Register now !    Login  
Main Menu
Who's Online
41 user(s) are online (26 user(s) are browsing Message Forum)

Members: 0
Guests: 41

more...




Browsing this Thread:   2 Anonymous Users




« 1 ... 7 8 9 (10) 11 12 13 ... 15 »


Re: 2017 Reval ~ Property Inspections
Home away from home
Home away from home


Hide User information
Joined:
2009/10/7 11:46
Group:
Registered Users
Posts: 2712
Offline
Getting back to the reval inspection……

It is painless. The inspector was nice he came in with his iPad and as he was typing/clicking he gave a quick look into every room. He then asked to see the basement he looked around and said wow this is not a finished basement. (ok so I am a hoarder big deal…lol) He took one picture of the furnace area and said that was it. I asked about the outside measurement and he said he did it a few days ago. Oh yeah I had to sign the iPad.

A neighbor was not home at the time and got a yellow note on his door. The note gave a new date and time for the inspection and also had a contact number in case he wanted to change it. The appointment was for the evening nice if you work.

One good tip on the Yvonne’s video was that if you have any roof leaks or basement flooding when it rains let the inspector know.

I just thought of something he didn’t seem to inspect the condition of the wiring or pipes. Unless he took note of it while in the basement.


Posted on: 2017/5/26 10:41
Print Top


Re: 2017 Reval ~ Property Inspections
Home away from home
Home away from home


Hide User information
Joined:
2009/7/16 23:05
Group:
Registered Users
Posts: 781
Offline
Quote:

MDM wrote:
Quote:

JCBORN wrote:

From what I am reading the home values in JC went down in 1988 after the last reval. Was this because of the reval or was it because the market in general was not doing very well (1987 market crash- Black Monday)?


Real estate crashed in '88 and didn't hit bottom until about 1997. Property was stupid cheap here in JC... but interest rates were high and it was tough to get a loan (the collapse of the Savings & Loan industry). Damn near impossible to get a construction loan to renovate, unless you went the 203k loan route.. which I would rather set myself on fire than go through that process again.

It was way more than the property re-evaluation that caused prices to drop. The biggest factor was the lending. It is a lot harder to afford a place when your 30 year fixed rate is around 8% vs. 2.5%.


Thank God for Bill Clinton.

Posted on: 2017/5/26 10:11
Print Top


Re: 2017 Reval ~ Property Inspections
Home away from home
Home away from home


Hide User information
Joined:
2010/7/9 7:16
Group:
Registered Users
Posts: 2238
Offline
Quote:

JCBORN wrote:

From what I am reading the home values in JC went down in 1988 after the last reval. Was this because of the reval or was it because the market in general was not doing very well (1987 market crash- Black Monday)?


Real estate crashed in '88 and didn't hit bottom until about 1997. Property was stupid cheap here in JC... but interest rates were high and it was tough to get a loan (the collapse of the Savings & Loan industry). Damn near impossible to get a construction loan to renovate, unless you went the 203k loan route.. which I would rather set myself on fire than go through that process again.

It was way more than the property re-evaluation that caused prices to drop. The biggest factor was the lending. It is a lot harder to afford a place when your 30 year fixed rate is around 8% vs. 2.5%.

Posted on: 2017/5/26 9:54
Print Top


Re: 2017 Reval ~ Property Inspections
Home away from home
Home away from home


Hide User information
Joined:
2009/3/19 11:20
From Scenic McGinley Square
Group:
Registered Users
Posts: 667
Offline
Quote:

JCBORN wrote:
Is this right?

with the example someone gave below.
Zillow estimates its value at $1.6 million. She currently pays around $11,200 in property taxes, and should be paying $30k.

Would this person be able to sell her home at $1.6M if her taxes are now $30k? I would expect the value to go down once the taxes are increased.

I am looking to buy a home in Jersey City. Would you recommend I wait a year to see how this all plays out?
From what I am reading the home values in JC went down in 1988 after the last reval. Was this because of the reval or was it because the market in general was not doing very well (1987 market crash- Black Monday)?


I would wait for sure. You may even be able to pick up a property with a lien on it for a steal LOL

Posted on: 2017/5/26 8:45
Print Top


Re: 2017 Reval ~ Property Inspections
Newbie
Newbie


Hide User information
Joined:
2005/12/2 12:42
Group:
Registered Users
Posts: 15
Offline
Is this right?

with the example someone gave below.
Zillow estimates its value at $1.6 million. She currently pays around $11,200 in property taxes, and should be paying $30k.

Would this person be able to sell her home at $1.6M if her taxes are now $30k? I would expect the value to go down once the taxes are increased.

I am looking to buy a home in Jersey City. Would you recommend I wait a year to see how this all plays out?
From what I am reading the home values in JC went down in 1988 after the last reval. Was this because of the reval or was it because the market in general was not doing very well (1987 market crash- Black Monday)?

