timing matters little. The reval was overdue, and DTJC was in for a HUGE increase regardless of when the reval had been completed. Those who claim the timing was terrible because it is a high market don't understand the issue clearly.



No I completely understand the market - DTJC assessed at the highest values ever with no regard for corresponding drop in market value after taxes double and no guidance moving forward.

Yes it was way overdue and definitely not fair for residents in other words to overpay for years, but also not fair to saddle downtown with absurdly high taxes with no clear plan to reassess more regularly in the future.


A couple of thoughts:
- if values are to drop because of a tax increase, wouldn't the same be true regardless of whether this is a high or low market?

- there IS guidance in place: a revaluation is legally mandated every 10 years. The citizenship should demand that is followed.

- Downtown is not being saddled with absurdly high taxes: they are being assessed the proper taxes, and they only seem high now because they were undertaxed for so long.

- agreed, there is no clear plan to reassess regularly, but there is a law that dictates that to be the case. Citizens can and should demand that future city administrations stick to the law.

- if DTJC loses value, whatever properties come on the market will likely be snapped up by other people. Local inventory is extremely low, although we are definitely seeing more properties being listed, presumably from homeowners who can't, or refuse to, pay the new taxes.

- one final thought: if a market correction takes place, areas outside of DTJC will suffer a much bigger impact. It is always that way. Areas like BeLa were experiencing good progress and gentrifying nicely when the market tanked in 2007/2008. It took over 7 years before it started to regain its footing, and valuation recovering to pre-recession levels. As such, DTJC will continue to retain its value vis-a-vis non-DTJC areas, so taxes wouldn't need to be adjusted.

Posted on: 2018/5/23 20:56
Top


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


Hide User information
Joined :
2010/2/8 16:51
Last Login :
8/10 1:27
Group:
Registered Users
Posts: 351
Offline
Quote:

HeightsNative wrote:
Quote:

thor800 wrote:
Quote:

bodhipooh wrote:
Quote:

thor800 wrote:
The timing couldn't have been worse - most properties were reassessed at the height of the market


This argument shows a lack of understanding about the revaluation and property taxes. Whether it had been at the height of the market, or bottom, it doesn't matter. If the market had been lower, then the property tax rate would have been higher.

The city needed collect X amount of money.

X = (total value of market) * (tax rate)

If (total value of market) is lower, then (tax rate) has to go up, as X is constant in a revaluation.

The only thing that would make a difference is how different areas stack or compare against each other. The almost four year delay in the reval actually helped DTJC, as that period saw an accelerated increase in valuation in areas outside of DTJC, which translated into properties outside of DTJC getting relative higher levies than they would have 5 years ago.

In any case, the timing matters little. The reval was overdue, and DTJC was in for a HUGE increase regardless of when the reval had been completed. Those who claim the timing was terrible because it is a high market don't understand the issue clearly.



No I completely understand the market - DTJC assessed at the highest values ever with no regard for corresponding drop in market value after taxes double and no guidance moving forward.

Yes it was way overdue and definitely not fair for residents in other words to overpay for years, but also not fair to saddle downtown with absurdly high taxes with no clear plan to reassess more regularly in the future.


They're not "absurdly high taxes"; they're exactly the taxes one should pay for a residence in a particular market. Also, at a rate of 1.62% is still one of the lowest tax RATES in the entire state. Try paying 2.3% or whatever the state average is, on these valuations, then I'd say whoa. But again, there are options: reverse mortgages, the senior freeze, etc.


those are only options if you are a senior 62 or older.

again - youre missing the point about not making any allowances for resulting market impacts

Posted on: 2018/5/23 19:48
Top


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


Hide User information
Joined :
2017/9/21 1:56
Last Login :
Yesterday 19:46
From Chilltown
Group:
Registered Users
Posts: 178
Offline
Quote:

thor800 wrote:
Quote:

bodhipooh wrote:
Quote:

thor800 wrote:
The timing couldn't have been worse - most properties were reassessed at the height of the market


This argument shows a lack of understanding about the revaluation and property taxes. Whether it had been at the height of the market, or bottom, it doesn't matter. If the market had been lower, then the property tax rate would have been higher.

The city needed collect X amount of money.

X = (total value of market) * (tax rate)

If (total value of market) is lower, then (tax rate) has to go up, as X is constant in a revaluation.

The only thing that would make a difference is how different areas stack or compare against each other. The almost four year delay in the reval actually helped DTJC, as that period saw an accelerated increase in valuation in areas outside of DTJC, which translated into properties outside of DTJC getting relative higher levies than they would have 5 years ago.

In any case, the timing matters little. The reval was overdue, and DTJC was in for a HUGE increase regardless of when the reval had been completed. Those who claim the timing was terrible because it is a high market don't understand the issue clearly.



No I completely understand the market - DTJC assessed at the highest values ever with no regard for corresponding drop in market value after taxes double and no guidance moving forward.

Yes it was way overdue and definitely not fair for residents in other words to overpay for years, but also not fair to saddle downtown with absurdly high taxes with no clear plan to reassess more regularly in the future.


