Does anyone know when the last time the city performed a city-wide property assessment?

I know there is an effort underway in Hoboken to have one done. The theory there is that the politicians that are against it are dependent upon the "old school" Hoboken vote, and that demographic would likely be forced out of Hoboken if their taxes went up. On the upside, the reassessment keeps the total tax level the same, but redistributes the tax burden across the city based on current values. While I don't want to see people kicked out on the street because they can't afford the taxes, I also don't like the idea of property owners getting a free ride on the increased valuations of their property.

Philly reassessed property values city-wide while I was living there, and it did create quite an uproar. It also spuured on the redevelopment of the center-city area, which has really turned around.

NNJR: If you are refering to me you are wrong. I own my apartment (850 square feet 1 bedroom), it is worth nowhere near 500K dollars and 1 pay around 7300 for taxes. So if someone says a luxery apartment worth half a million dollars is only paying 8,000 for property taxes, i think it's too low (or perhaps my taxes are waaaay too high).

More bitter renters spewing misinformation on this board, big surprise.

I find myself responding to these posts because there is so much misinformation out there. Here is another perfect example.

In condominium projects, the real estate tax "abatement" aka. PILOT program goes to the BUYER not the builder. In fact the BUILDER has to pre-pay the city an entire year of taxes in exchange for this "abatement" which applies to the BUYER. The PILOT for condos is based on a complicated formula derived from the purchase price, the monthly maintenance charges and current interest rates. You can call the local tax assessor and he will calculate the numbers for you, as they can change.

The number 1.65% is about right, and if it seems high to you for taxes, its because it IS high. In fact, its HIGHER than regular taxes on a new "UN-abated" condo. An new unabated condo today would pay taxes based on the current published Equilization Ratio x Tax Rate, which is .28 x .0522 = 1.46%

So, as you can see, there is no such thing as an "Abatement" in Jersey City. The good news is, as a buyer you have the right to cancel your "abatement" anytime after 1 year from date of purchase, so after the 1st year you can go down to regular JC taxes like everybody else.

The biggest problem with condo "abatments" is the name. JC is so screwed up that buyers feel they need to hear the word "abatement" when buying a condo, so builders go to the city to get an "abatement" and the city says ok, I'll give you one but only if the "abatement" charges you more taxes than regular taxes. The builders have no choice so they get this PILOT "abatement" and then just assume the buyers will cancel it as soon as they buy. The only benefit of the PILOT program is that it protects the buyer from massive city tax increases in between the time that the buyer signs the purchase contract and the closing date - so at least you are protected for the perhaps 12-month wait until your move-in date.

If you are a new buyer in any of the new condo developments on the JC waterfront, after you move in, I strongly recommend that you write a note to the JC tax department (c/o Mr. Ed Toloza) and cancel your abatement at the legally permitted date which is one-year after you take title.

With a name like the "Shore Club", I'd say about 35k a year is about right...

... the abatement goes to the builder... not you... or, VERY little is passed on to you. Since it's new construction, the taxes are based on sale price and NOT the formula the city usually uses.

That's weird. They said they have tax abatement for 20 years. But I can't tell where the abatement goes to from the number they quote.

Sounds about right.

If there is no tax abatement on Shore Club condos, the taxes on a $500k property would probably be between $7-10K.

Nope. If you ask me it is not enough.

Has anyone looked at shore club (http://www.theshoreatnewport.com)? Its 1BR starts from 430k. But the sales told me property tax will be about 1.65%*sale price. That means a 500K 1BR will cost $8000 in annual property tax. Does that sound too high to anyone?
Thanks!