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Re: Buying property - Tax reassessment
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That was my first instinct about the post--i.e., that this was a Port Liberte resident. 07310 threw me off though, as it suggests that the person doesn't live in Port Liberte.

07310, please clarify for us, as I'd be curious to know whether other abated properties were undertaxed for the last several years.

Posted on: 2013/2/27 20:56
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Re: Buying property - Tax reassessment
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Quote:

07310 wrote:
Quote:

JadedJC wrote:

Are you sure it's the tax bill and not the tax assessment card that gets mailed every year around this time? The May 1 tax bill won't be mailed for at least another month. I know a lot of people freak out when they get that postcard every year informing them of their assessment, and they confuse the assessed value with the actual tax.


I did get the postcards showing the assesments but I also got a bill showing the new tax charges for the first 6 months due May 1. The bill for the first half of 2013 is more than I paid for all of last year.


If you got a bill for May 1 for "the first 6 months," and it was on a white sheet of paper, it is most likely A PILOT (Payment in Lieu of Taxes), also known as a Tax Abatement. At least one community, the one I live in, Port Liberte has a 30 year abatement scheduled to end in 2017. Part of that abatement agreement was that owners would be "weaned" off the abatement in 5 year increments. The last 5 years were to be charged at 80% of the normal tax rates. Unfortunately or fortunately, depending on which side of the equation you're on, someone in the tax office did not do their due diligence in checking on the abatement agreements and the 5 year escalators beginning in the 10th year were never noticed or enforced.

This year, however, the tax office noticed the error and did what it had the right to do, charge the owners at Port Lib the higher of either the Tax Abatement calculated charge, or 80% of the normal "Taxes otherwise due." What they aren't doing is going back after past taxes. Exacerbating the issue, they are assessing us at the highest value our properties ever reached during the housing bubble. For me, that is somewhere around double the actual current comparable assessed values. I like many others, am applying for a re-assessment of my property value.

If you are by some chance a resident of Port Lib you should have heard about this, it's being discussed all over the community. The Condo Association publicized the issue and had a night with attorneys who are willing to help with re-assessments. If you are not a Port Lib resident, I would call Maureen Cosgrove in the Jersey City tax office and discuss the issue with her. They seem to be very helpful.

One other point, this has nothing to do with the city wide ReVal that is happening as we speak and which will not take affect till at least next year.

Posted on: 2013/2/27 20:35
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Re: Buying property - Tax reassessment
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Incorrrect. The tax rates are set July 1st. This being a mayoral election year here in JC, I doubt much will happen until after the election. If the rate goes up so will your taxes, even if your home is not assesed at a higher value. You pay on the rate and the assessment of yoiur home. But the other comment about how the huge brownstones are paying the same as home worth less than half the value is true and should result in fewer increases. If you do get an increase there is an appeal process you can follow up on.

Posted on: 2013/2/27 2:46
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Re: Buying property - Tax reassessment
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SOS wrote:
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brewster wrote:
The reval is not complete, no one has had their assessment changed. If you want a guess as to the future taxes, I'd guess it'll be 2% of value, +- 0.5%. Right now taxes range from 1-3% of value. If anyone's paying more or less chime in.


Your guess will be right on for a handful and wildly inaccurate for the majority. That's my assessment of your guess.


Gee, what margin of error qualifies as "wildly inaccurate" in your book? I thought my statement was actually pretty broad. Do you expect taxes of 5% yearly?

Posted on: 2013/2/26 19:48
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Re: Buying property - Tax reassessment
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07310 wrote:
I did get the postcards showing the assesments but I also got a bill showing the new tax charges for the first 6 months due May 1. The bill for the first half of 2013 is more than I paid for all of last year.


That's very strange! If you're still within your abatement term, then the May and November payments should be relatively unchanged, regardless of what the city does with the tax rate. I just checked my mail, my May bill hasn't come yet and I'm also on an abatement. I'd definitely call the tax assessor and maybe check with your real-estate attorney if you have one.

Posted on: 2013/2/26 17:45
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Re: Buying property - Tax reassessment
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JadedJC wrote:

Are you sure it's the tax bill and not the tax assessment card that gets mailed every year around this time? The May 1 tax bill won't be mailed for at least another month. I know a lot of people freak out when they get that postcard every year informing them of their assessment, and they confuse the assessed value with the actual tax.


I did get the postcards showing the assesments but I also got a bill showing the new tax charges for the first 6 months due May 1. The bill for the first half of 2013 is more than I paid for all of last year.

Posted on: 2013/2/26 17:25
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Re: Buying property - Tax reassessment
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07310 wrote:
I just got my tax bill in the mail and JC has tripled the taxes in my building. This is insane, I don't mind a gradual tax increase but this is insane.


Are you sure it's the tax bill and not the tax assessment card that gets mailed every year around this time? The May 1 tax bill won't be mailed for at least another month. I know a lot of people freak out when they get that postcard every year informing them of their assessment, and they confuse the assessed value with the actual tax.

Posted on: 2013/2/26 17:07
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Re: Buying property - Tax reassessment
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brewster wrote:
The reval is not complete, no one has had their assessment changed. If you want a guess as to the future taxes, I'd guess it'll be 2% of value, +- 0.5%. Right now taxes range from 1-3% of value. If anyone's paying more or less chime in.


Your guess will be right on for a handful and wildly inaccurate for the majority. That's my assessment of your guess.

Posted on: 2013/2/26 17:02
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Re: Buying property - Tax reassessment
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07310 wrote:
I just got my tax bill in the mail and JC has tripled the taxes in my building. This is insane, I don't mind a gradual tax increase but this is insane.


