Register now !    Login  
Main Menu
Who's Online
31 user(s) are online (23 user(s) are browsing Message Forum)

Members: 1
Guests: 30

erstrecs, more...




Browsing this Thread:   1 Anonymous Users




(1) 2 3 4 ... 15 »


Re: Jersey City mayor-elect orders end to citywide reval
Home away from home
Home away from home


Hide User information
Joined:
2010/8/16 21:45
Group:
Registered Users
Posts: 2764
Offline
Quote:

JC_User wrote:
...

To neutralize the potential argument against him while avoiding putting off local JC voters, would he not restart the reval process before the primary/election, but ensure that the results are not available/posted until after it? But maybe that's what you were saying all long.

Given that it will take a year to ramp up and then execute a reval it should not be difficult to cause such a timing.



That would be the defensive play.

He might play offense - restructure the reval to cushion it's impact, demonstrate how promoting inward investment in JC has boosted jobs, city and state revenue, affordable housing, developer-sponsored school building, urban renewal and local pension funding. Then argue the case that similar policies implemented state-wide could tackle some of the serious structural issues NJ currently faces. His decision to run in 2017 or 2021 will depend on whether he has enough evidence to make that case.

Posted on: 2/4 7:11
Print Top


Re: Jersey City mayor-elect orders end to citywide reval
Not too shy to talk
Not too shy to talk


Hide User information
Joined:
2013/2/6 23:31
From Jersey City
Group:
Registered Users
Posts: 24
Offline
Quote:

JCMan8 wrote:
Governor elections won't take place until November 2017. I bet Fulop will do everything humanly possible to delay this "sticker shock" until after that date.


I believe that openly/actively delaying the reval would be used against him by his political opponents (i.e. those that hate him) if and when he runs for governor. In the governors race it would be more important to appeal to all of NJ, as opposed to a portion of of Jersey City.

To neutralize the potential argument against him while avoiding putting off local JC voters, would he not restart the reval process before the primary/election, but ensure that the results are not available/posted until after it? But maybe that's what you were saying all long.

Given that it will take a year to ramp up and then execute a reval it should not be difficult to cause such a timing.


Posted on: 2/3 23:50
Print Top


Re: Jersey City mayor-elect orders end to citywide reval
Home away from home
Home away from home


Hide User information
Joined:
2012/11/10 15:38
From JC
Group:
Registered Users
Posts: 1984
Offline
Quote:

bodhipooh wrote:
From everything I have read, I am pretty certain the tax rate will end up around 2.1%. All those DTJC homeowners paying effective rates of under 1% will be shellshocked when they get a bill of that is over double their current bills. You could almost feel bad for them, but then again you remember that they have enjoyed the gravy train for far too long, and much of that against someone else's benefit.

As for effect, consider that every 100K in a 30-year mortgage translates to about $450 / month, so 5.4K per year. A difference of 11K in property tax is the equivalent of a 200K mortgage difference.


Governor elections won't take place until November 2017. I bet Fulop will do everything humanly possible to delay this "sticker shock" until after that date.

Posted on: 2/3 20:19
Print Top


Re: Jersey City mayor-elect orders end to citywide reval
Home away from home
Home away from home


Hide User information
Joined:
2008/8/12 14:31
Group:
Registered Users
Posts: 2316
Offline
From everything I have read, I am pretty certain the tax rate will end up around 2.1%. All those DTJC homeowners paying effective rates of under 1% will be shellshocked when they get a bill of that is over double their current bills. You could almost feel bad for them, but then again you remember that they have enjoyed the gravy train for far too long, and much of that against someone else's benefit.

As for effect, consider that every 100K in a 30-year mortgage translates to about $450 / month, so 5.4K per year. A difference of 11K in property tax is the equivalent of a 200K mortgage difference.

