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Re: New Tax Rate is Insane!
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Home away from home
 
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LOL paying $40k on a rate of 1.62% means a valuation of $2.5mm. Take that $2.5mm property and pay the average state tax rate (I forget the exact, but spot it at 2.23% to be generous) and you'd pay $55061. So, yes, that person is getting a STEAL of a deal.
LMAO, Yvonne, you are a funny one. I'll give it to you though; at least you're consistently hilarious.
Posted on: 2018/6/1 19:44
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Re: New Tax Rate is Insane!
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Home away from home
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Quote:
Hell yes. As should already be obvious, I have zero sympathy for anyone who thinks they are entitled to a continued massive tax break -- at someone else's expense -- because they took advantage of the city's refusal to perform its obligations and perform regular revals. So yes, they should be glad that even with the tax increase, they are paying less than most NJ residents, and that the value of their homes has grown significantly over the years.
Posted on: 2018/6/1 19:21
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Re: New Tax Rate is Insane!
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Home away from home
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Quote:
One of the local civic blogs. I can't remember which.
Posted on: 2018/6/1 15:34
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Re: New Tax Rate is Insane!
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Home away from home
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The facts don't sync with your beliefs. http://jclist.com/modules/newbb/viewtopic.php?post_id=431083
Posted on: 2018/6/1 14:52
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Re: New Tax Rate is Insane!
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Just can't stay away
Joined:
2009/12/30 14:44 Last Login : 2023/9/18 21:02 From Jersey City
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129
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Quote:
Where did you see the 1.4% rate?
Posted on: 2018/6/1 14:50
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Re: New Tax Rate is Insane!
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Home away from home
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I'm really debating whether Yvonne is really this obtuse or if it's an act.
Either way. The party is over, dear.
Posted on: 2018/6/1 11:41
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Re: New Tax Rate is Insane!
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Home away from home
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Actually, I do not believe the nonsense that downtown was paying less than other parts of JC. It really depends on what part of downtown you are talking about. JC Together pointed to the Village, not to Van Vorst or even Paulus Hook. Long before the reval, parts of Van Vorst were paying $16,000 to $20,000 and there is a home in Paulus Hook that was condo, it was the former Joe Duffy home, that paid a total of $48,000 for the three condos in a what was a private one family home when Joe Duffy lived there. JC Together cherry picked for their story that downtown is being subsidized by Ward F. By the way, public housing projects have stopped paying even their pilot agreement to JC since the 1960s yet other towns have their public housing paying their pilots agreements. There is a clause in JC Public Housing that their pay their utilities out of the 10% to the city. Utilities eat up the 10%. Even the late mayor Glenn Cunningham thought that was wrong and tried to get $100,000 from them but he passed away before anything happened. But no one one talks about the fact public housing pays zero to JC since the 1960s.
Posted on: 2018/6/1 11:27
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Re: New Tax Rate is Insane!
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Home away from home
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And now I read the post reval rate may be closer to 1.4%. Hahaha the party and free ride is most certainly over!!
Posted on: 2018/6/1 3:08
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Re: New Tax Rate is Insane!
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Home away from home
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...And they can now sell their homes at a massive profit - or tap into the substantial equity that they've amassed on the backs of non-downtown taxpayers for all the years they've lived here! Bonus!
Posted on: 2018/6/1 0:20
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Re: New Tax Rate is Insane!
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Home away from home
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Quote:
Mark my words, those taxes will see another substantial increase within the next 5 years (10, at the latest) once the state tweaks the school funding formulas and JC is asked/forced to shoulder a larger part of the local BOE budget. There is no way we get away with paying ~17% of the local school budget for much longer. Even at a paltry third (33%) we would be underpaying, but taxes would go up 25% for every homeowner based on the doubling of the current ~0.4% school levy.
Posted on: 2018/6/1 0:19
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Re: New Tax Rate is Insane!
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Home away from home
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Yes, and in the knowledge they've saved tens and tens of thousands of dollars by not paying their fair share while the poor homeowners in Greenville, Society Hill, and other areas have been carrying them.
Posted on: 2018/5/31 23:53
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Re: New Tax Rate is Insane!