Posted on: 2017/5/26 8:24
Print Top


Re: 2017 Reval ~ Property Inspections
Home away from home
Home away from home


Hide User information
Joined:
2004/11/6 16:13
From Hamilton Park
Group:
Registered Users
Posts: 5245
Offline
Quote:

mfadam wrote:
how is there not more noise from every overtaxed owner? You'd think class action lawyers would be all over this one.


Great question. My only theory is we have been so beaten into submission by these government systems it never occurs to us that we're being ripped off. It doesn't help that the system is so opaque with seeming nonsense numbers like assessments and rates that appear to have no bearing to reality unless you dive deep in.

I wonder if a lawsuit would get any traction, they'll just say "if you thought you were overtaxed why didn't you just appeal?" It took me over a decade to think to appeal the tax on my Heights property, and I'm relatively sophisticated about these things compared to a lot of non-DT owners.

But the realtors had to know. Why wouldn't they tell buyers of overtaxed property to appeal? If you bought a really overtaxed one you'd get lawyer letters offering to appeal for you, but if you'd had it for decades no one would ever know or tell you.

Yvonne, STOP THE BULLSHIT ALREADY!! The revaluation has never included abated property, and never should. They're not in this game!! They are 2 separate revenue streams. It's ONLY about making the tax AMONG THE RATABLES fair. Its comparable to 2 contractors getting paid, how one divides their money up among the employees has NOTHING to do with the way the other does. If every abated property were made ratable tomorrow, IT WOULD NOT CHANGE THE REVAL, only the rate that would be struck afterwards. STOP THE BULLSHIT!!

Posted on: 2017/5/25 22:36
Print Top


Re: 2017 Reval ~ Property Inspections
Home away from home
Home away from home


Hide User information
Joined:
2004/6/16 22:16
Group:
Registered Users
Posts: 4551
Offline
Quote:

brewster wrote:
Quote:

Yvonne wrote:
Let me repeat, JC will never have a fair revaluation as long as $2.7 billion worth of property is excluded from the process. After the revaluation that $2.7 billion will probably be close to $11 billion. So what is the $11 billion? It is tax abated properties. This $11 billion does not include schools, churches, cemeteries, or public property. It includes commerical and housing that has a tax abatement. I can understand 5 year tax abatements. But anything longer is cheating the public.


The revaluation of ratable properties has NOTHING to do with abatements. It's about fairness between taxpayers on those ratable properties. You once again blow smoke to obscure the issues, and pointedly ignore Dolomiti's request for the slightest bit of compassion for the people who have overpaid while you and others underpaid.

And don't start with that same stupid bullshit "I paid the taxes I was billed". You didn't. You stated that you appealed them 5 times in a row, pleading that you had no walls. But it doesn't seem that you ever got reassessed after completing the renovation, like you should have. Did you? So you paid taxes for another 20 odd years as if your fabulous brownstone were gutted out. Nicely done.


You are wrong. I suggest you ask Duda who is now doing the assessment. He will tell you all properties are assessed but only regular properties will be added to the ratable base. Tax abatement will be excluded. The ratable base will change from $6.2 to 26 billion, tax abatements will not be added to this formula. I actually asked him but I did not include comments in my video due to the 30 minute time for Comcast. Actually Fulop mentioned this several years ago at a caucus meeting. He said several tax abatement expired which caused the ratable base to increase. When Schundler was mayor the ratable base was $5.1 after tax appeals, it is now $6.2 billion. The higher the ratable base the lower the tax rate or in JC case it will hide the spending. Healy had a $5.7 billion ratable base.

Posted on: 2017/5/25 22:28
Print Top


Re: 2017 Reval ~ Property Inspections
Home away from home
Home away from home


Hide User information
Joined:
2012/8/6 18:56
Group:
Registered Users
Posts: 961
Offline
Quote:

Yvonne wrote:
Let me repeat, JC will never have a fair revaluation as long as $2.7 billion worth of property is excluded from the process.

Yet another attempt to change the subject.

It is the delay that has resulted in people who own $1.5 million dollar homes, paying 1/3 what they should.

And abatements didn't delay the reval.

And yet again! You show no sympathy whatsoever for the people who overpay on their taxes. Sad.

Posted on: 2017/5/25 22:24
Print Top


Re: 2017 Reval ~ Property Inspections
Home away from home
Home away from home


Hide User information
Joined:
2007/7/30 18:23
Group:
Registered Users
Posts: 689
Offline
how is there not more noise from every overtaxed owner? You'd think class action lawyers would be all over this one.

I hear fever pitch bleating from DTJC owners who have not paid their fair share in decades and a lullaby from those who have been subsidizing said rowhouse owners.

I do not get it...

Posted on: 2017/5/25 22:16
Print Top


Re: 2017 Reval ~ Property Inspections
Home away from home
Home away from home


Hide User information
Joined:
2004/11/6 16:13
From Hamilton Park
Group:
Registered Users
Posts: 5245
Offline
Quote:

Yvonne wrote:
Let me repeat, JC will never have a fair revaluation as long as $2.7 billion worth of property is excluded from the process. After the revaluation that $2.7 billion will probably be close to $11 billion. So what is the $11 billion? It is tax abated properties. This $11 billion does not include schools, churches, cemeteries, or public property. It includes commerical and housing that has a tax abatement. I can understand 5 year tax abatements. But anything longer is cheating the public.