Posted on: 2/3 20:06
Print Top


Re: Jersey City mayor-elect orders end to citywide reval
Home away from home
Home away from home


Hide User information
Joined:
2010/8/16 21:45
Group:
Registered Users
Posts: 2764
Offline
For those interested in understanding the basics of a reval, this is a good summary.

http://mygovhelp.com/JERSEYCITYNJ/_cs ... spx?sSessionID=&aid=10162

Posted on: 2/3 19:46
Print Top


Re: Jersey City mayor-elect orders end to citywide reval
Home away from home
Home away from home


Hide User information
Joined:
2015/5/27 20:34
From Jersey City
Group:
Registered Users
Posts: 255
Offline
Quote:

dtjcview wrote:
Quote:

JCGuys wrote:
Quote:

dtjcview wrote:
Quote:

JCGuys wrote:
Remember, the city (along with the school board and county) set a tax levy, not a tax rate. If we get a reval, and assesed values more than double, the city will collect too much money based on the current effective 2% tax rate. Therefore, the tax rate will go down so the city only collects its tax levy. No one knows what the new tax rate will be until they complete the reval. I suppose it's possible to estimate but it would take a lot of estimations and assumptions.

...
The assumption is that the Jersey City equalization rate is in the right ballpark City-wide. I'd buy a 30% increase on total value of ratables, but not double. Using 2% as a baseline is reasonable - if anything it's likely to come in under that number on an individual downtown property.


Maybe I wasnt clear in my past post, but I agree that the 2% baseline is way too high and is likley to be a lot lower in a reval (maybe less than 1%). I'm not sure I'm understanding the 30% increase on total assessed value... More in the ballpark would be a 230% increase average. Relember, the reval will mean assessed value = market value (in theory). If assesed values are currently only 30% of market value on average, it will take a ~230% increase to get back to 100%.


What you are describing is what the equalization rate does - and is baked into the effective tax rate of ~2%..

JC was assessed at $6b city-wide in 1988. The equalization rate basically says that it is 27.63% of true (current) value $21.6b. The effective rate change will be proportional to difference between actual current value and that $21.6b.

Column [2]*[3]/100 =[1] in attached link.

http://www.state.nj.us/treasury/taxat ... df/lptval/2015/hudson.pdf

You're right. I confused the current effective rate with the tax rate.

Posted on: 2/3 19:18
Print Top


Re: Jersey City mayor-elect orders end to citywide reval
Home away from home
Home away from home


Hide User information
Joined:
2010/8/16 21:45
Group:
Registered Users
Posts: 2764
Offline
Quote:

JCGuys wrote:
Quote:

dtjcview wrote:
Quote:

JCGuys wrote:
Remember, the city (along with the school board and county) set a tax levy, not a tax rate. If we get a reval, and assesed values more than double, the city will collect too much money based on the current effective 2% tax rate. Therefore, the tax rate will go down so the city only collects its tax levy. No one knows what the new tax rate will be until they complete the reval. I suppose it's possible to estimate but it would take a lot of estimations and assumptions.

...
The assumption is that the Jersey City equalization rate is in the right ballpark City-wide. I'd buy a 30% increase on total value of ratables, but not double. Using 2% as a baseline is reasonable - if anything it's likely to come in under that number on an individual downtown property.


Maybe I wasnt clear in my past post, but I agree that the 2% baseline is way too high and is likley to be a lot lower in a reval (maybe less than 1%). I'm not sure I'm understanding the 30% increase on total assessed value... More in the ballpark would be a 230% increase average. Relember, the reval will mean assessed value = market value (in theory). If assesed values are currently only 30% of market value on average, it will take a ~230% increase to get back to 100%.


What you are describing is what the equalization rate does - and is baked into the effective tax rate of ~2%..

JC was assessed at $6b city-wide in 1988. The equalization rate basically says that it is 27.63% of true (current) value $21.6b. The effective rate change will be proportional to difference between actual current value and that $21.6b.

Column [2]*[3]/100 =[1] in attached link.

http://www.state.nj.us/treasury/taxat ... df/lptval/2015/hudson.pdf

Posted on: 2/3 19:08
Print Top


Re: Jersey City mayor-elect orders end to citywide reval
Home away from home
Home away from home


Hide User information
Joined:
2015/5/27 20:34
From Jersey City
Group:
Registered Users
Posts: 255
Offline
I've had no less than a half dozen beers during this happy hour, but even in my current state, I'm pretty sure your math is wrong dtjcview. But I don't know for sure. Can anyone else chime in?