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Home away from home
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So I guess the people downtown who are going from $14,000 to $40,000 should find comfort that they are paying low taxes?
Posted on: 2018/5/31 21:27
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Re: New Tax Rate is Insane!
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Home away from home
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New Jersey's effective property tax rate is around 2.26%.
JC's effective rate is around 1.6%. So yes, even after the reval bumps up some people's property tax rate (and lowers others), JC's property tax rate is lower than most of NJ.
Posted on: 2018/5/31 21:16
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Re: New Tax Rate is Insane!
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Home away from home
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Many people here have stated our school rate is low, they are correct but towns who pay nearly 100% of their school rate have very low municipal rates to pay. Their money goes to schools and county government with a sliver to the municipal government. In JC, more than 50% of our taxes go to municipal government. In order to be equal to those towns that pay more to the school system, then our municipal government needs to to eliminated.
Posted on: 2018/5/31 14:23
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Re: New Tax Rate is Insane!
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Home away from home
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Partly right, partly wrong. Higher real estate values do help keep down the tax rate, but our local tax rate is lower mostly for other reason. Our school levy is only ~25% of the total tax rate, amounting to about .40%, and that only covers 17% of the local BOE budget. If the current school funding setup is modified, and we are suddenly asked to shoulder a higher percentage of the local BOE budget, we will see our local rate go up quite a bit. If we were asked to shoulder 33% of the local BOE budget, our new property tax rate would be a little over 2%, and if we were asked to cover half of the local school budget the overall tax rate would be a hair short of 2.5%. Our local tax rate is low not because of high property value, but because the local school budget is being paid by someone else.
Posted on: 2018/5/31 5:25
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Re: New Tax Rate is Insane!
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Home away from home
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Its irrelevant because market values are high due to JC's proximity to NYC. So naturally with high property values comes low tax rates. Just as if the reval was done in 2009 then the rate would have been much higher.
Posted on: 2018/5/31 0:20
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Re: New Tax Rate is Insane!
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Home away from home
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Quote:
That's a terrible argument, the rate is low because of property value hyperinflation. If you use the school levy per capita argument rather than rate, you can see it's not nearly so drastic.
Posted on: 2018/5/31 0:17
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Re: New Tax Rate is Insane!
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Home away from home
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How is it irrelevant? JC's tax rate is so ridiculously low because of Abbott.
Posted on: 2018/5/31 0:03
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Re: New Tax Rate is Insane!
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Home away from home
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Quote:
Why use tax rates as the basis for your argument? It is irrelevant!
Posted on: 2018/5/30 23:35
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Re: New Tax Rate is Insane!
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Home away from home
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It was definitely long overdue for tax increases though a more liberal policy to appeals for unfair rates could have brought the same relief to Greenville or West Side.
In any case, even $16K on a $1M building is still a bargain compared to almost everywhere else in NJ. Once the market realizes this, things will normalize. I would expect it will take longer for single family homes in the $1M+ range compared to ones with rental units included.
Posted on: 2018/5/30 20:22
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Re: New Tax Rate is Insane!
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Home away from home
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In practical terms, an additional delay would have achieved nothing more than give DTJC homeowners an opportunity to try and unload properties to which they no longer could, or wished to, afford the property taxes. In other words, all those people in denial about the reval, or who believed that the city administration would do something (anything!) to not let DTJC get slammed with the obvious, expected increase, would have been rewarded for their attitude/stance. Time to rip the band-aid and deal with the pain once and for all.
Posted on: 2018/5/27 23:37
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Re: New Tax Rate is Insane!
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Home away from home
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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
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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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5356
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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
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Re: New Tax Rate is Insane!
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Home away from home
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Quote:
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
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Re: New Tax Rate is Insane!
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Just can't stay away
Joined:
2005/10/7 15:05 Last Login : 2019/5/4 1:14 From Hamilton Park
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Registered Users
Posts:
122
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Quote:
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
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Re: New Tax Rate is Insane!
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Home away from home
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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
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Re: New Tax Rate is Insane!
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Home away from home
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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
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Re: New Tax Rate is Insane!
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Home away from home
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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
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Re: New Tax Rate is Insane!
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Home away from home
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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
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Re: New Tax Rate is Insane!
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Home away from home
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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
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