They're not "absurdly high taxes"; they're exactly the taxes one should pay for a residence in a particular market. Also, at a rate of 1.62% is still one of the lowest tax RATES in the entire state. Try paying 2.3% or whatever the state average is, on these valuations, then I'd say whoa. But again, there are options: reverse mortgages, the senior freeze, etc.

Posted on: 2018/5/23 16:13
Top


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


Hide User information
Joined :
2010/8/17 1:45
Last Login :
8/15 18:38
Group:
Registered Users
Posts: 3043
Offline
Quote:

brewster wrote:
Quote:

Saradove wrote:
Parkman, I'm with you. I have an 82 year old friend who, with his wife, bought a home in 1968, raised their kids & became a beloved neighbor to many. The house never had a major updating, it was their home with no thought to it becoming a goldmine. He doesn't want to sell ... it's his home, his neighborhood. A home is an emotional thing, sentimental, not always a money-maker as some see it. I realize that this doesn't mesh with today's reality but I just wanted to throw in my two cents.


And he can't part with some of his unexpected millions via reverse mortgage to pay his taxes because....?


...or apply for a NJ Senior Freeze on their tax?


Posted on: 2018/5/23 15:57
Top


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


Hide User information
Joined :
2004/11/6 21:13
Last Login :
8/16 21:59
From Hamilton Park
Group:
Registered Users
Posts: 5542
Offline
Quote:

Saradove wrote:
Parkman, I'm with you. I have an 82 year old friend who, with his wife, bought a home in 1968, raised their kids & became a beloved neighbor to many. The house never had a major updating, it was their home with no thought to it becoming a goldmine. He doesn't want to sell ... it's his home, his neighborhood. A home is an emotional thing, sentimental, not always a money-maker as some see it. I realize that this doesn't mesh with today's reality but I just wanted to throw in my two cents.


And he can't part with some of his unexpected millions via reverse mortgage to pay his taxes because....?

Posted on: 2018/5/23 15:51
Top


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


Hide User information
Joined :
2010/2/8 16:51
Last Login :
8/10 1:27
Group:
Registered Users
Posts: 351
Offline
Quote:

bodhipooh wrote:
Quote:

thor800 wrote:
The timing couldn't have been worse - most properties were reassessed at the height of the market


This argument shows a lack of understanding about the revaluation and property taxes. Whether it had been at the height of the market, or bottom, it doesn't matter. If the market had been lower, then the property tax rate would have been higher.

The city needed collect X amount of money.

X = (total value of market) * (tax rate)

If (total value of market) is lower, then (tax rate) has to go up, as X is constant in a revaluation.

The only thing that would make a difference is how different areas stack or compare against each other. The almost four year delay in the reval actually helped DTJC, as that period saw an accelerated increase in valuation in areas outside of DTJC, which translated into properties outside of DTJC getting relative higher levies than they would have 5 years ago.

In any case, the timing matters little. The reval was overdue, and DTJC was in for a HUGE increase regardless of when the reval had been completed. Those who claim the timing was terrible because it is a high market don't understand the issue clearly.



No I completely understand the market - DTJC assessed at the highest values ever with no regard for corresponding drop in market value after taxes double and no guidance moving forward.

Yes it was way overdue and definitely not fair for residents in other words to overpay for years, but also not fair to saddle downtown with absurdly high taxes with no clear plan to reassess more regularly in the future.

Posted on: 2018/5/23 15:47
Top


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


Hide User information
Joined :
2008/6/26 1:17
Last Login :
2/25 17:37
From Jersey Ave
Group:
Registered Users
Posts: 94
Offline
Parkman, I'm with you. I have an 82 year old friend who, with his wife, bought a home in 1968, raised their kids & became a beloved neighbor to many. The house never had a major updating, it was their home with no thought to it becoming a goldmine. He doesn't want to sell ... it's his home, his neighborhood. A home is an emotional thing, sentimental, not always a money-maker as some see it. I realize that this doesn't mesh with today's reality but I just wanted to throw in my two cents.

Posted on: 2018/5/23 14:46
Top


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


Hide User information
Joined :
2008/8/12 18:31
Last Login :
Yesterday 23:51
Group:
Registered Users
Posts: 3744
Offline
Quote:

thor800 wrote:
The timing couldn't have been worse - most properties were reassessed at the height of the market


This argument shows a lack of understanding about the revaluation and property taxes. Whether it had been at the height of the market, or bottom, it doesn't matter. If the market had been lower, then the property tax rate would have been higher.

The city needed collect X amount of money.

X = (total value of market) * (tax rate)

If (total value of market) is lower, then (tax rate) has to go up, as X is constant in a revaluation.

The only thing that would make a difference is how different areas stack or compare against each other. The almost four year delay in the reval actually helped DTJC, as that period saw an accelerated increase in valuation in areas outside of DTJC, which translated into properties outside of DTJC getting relative higher levies than they would have 5 years ago.

In any case, the timing matters little. The reval was overdue, and DTJC was in for a HUGE increase regardless of when the reval had been completed. Those who claim the timing was terrible because it is a high market don't understand the issue clearly.