Posted on: 2/3 18:48
Print Top


Re: Jersey City mayor-elect orders end to citywide reval
Home away from home
Home away from home


Hide User information
Joined:
2015/5/27 20:34
From Jersey City
Group:
Registered Users
Posts: 255
Offline
Quote:

dtjcview wrote:
Quote:

JCGuys wrote:
Remember, the city (along with the school board and county) set a tax levy, not a tax rate. If we get a reval, and assesed values more than double, the city will collect too much money based on the current effective 2% tax rate. Therefore, the tax rate will go down so the city only collects its tax levy. No one knows what the new tax rate will be until they complete the reval. I suppose it's possible to estimate but it would take a lot of estimations and assumptions.

...
The assumption is that the Jersey City equalization rate is in the right ballpark City-wide. I'd buy a 30% increase on total value of ratables, but not double. Using 2% as a baseline is reasonable - if anything it's likely to come in under that number on an individual downtown property.


Maybe I wasnt clear in my past post, but I agree that the 2% baseline is way too high and is likley to be a lot lower in a reval (maybe less than 1%). I'm not sure I'm understanding the 30% increase on total assessed value... More in the ballpark would be a 230% increase average. Relember, the reval will mean assessed value = market value (in theory). If assesed values are currently only 30% of market value on average, it will take a ~230% increase to get back to 100%.

Posted on: 2/3 18:46
Print Top


Re: Jersey City mayor-elect orders end to citywide reval
Home away from home
Home away from home


Hide User information
Joined:
2010/8/16 21:45
Group:
Registered Users
Posts: 2764
Offline
Quote:

JCGuys wrote:
Remember, the city (along with the school board and county) set a tax levy, not a tax rate. If we get a reval, and assesed values more than double, the city will collect too much money based on the current effective 2% tax rate. Therefore, the tax rate will go down so the city only collects its tax levy. No one knows what the new tax rate will be until they complete the reval. I suppose it's possible to estimate but it would take a lot of estimations and assumptions.

...
The assumption is that the Jersey City equalization rate is in the right ballpark City-wide. I'd buy a 30% increase on total value of ratables, but not double. Using 2% as a baseline is reasonable - if anything it's likely to come in under that number on an individual downtown property.

Posted on: 2/3 18:36
Print Top


Re: Jersey City mayor-elect orders end to citywide reval
Home away from home
Home away from home


Hide User information
Joined:
2015/5/27 20:34
From Jersey City
Group:
Registered Users
Posts: 255
Offline
This is why you don't wait 28 years to do a reval. The imbalances that built up over the years will be made up in a single day.

Yvonne is right, mandatory reval every 5 years but for everyone, not just Jersey City.


Posted on: 2/3 18:32
Print Top


Re: Jersey City mayor-elect orders end to citywide reval
Home away from home
Home away from home


Hide User information
Joined:
2015/5/27 20:34
From Jersey City
Group:
Registered Users
Posts: 255
Offline
Remember, the city (along with the school board and county) set a tax levy, not a tax rate. If we get a reval, and assesed values more than double, the city will collect too much money based on the current effective 2% tax rate. Therefore, the tax rate will go down so the city only collects its tax levy. No one knows what the new tax rate will be until they complete the reval. I suppose it's possible to estimate but it would take a lot of estimations and assumptions.

Quote:

dtjcview wrote:
Ballpark - it would rise to ~2% of property value. If someone is paying $11k on a $1m million property, their taxes could double to ~$22k.

One theory put forward by Fulop and others is that extra $10k forms a major part of affordability - ~25% of a $500k mortgage yearly payment. Overnight your $1m property may be worth $750k.

Quote:

AlexC wrote:
Wouldn't taxes on homes in Hamilton Park that are now valued at ~1 million, go way up? I pay about 11k in taxes, how much would that go up? 40k?

Quote:

third_street_hats wrote:
Quote:

ProdigalSon wrote:
Does anyone have an idea of how fast the reval would get restarted? And once it is restarted how quickly it would be completed? I do think this is going to have a huge impact on the value of many homes downtown.


What type of impact are you expecting?