A few resources:

You can view your property card under:
http://hudsoncountytax.com/
anything wrong on it, you can challenge, but would likely require filing of a new master deed.

The appeal process is listed under this site, I believe you have until April 1st to file an appeal. I'm not sure what the rules are for abated properties, and properties that have been revalued. There's also plenty of threads on the subject on JCList.
http://hudsoncountytax.com/html/taxAppealFAQ.aspx

Your JC tax bill record is shown under this site, which includes both City and County taxes.
http://cityofjerseycity.com/WebTaxInquiry/AccountSearch.aspx

A very good site for seeing if you are being overcharged, and for starting an appeal is:
www.easytaxfix.com

Finally, the City Tax folks at City Hall are extremely helpful and approachable. Pay a visit if you have any questions. You can just walk-in during business hours. No appointment necessary.




Posted on: 2013/2/26 16:57
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Re: Buying property - Tax reassessment
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brewster wrote:
Did your abatement expire?


Not yet, we have a few more years.

Posted on: 2013/2/26 16:38
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Re: Buying property - Tax reassessment
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07310 wrote:
I just got my tax bill in the mail and JC has tripled the taxes in my building. This is insane, I don't mind a gradual tax increase but this is insane.


Did your abatement expire?

Posted on: 2013/2/26 16:15
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Re: Buying property - Tax reassessment
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I just got my tax bill in the mail and JC has tripled the taxes in my building. This is insane, I don't mind a gradual tax increase but this is insane.

Posted on: 2013/2/26 13:50
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Re: Buying property - Tax reassessment
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LQuote:
when will everyone know what the new tax rate is? January 2013?


After Election Day 2013.. Downtown I will see some of you as my new neighbors LO

Posted on: 2012/11/16 19:47
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Re: Buying property - Tax reassessment
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This is very clear Brewster. Last question, when will everyone know what the new tax rate is? January 2013?

Posted on: 2012/11/16 19:31
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Re: Buying property - Tax reassessment
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karenelsa wrote:
Thanks for the info!

It sounds like I should confirm with the Tax Assessor's office whether this property has already been revalued (as distinguish from the normal yearly assessment).


You can do that for your peace of mind, it's fair enough to not take the word of someone on the internet on something as important as this, but: NO ONE has been reassessed yet! They will appraise ALL the property, then divide the total taxes by the total value of all ratable property to arrive at a new rate. So you see why it's not an incremental process, we'll all get a new assessment and rate at the same time.

Also, if you want to be clear when talking about this stuff, get the nomenclature right or you'll get even more confused. There's no "normal yearly assessment". The RATE changes yearly, the ASSESSMENT (assigned value of the property) rarely.

Posted on: 2012/11/16 17:20
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Re: Buying property - Tax reassessment
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Thanks for the info!

It sounds like I should confirm with the Tax Assessor's office whether this property has already been revalued (as distinguish from the normal yearly assessment).

Posted on: 2012/11/16 15:21
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Re: Buying property - Tax reassessment
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karenelsa wrote:
I called the Tax Office and they said I had the 2013 effective rate. The broker doesn't seem to know either. This seems contrary to what I've read -- that the new rates are effective January 2013. This is all very confusing!


I think whats confusing you is the difference between the normal year to year rate adjustments and the coming reval.

The rate adjustments, which I believe aren't going to be significant this year, typically aren't determined till well into the year and are retroactively billed to you. That's the JC way for you.

The reval, a reassessment of the value of the property on which the rate is then applied, is still in the works, appraisals are being conducted. This is the 1st reval since 1988. There are magnificent $1.2M Van Vorst brownstones assessed at $160k and paying only $11k in taxes, the same as $300k frame houses in the Heights. We need this corrected so that tax is collected fairly.

Posted on: 2012/11/14 23:06
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Re: Buying property - Tax reassessment
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I called the Tax Office and they said I had the 2013 effective rate. The broker doesn't seem to know either. This seems contrary to what I've read -- that the new rates are effective January 2013. This is all very confusing!

Posted on: 2012/11/14 22:08
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Re: Buying property - Tax reassessment
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The reval is not complete, no one has had their assessment changed. If you want a guess as to the future taxes, I'd guess it'll be 2% of value, +- 0.5%. Right now taxes range from 1-3% of value. If anyone's paying more or less chime in.

Posted on: 2012/11/14 17:47
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Re: Buying property - Tax reassessment
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Many of us don't know our re evaluation's yet. I'd presume they aren't keeping anything from you.

Posted on: 2012/11/14 4:17
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Re: Buying property - Tax reassessment
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Not sure I can answer your specific questions, but the property cards are shown under:

http://hudsoncountytax.com/

and the City bills under:


http://cityofjerseycity.com/WebTaxInquiry/AccountSearch.aspx

The tax bills for the first 2 quarters of 2013 show on the City's site. I don't know whether they reflect any reassessment - I know my property card and tax bill looks unchanged. Given the lack of "noise" on the topic, I doubt people have received an adjusted bill as yet.

Posted on: 2012/11/14 3:23
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Re: Buying property - Tax reassessment
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And, will all properties be revaluated by 2013?

Posted on: 2012/11/14 3:00
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Buying property - Tax reassessment
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Hi there. We are looking to buy a property in Hamilton Park. Is there a way to ascertain whether the property has already been "reassessed" (revaluated)? And, is there a way to know what the 2013 "re-valuation" amount will be? I assume the current owners have been informed by now, of the 2013 revaluation, but they have only disclosed to us the 2012 taxes. Many thanks.

Posted on: 2012/11/14 2:59
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