Posted on: 2018/5/23 9:26
Top


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


Hide User information
Joined :
2010/2/8 16:51
Last Login :
8/10 1:27
Group:
Registered Users
Posts: 351
Offline
delaying 1 or 2 quarters wont really do much.

The timing couldn't have been worse - most properties were reassessed at the height of the market and nothing is in place to compensate for the corresponding drop in market value.


Posted on: 2018/5/23 4:49
Top


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


Hide User information
Joined :
2004/11/14 2:38
Last Login :
Yesterday 13:28
Group:
Registered Users
Posts: 3635
Offline
i say get on with it.

Posted on: 2018/5/22 14:09
Top


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


Hide User information
Joined :
2007/7/9 19:50
Last Login :
Today 3:03
Group:
Registered Users
Posts: 2087
Offline
Should Jersey City's tax bill changes be delayed to avoid 'fiscal shock' to property owners?

Updated 9:12 AM; Posted 9:02 AM

Should the tax changes due to the long-delayed Jersey City reval be delayed?

Vote in our informal and unscientific poll and tell us why in the comments.

(Results as of 9:30 am on 5/22/18)

Yes 18.87% (20 votes)
No 76.42% (81 votes)
I don't know 4.71% (5 votes)

Total Votes: 106

Posted on: 2018/5/22 13:27
Top


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


Hide User information
Joined :
2012/2/20 18:20
Last Login :
Today 2:01
Group:
Registered Users
Posts: 2561
Offline

Fulop opposes bill introduced by Hudson legislators that would halt property revals

Jersey City Mayor Steven Fulop is “not a supporter” of a new bill introduced by three Hudson County legislators that would temporarily halt property revaluations so that residents have time to adjust to the “fiscal shock.”

By John Heinis/Hudson County View

Bill S-2566, introduced by state Senators Brian Stack (D-33), also the Union City Mayor, and Sandra Cunningham (D-31), would potentially take effect immediately and would allow municipalities to postpone applying reval results until January 2019 – as long as those results were not applied to tax bills before April of this year.

Meanwhile, Assemblyman Raj Mukherji (D-33), has introduced the legislation in the state’s lower house.

“This bill would delay the implementation of certain property tax revaluations to provide municipal governing bodies, the Division of Taxation, and the Legislature additional time to limit fiscal shock associated with implementing revaluations,” the bill description says.

https://hudsoncountyview.com/fulop-opp ... uld-halt-property-revals/


Posted on: 2018/5/21 19:47
Top


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


Hide User information
Joined :
2013/5/15 14:11
Last Login :
Yesterday 17:34
Group:
Registered Users
Posts: 4411
Offline
Quote:

jerseymom wrote:
By Terrence T. McDonald tmcdonald@jjournal.com
The Jersey Journal

Bill would allow towns to delay revaluations to curb 'fiscal shock'

Jersey City lawmakers in the state Legislature want to halt implementation of this year's property revaluation until 2019, citing the "fiscal shock" faced by property owners anticipating huge tax hikes.

The bill, (S-2566), would allow municipalities who did not apply reval results to tax bills before April 1 to postpone doing so until Jan. 1, 2019. The delay would allow for towns to provide "revaluation relief abatements" or "mitigate fiscal shock" from steep tax hikes. The bill was introduced last week.

More


Well, it sure will be a shock for those Greenville owners who were expecting relief after overpaying for years and years supporting the downtowners.

Posted on: 2018/5/21 17:11
Top


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


Hide User information
Joined :
2004/11/6 21:13
Last Login :
8/16 21:59
From Hamilton Park
Group:
Registered Users
Posts: 5542
Offline
Quote:

jerseymom wrote:
By Terrence T. McDonald tmcdonald@jjournal.com
The Jersey Journal

Bill would allow towns to delay revaluations to curb 'fiscal shock'

Jersey City lawmakers in the state Legislature want to halt implementation of this year's property revaluation until 2019, citing the "fiscal shock" faced by property owners anticipating huge tax hikes.

The bill, (S-2566), would allow municipalities who did not apply reval results to tax bills before April 1 to postpone doing so until Jan. 1, 2019. The delay would allow for towns to provide "revaluation relief abatements" or "mitigate fiscal shock" from steep tax hikes. The bill was introduced last week.

More


All the homeowners expecting a 2018 reduction need to hire a class action lawyer.

Posted on: 2018/5/21 17:07
Top


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


Hide User information
Joined :
2007/7/9 19:50
Last Login :
Today 3:03
Group:
Registered Users
Posts: 2087
Offline
By Terrence T. McDonald tmcdonald@jjournal.com
The Jersey Journal

Bill would allow towns to delay revaluations to curb 'fiscal shock'

Jersey City lawmakers in the state Legislature want to halt implementation of this year's property revaluation until 2019, citing the "fiscal shock" faced by property owners anticipating huge tax hikes.

The bill, (S-2566), would allow municipalities who did not apply reval results to tax bills before April 1 to postpone doing so until Jan. 1, 2019. The delay would allow for towns to provide "revaluation relief abatements" or "mitigate fiscal shock" from steep tax hikes. The bill was introduced last week.

More

Posted on: 2018/5/21 16:32
Top




« 1 (2) 3 4 5 ... 24 »




[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