Posted on: 2/3 18:28
Print Top


Re: Jersey City mayor-elect orders end to citywide reval
Home away from home
Home away from home


Hide User information
Joined:
2010/8/16 21:45
Group:
Registered Users
Posts: 2764
Offline
Quote:

tern wrote:
But it's a chicken and egg situation here, if my $2 million (allegedly what its worth) brownstone is going to attract a $40,000 tax bill, then it's not going to be worth $2 million anymore, I think at the high end in particular the reval will have a real dampening impact on house prices downtown.

Robin.


I'm not convinced there is a linear relationship between property taxes and market value. Taxes went up 80% or so in the Healy era without crashing prices. Perhaps overseas investors simply write off the increase on their corporate returns.

But you are right - a lot of folks downtown will be in appeals court for a few years after the reval.

Posted on: 2/3 18:21
Print Top


Re: Jersey City mayor-elect orders end to citywide reval
Home away from home
Home away from home


Hide User information
Joined:
2006/5/10 12:36
From Hamilton Park
Group:
Registered Users
Posts: 726
Offline
But it's a chicken and egg situation here, if my $2 million (allegedly what it's worth currently) brownstone attracts a $40,000 tax bill, then it's not going to be worth $2 million anymore, I think at the high end in particular the reval will have a real dampening impact on house prices downtown.

Robin.

Posted on: 2/3 18:15
Print Top


Re: Jersey City mayor-elect orders end to citywide reval
Home away from home
Home away from home


Hide User information
Joined:
2010/8/16 21:45
Group:
Registered Users
Posts: 2764
Offline
Ballpark - it would rise to ~2% of property value. If someone is paying $11k on a $1m million property, their taxes could double to ~$22k.

One theory put forward by Fulop and others is that extra $10k forms a major part of affordability - ~25% of a $500k mortgage yearly payment. Overnight your $1m property may be worth $750k.

Quote:

AlexC wrote:
Wouldn't taxes on homes in Hamilton Park that are now valued at ~1 million, go way up? I pay about 11k in taxes, how much would that go up? 40k?

Quote:

third_street_hats wrote:
Quote:

ProdigalSon wrote:
Does anyone have an idea of how fast the reval would get restarted? And once it is restarted how quickly it would be completed? I do think this is going to have a huge impact on the value of many homes downtown.


What type of impact are you expecting?

Posted on: 2/3 18:01
Print Top


Re: Jersey City mayor-elect orders end to citywide reval
Home away from home
Home away from home


Hide User information
Joined:
2015/5/27 20:34
From Jersey City
Group:
Registered Users
Posts: 255
Offline
There will need to be another reval following the first one as Ward E will be unaffordable even to the rich! Prices will have to fall when all the folks paying 6k tax bills start getting assessments for triple or quardruple in the mail.

Greenville residents... I have no idea why you have not been the loudest voice demanding a reval, along with the rest of the city. In my opinion, taxes will be going down substantially in every area of the cith with the exception of Ward E.

And While I think 99 Hudson Street is a very important addition to the city, I pity the fool that buys a condo there with the upcoming reval, unless they know something we don't...

Posted on: 2/3 17:58
Print Top


Re: Jersey City mayor-elect orders end to citywide reval
Home away from home
Home away from home


Hide User information
Joined:
2006/9/14 14:57
From Hamilton Park
Group:
Registered Users
Posts: 813
Offline
Wouldn't taxes on homes in Hamilton Park that are now valued at ~1 million, go way up? I pay about 11k in taxes, how much would that go up? 40k?

Quote:

third_street_hats wrote:
Quote:

ProdigalSon wrote:
Does anyone have an idea of how fast the reval would get restarted? And once it is restarted how quickly it would be completed? I do think this is going to have a huge impact on the value of many homes downtown.


What type of impact are you expecting?

