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Re: NYC vs NJ property taxes
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Home away from home
 
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Just thought I'd throw in my 2 cents here with regards to New York vs New Jersey property taxes, having worked in this area before -
When you appeal property taxes in New York, there is no risk in appealing, other than the money you might spend on an attorney and/or appraiser. But when you appeal property taxes in New Jersey, you run the risk of the county tax board deciding to raise your assessed value (just as easily as reducing your assessed value). Also, when appealing, New Jersey allows for a 15% cushion in assessed value (up or down). Your assessed value will remain the same if the county tax board decides the value is within 15% more or less than its current value. For example, if your assessed value is $ 100,000, and the county tax board decides it is really worth $ 86,000, or $ 114,000, the assessed value will stay at $ 100,000. Sucks, doesn't it?
Posted on: 2014/6/9 1:14
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Re: NYC vs NJ property taxes
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Home away from home
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The appeals process works off market value of the property, based on recent comparable sales. That gives the best guide to how much tax you should be paying on a property - you can appeal if you are paying too much. As a rough guide, look at the market value of the property on Zillow or Trulia, then use the table below: Market Value Assessed JC Tax $100,000 $31,240 $2,334 $200,000 $62,480 $4,668 $300,000 $93,720 $7,002 $400,000 $124,960 $9,336 $500,000 $156,200 $11,668 $600,000 $187,440 $14,002 $700,000 $218,680 $16,335 $800,000 $249,920 $18,669 $900,000 $281,160 $21,003 Given the price range of a 2-Bedroom downtown is $300-600k, I'd say property taxes of anywhere between $7-14k is probably the right ballpark. If you're paying less, it's a good deal, but expect a big hike when the reval hits. Assessed Value = market value * County Equalization rate for JC (31.24% in 2014) JC City plus County Tax = 7.47% * Assessed value (in 2014) Also see easytaxfix.com to check if it's worth appealing your tax next April.
Posted on: 2014/6/8 21:43
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Re: NYC vs NJ property taxes
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Home away from home
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Huge can of worms is your answer. The "theoretical" rate is 2.2% of actual value, but because the reval has been kicked down road for 15 years now, most lately by Mayor Fulop, assessments and real values are ridiculously out of whack and the adjustment factor used to correct for it results in tremendous inequalities. There are huge $1m Downtown brownstones paying a real rate of 1%, and $250k rowhouses in Greenville paying 4%, and so are actually paying the exact same amount! However in a reval, recently assessed non-abated property, like a typical condo conversion, will not likely see much of a correction as I understand it.
Posted on: 2014/6/8 21:11
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Re: NYC vs NJ property taxes
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Newbie
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2012/11/14 20:24 Last Login : 2015/5/28 21:45 From jersey city
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I'm not sure what's fair but we pay $10.5K for a 2b/2b 1000 sq. ft. built in 2005.
Posted on: 2014/6/8 20:18
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Re: NYC vs NJ property taxes
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Home away from home
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So, I'm curious - what *should* be the *standard* tax amount on an average 2-bedroom in downtown JC? $5K? $7K? I think I've even seen someone mentioned that they pay $8k for a 2-bed???
Posted on: 2014/6/8 20:10
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Re: NYC vs NJ property taxes
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Home away from home
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The good news is morons like these usually run their mouths but don't get what they want.
Posted on: 2014/6/8 19:57
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Re: NYC vs NJ property taxes
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Home away from home
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Yeah, the growth of real estate tax is like total paradox. Like, this woman from Austin, TX, she has the same problem that she can't figure out (link):
Quote: ?I?m at the breaking point,? said Gretchen Gardner, an Austin artist who bought a 1930s bungalow in the Bouldin neighborhood just south of downtown in 1991 and has watched her property tax bill soar to $8,500 this year. Yeah! Someone! Step in! Apparently, "addressing" the big picture is demanding that the rest of the country paid for everything she voted for, - for herself.