Posted on: 2/3 17:43
Print Top


Re: Jersey City mayor-elect orders end to citywide reval
Home away from home
Home away from home


Hide User information
Joined:
2004/6/16 22:16
Group:
Registered Users
Posts: 2969
Offline
Two years ago, the Hudson County Tax Administrator spoke before the freeholders, I asked Freeholder O'Dea if he would ask him to come and he did. The tax administrator said the work was 95% done. The lawsuit is based upon the payment. By the way, in order to stop the reval, Fulop had to ask the members of the tax board, these are the members:
James D’Andrea
Vincent Cuseglio
Nicholas Fargo
Angelo Valente
Jodi Drennan

Posted on: 2/3 17:26
Print Top


Re: Jersey City mayor-elect orders end to citywide reval
Just can't stay away
Just can't stay away


Hide User information
Joined:
2014/8/19 12:35
From the village
Group:
Registered Users
Posts: 90
Offline
Quote:

ProdigalSon wrote:
Does anyone have an idea of how fast the reval would get restarted? And once it is restarted how quickly it would be completed? I do think this is going to have a huge impact on the value of many homes downtown.


What type of impact are you expecting?

Posted on: 2/3 14:23
Print Top


Re: Jersey City mayor-elect orders end to citywide reval
Home away from home
Home away from home


Hide User information
Joined:
2004/6/16 22:16
Group:
Registered Users
Posts: 2969
Offline
Quote:

bodhipooh wrote:
Quote:

stateaidguy wrote:
It's also important because PILOTs (which are concentrated downtown) are usually only given on the improvement and not the underlying land. This means that when the reval comes and the land underneath the PILOTed skyscrapers is reassessed Jersey City's PILOTed buildings will begin to pay significantly higher taxes, although not nearly what they would pay if there were no PILOTs.


If you are correct, and I have no reason to doubt your claim based on the knowledge and understanding you have shown with your posts, I would say this is very, very interesting. Residents in newly-constructed, tax abated properties are often sold on the idea that their taxes are pretty much set on stone and that their abatements essentially protects/shields them from any future revaluation.


I asked the county tax office about this after the 1988 reval. Yes, land values are not protected from a tax abatement and they do go up but any increases are deducted from the overall tax abatement. Tax abatements are applied to the improvements or buildings only. So the amount of money they are paying still remains the same but the city gets slightly less.

Posted on: 2/3 14:17
Print Top


Re: Jersey City mayor-elect orders end to citywide reval
Home away from home
Home away from home


Hide User information
Joined:
2010/5/26 16:32
From Hamilton Park
Group:
Registered Users
Posts: 172
Offline
Does anyone have an idea of how fast the reval would get restarted? And once it is restarted how quickly it would be completed? I do think this is going to have a huge impact on the value of many homes downtown.

Posted on: 2/3 13:41
Print Top


Re: Jersey City mayor-elect orders end to citywide reval
Home away from home
Home away from home


Hide User information
Joined:
2008/8/12 14:31
Group:
Registered Users
Posts: 2316
Offline
Quote:

stateaidguy wrote:
Ok, I got the answer about land revals from a bona fide expert and PILOTs and it isn't what I assumed.

Land taxes and a PILOT payment interact. The total PILOT+land tax payment has to equal a previously agreed-upon sum.

So if a reval happens and the land taxes increase, the owner indeed will pay more in land taxes to the county+schools+municipality, but that extra amount is subtracted from the PILOT payment that would have gone to the municipality.

So when the reval happens GS and other downtown PILOT owners will pay more in land taxes and that'll be good for the schools and Hudson County, but the Jersey City municipality will lose some money it would have gotten absent a reval.


Thanks for the follow up. This is what I had been told and what I have gleamed from reading up on the subject, hence my surprise to your previous post. It really is an interesting topic. I just don't see how anyone would risk buying in DTJC at the currently inflated RE prices knowing that a reval will happen at some point in the near future UNLESS you are buying in a newly-constructed, abated building.

Posted on: 2/3 13:35
Print Top


Re: Jersey City mayor-elect orders end to citywide reval
Newbie
Newbie


Hide User information
Joined:
2015/10/20 20:40
From One of the Oranges
Group:
Registered Users
Posts: 17
Offline
Ok, I got the answer about land revals from a bona fide expert and PILOTs and it isn't what I assumed.

Land taxes and a PILOT payment interact. The total PILOT+land tax payment has to equal a previously agreed-upon sum.

So if a reval happens and the land taxes increase, the owner indeed will pay more in land taxes to the county+schools+municipality, but that extra amount is subtracted from the PILOT payment that would have gone to the municipality.

So when the reval happens GS and other downtown PILOT owners will pay more in land taxes and that'll marginally lower your school and county tax bills, but the Jersey City municipality will lose some money it would have gotten absent a reval.

Posted on: 2/3 13:30
Print Top


Re: Jersey City mayor-elect orders end to citywide reval
Newbie
Newbie


Hide User information
Joined:
2015/10/20 20:40
From One of the Oranges
Group:
Registered Users
Posts: 17
Offline
If you are curious about how enormous the gaps are between property assessment downtown and the properties’ real market value, check out the sale price on the Newport Office Center 5 (575 Washington Blvd), which was sold to JPMorgan Chase for $315 million in 2014.

575 Washington Blvd is PILOTed, but its official assessment is only $50 million.

http://www.northjersey.com/news/busin ... -n-j-properties-1.1069881

http://tax1.co.monmouth.nj.us/cgi-bin ... 607303____00005____X____M

Quote:
stateaidguy, you mentioned that abatements are usually only given on the improvement and not the underlying land. What are the instances where the land can also be abated? Do you know of any recent developments within Jersey City that has also had their land abated?


I don’t want to get out of my depth here, but I think it’s unusual for the land tax to be abated. A knowledgeable mayor told me that only the buildings themselves are PILOTed and when I check out the property tax records for abated properties the abatement is almost always only on the "improvement."

So, for 575 Washington Blvd, the land is assessed at $2.2 million and the owner pays normal, all-in taxes of $166,691.48 on that land.

http://tax1.co.monmouth.nj.us/cgi-bin ... 607303____00005_________M

The Goldman Sachs Tower’s land is assessed at only $3.5 million, so it pays $261,825.11 in regular taxes on that land.

http://tax1.co.monmouth.nj.us/cgi-bin ... 614502____00012_________M

The only instance I know of where the land taxes were abated was when the building (not in JC) was providing over 200 parking spaces to the public in a large parking garage.

Are there other justifications for abating land taxes or do towns abate land taxes just to get bigger PILOT payments for themselves? I wouldn’t be surprised, but I don’t know for a fact.

Anyway, I *assume* that when the underlying land’s value is reassessed the PILOTed property owner will have to pay more, but again, I am not an expert on this and I don’t want to make a mistake.

I have asked some people more knowledgeable than I am about what happens to the land taxes of a PILOTed building if there is a reval.

Posted on: 2/3 12:43

Edited by stateaidguy on 2016/2/3 12:59:42
Print Top


Re: Jersey City mayor-elect orders end to citywide reval
Home away from home
Home away from home


Hide User information
Joined:
2015/5/27 20:34
From Jersey City
Group:
Registered Users
Posts: 255
Offline
stateaidguy, you mentioned that abatements are usually only given on the improvement and not the underlying land. What are the instances where the land can also be abated? Do you know of any recent developments within Jersey City that has also had their land abated?

Quote:

bodhipooh wrote:
Quote:

stateaidguy wrote:
It's also important because PILOTs (which are concentrated downtown) are usually only given on the improvement and not the underlying land. This means that when the reval comes and the land underneath the PILOTed skyscrapers is reassessed Jersey City's PILOTed buildings will begin to pay significantly higher taxes, although not nearly what they would pay if there were no PILOTs.


If you are correct, and I have no reason to doubt your claim based on the knowledge and understanding you have shown with your posts, I would say this is very, very interesting. Residents in newly-constructed, tax abated properties are often sold on the idea that their taxes are pretty much set on stone and that their abatements essentially protects/shields them from any future revaluation.

Posted on: 2/3 12:16
Print Top


Re: Jersey City mayor-elect orders end to citywide reval
Home away from home
Home away from home


Hide User information
Joined:
2008/8/12 14:31
Group:
Registered Users
Posts: 2316
Offline
Quote:

stateaidguy wrote:
It's also important because PILOTs (which are concentrated downtown) are usually only given on the improvement and not the underlying land. This means that when the reval comes and the land underneath the PILOTed skyscrapers is reassessed Jersey City's PILOTed buildings will begin to pay significantly higher taxes, although not nearly what they would pay if there were no PILOTs.