Posted on: 2014/6/8 19:51
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Re: NYC vs NJ property taxes
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Home away from home
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taxes might be higher but prices are considerably lower in jc...i know people who bought condos in non-prime areas and their carrying costs are significantly higher than in jc and it's not like they are living right next to a subway stop with direct access to manhattan or have pools/gyms/screening rooms
Posted on: 2014/6/8 19:19
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Re: NYC vs NJ property taxes
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Newbie
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2012/11/14 20:24 Last Login : 2015/5/28 21:45 From jersey city
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It's hard to know whether property taxes are either low or high in JC or even how they relate to NYC (setting aside the muni tax) since we haven't had a reval in 25 years and the prop tax base is outta whack (others can weigh in about abatements/PILOTS that's not my area).
I don't know anyone who thinks JC prop taxes are low, for sure, but many don't realize what a windfall they're getting when compared to owners in similarly sized and valued properties. Talk to me about what a 2005 2b/2b condo 1000 sq ft in a no frill building costs in terms of property tax.
Posted on: 2014/6/8 18:16
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Re: NYC vs NJ property taxes
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Home away from home
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2013/10/15 19:58 Last Login : 2015/12/30 14:17 From Paulus Hook
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New York City has its own income tax to pay for lower property taxes. Your choice. Generally, I'd say that's motivation to rent in NJ but buy in NYC, though there are other factors.
Posted on: 2014/6/8 14:57
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Re: NYC vs NJ property taxes
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Just can't stay away
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I agree. NYC taxes take a bigger toll if your family has dual income or in the higher tax bracket. For Ex: Married above 90K or single over 60K income will cost you extra 3.648% on top of already higher NY State Tax(compared to NJ State tax). http://taxfoundation.org/blog/new-yor ... rease-top-income-tax-rate NYC condos with less amenities will cost more maintenance compared to some DTJC condos.
Posted on: 2014/6/7 17:46
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Re: NYC vs NJ property taxes
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Home away from home
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The monthly maintenance charges for all condos and coops are triple and quadruple what we pay in JC and unlike RE taxes are not deductible.
Posted on: 2014/6/6 17:52
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Re: NYC vs NJ property taxes
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Home away from home
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NYC has it's own city income tax in addition to NY state income tax.
So the money you save from lower property taxes just goes towards the extra NYC tax.
Posted on: 2014/6/6 17:37
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Re: NYC vs NJ property taxes
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Home away from home
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My friend, who bought his co-op near Union Square in Manhattan in '94 for less than I paid for my condo in the Heights in '08, would beg (vociferously...) to differ. Of course, the same apartment upstairs from him just sold for over $1 million... So many NYC owners are burdened by taxes, owing to how the values of their property has soared.
But according to him, it was a political decision years ago to support the middle-class - in particular, the outer borough, 1-2 family homeowners - by keeping their property taxes lower. The valuation system in NYC is widely considered problematic: http://www.capitalnewyork.com/article ... threatened?tag-page-image
Posted on: 2014/6/6 17:33
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Re: NYC vs NJ property taxes
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Home away from home
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go out of nyc, and property taxes are considerably higher in other parts of ny state
Posted on: 2014/6/6 4:55
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Re: NYC vs NJ property taxes
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Home away from home
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2012/1/11 18:21 Last Login : 2019/12/26 15:30 From GV Bayside Park
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I pay 2k for a 1 family I own in BK and 5k here in JC . NYC has very low property taxes.
Posted on: 2014/6/6 4:41
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Re: NYC vs NJ property taxes
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Home away from home
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corporate taxes in nyc subsidize residential taxes...plus income taxes are lower in jersey
Posted on: 2014/6/6 4:36
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NYC vs NJ property taxes
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Home away from home
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I was talking to someone who just bought an 875 sq ft apt in Greenwich Village and is paying 5k in property taxes.
A friend who has an equivalent apt in Brooklyn is paying 1/2 of my property taxes. I own a 675 sq ft apt downtown JC. Why am I paying more property taxes by being NEAR NYC than being IN NYC?
Posted on: 2014/6/6 4:03
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