If you are correct, and I have no reason to doubt your claim based on the knowledge and understanding you have shown with your posts, I would say this is very, very interesting. Residents in newly-constructed, tax abated properties are often sold on the idea that their taxes are pretty much set on stone and that their abatements essentially protects/shields them from any future revaluation.

Posted on: 2/3 12:03
Print Top


Re: Jersey City mayor-elect orders end to citywide reval
Home away from home
Home away from home


Hide User information
Joined:
2015/5/27 20:34
From Jersey City
Group:
Registered Users
Posts: 255
Offline
stateaidguy, thank you so much for your research and analysis on this topic. I learn a great deal from each of your posts and I'm sure I'm not the only one on here who feels that way.

I wish more people in Jersey City, and the State frankly, could read your information. It would turn the larger debate on reval, state aid, and abatements completely upside down.

Please get the word out!

Posted on: 2/3 11:48
Print Top


Re: Jersey City mayor-elect orders end to citywide reval
Newbie
Newbie


Hide User information
Joined:
2015/10/20 20:40
From One of the Oranges
Group:
Registered Users
Posts: 17
Offline
FYI, I was doing some research on 99 Hudson Street and found information that suggests what downtown assessments could be after the reval.

The official assessment for 99 Hudson Street's land (all 1.7 acres) is $6.8 million, but the land was sold in 2011 by Bank of America to Hartz Mountain for $35 million and then sold again in 2013 by Hartz Mountain to China Overseas America for $68 million.

It seems to me that the official assessment is not even a tenth of the real market value. This is a much worse ratio of assessment to real value than Jersey City's's average.

http://tax1.co.monmouth.nj.us/cgi-bin ... 614507____00001_________M

https://www.cpexecutive.com/post/99-hu ... -be-njs-tallest-building/

This is important because it suggests just how badly undertaxed downtown is and overtaxed some outlying neighborhoods of Jersey City are.

It's also important because PILOTs (which are concentrated downtown) are usually only given on the improvement and not the underlying land. This means that when the reval comes and the land underneath the PILOTed skyscrapers is reassessed Jersey City's PILOTed buildings will begin to pay significantly higher taxes, although not nearly what they would pay if there were no PILOTs.

dtjcview,

You're right, the reval, state aid, and PILOTs are separate problems, although they aren't completely independent and if a thread goes off-topic in an informative way, I don't think that's necessarily such a bad thing.

Posted on: 2/3 10:23
Print Top


Re: Jersey City mayor-elect orders end to citywide reval
Home away from home
Home away from home


Hide User information
Joined:
2004/6/16 22:16
Group:
Registered Users
Posts: 2969
Offline
I could not remember the Ward B councilman when I wrote the history of why Colgate received a tax abatement. It was Councilman Tom Fricchione. He spoke against this abatement. Later, when McCann won his office again as mayor, he reduced the abatement agreement for the Colgate Redevelopment and Cucci came back to the city council yelling at the council. A lot of yelling went on in those days.

Posted on: 2/2 10:56
Print Top


Re: Jersey City mayor-elect orders end to citywide reval
Home away from home
Home away from home


Hide User information
Joined:
2010/8/16 21:45
Group:
Registered Users
Posts: 2764
Offline
Quote:

Yvonne wrote:
dtjcview, I am telling you what happened, look up public documents on the amount of money JC gives to the board of ed. Perhaps our public documents and have the newspaper articles when Cucci spoke before the city about Colgate. I do remember the councilman from Ward B became angry when Cucci wanted to give Colgate a tax abatement. Development was happening in the 1980s without long term tax abatements. Look at Dixon Mills as an example. They never received a 20 or 30 year tax abatement.


I wasn't debating history. Personally I think the reval, school funding and PILOTS are all broken. But I don't think they are necessarily linked. When you tie them together in an argument - you end up with a horse-trading mess that loses sight of the real goals and objectives of each.


Posted on: 2/1 23:48
Print Top




(1) 2 3 4 ... 15 »




[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 - 2015