The revaluation of ratable properties has NOTHING to do with abatements. It's about fairness between taxpayers on those ratable properties. You once again blow smoke to obscure the issues, and pointedly ignore Dolomiti's request for the slightest bit of compassion for the people who have overpaid while you and others underpaid.

And don't start with that same stupid bullshit "I paid the taxes I was billed". You didn't. You stated that you appealed them 5 times in a row, pleading that you had no walls. But it doesn't seem that you ever got reassessed after completing the renovation, like you should have. Did you? So you paid taxes for another 20 odd years as if your fabulous brownstone were gutted out. Nicely done.

Posted on: 2017/5/25 22:08
Print Top


Re: 2017 Reval ~ Property Inspections
Home away from home
Home away from home


Hide User information
Joined:
2004/6/16 22:16
Group:
Registered Users
Posts: 4551
Offline
Let me repeat, JC will never have a fair revaluation as long as $2.7 billion worth of property is excluded from the process. After the revaluation that $2.7 billion will probably be close to $11 billion. So what is the $11 billion? It is tax abated properties. This $11 billion does not include schools, churches, cemeteries, or public property. It includes commerical and housing that has a tax abatement. I can understand 5 year tax abatements. But anything longer is cheating the public.

Posted on: 2017/5/25 21:18
Print Top


Re: 2017 Reval ~ Property Inspections
Home away from home
Home away from home


Hide User information
Joined:
2012/8/6 18:56
Group:
Registered Users
Posts: 961
Offline
Quote:

Yvonne wrote:
Quote:

Dolomiti wrote:
Quote:

Yvonne wrote:
brewster:
The letters I wrote had to do with these subjects...

Don't change the subject.

Are you happy that one person underpays their taxes for years, knowing full well that means someone else is overpaying their taxes?

Should we feel sorry for someone whose taxes are going up, because the value of their home increased from $150k to $1.5 million?

Did delaying the reval make that better or worse?



Did I give the assessment to individual property owners? Did I stop the revaluation or did the mayor stop the revaluation? My attendance at meetings has nothing to do with the revaluation starting for stopping. I know you will like to link the two but your comments have no merit.

Your comments on this board have been exclusively about how terrible the reval is, how it's only going to hurt people, and so forth.

You have never expressed a single bit of sympathy for the people who are overpaying their taxes.

You have never expressed any interest in making the system more fair.

It doesn't occur to you that the people whose taxes are going up have been getting a deal for years -- at another taxpayer's expense.

When I ask you point blank about the people hurt by the status quo, you deflect, you ignore.

You express zero acknowledgement, or sympathy, or recognition of the other half of the problem. Not even an iota.

<< shakes head >>

Posted on: 2017/5/25 21:07
Print Top


Re: 2017 Reval ~ Property Inspections
Home away from home
Home away from home


Hide User information
Joined:
2005/7/13 11:03
From Western Slope
Group:
Registered Users
Posts: 4405
Offline
Quote:

Dolomiti wrote:
Quote:

Yvonne wrote:
brewster:
The letters I wrote had to do with these subjects...

Don't change the subject.

Are you happy that one person underpays their taxes for years, knowing full well that means someone else is overpaying their taxes?

Should we feel sorry for someone whose taxes are going up, because the value of their home increased from $150k to $1.5 million?

Did delaying the reval make that better or worse?


The mayor attended my block association meeting with the reval team. The phrase of the evening was "do the math". The tax rate will drop accordingly but the assessments will rise exponentially. Just look at the mayor's home, it's current assessment and what he paid, his taxes will double. Assessed properties will be based on age, condition, but most of all the most recent sale price. Market values will dictate the new assessment. Do the math.

Posted on: 2017/5/25 20:35
Get on your bikes and ride !
Print Top


Re: 2017 Reval ~ Property Inspections
Home away from home
Home away from home


Hide User information
Joined:
2004/6/16 22:16
Group:
Registered Users
Posts: 4551
Offline
Quote:

Dolomiti wrote:
Quote:

Yvonne wrote:
brewster:
The letters I wrote had to do with these subjects...

Don't change the subject.

Are you happy that one person underpays their taxes for years, knowing full well that means someone else is overpaying their taxes?

Should we feel sorry for someone whose taxes are going up, because the value of their home increased from $150k to $1.5 million?

Did delaying the reval make that better or worse?



Did I give the assessment to individual property owners? Did I stop the revaluation or did the mayor stop the revaluation? My attendance at meetings has nothing to do with the revaluation starting for stopping. I know you will like to link the two but your comments have no merit.

Posted on: 2017/5/25 20:33
Print Top


Re: 2017 Reval ~ Property Inspections
Home away from home
Home away from home


Hide User information
Joined:
2012/8/6 18:56
Group:
Registered Users
Posts: 961
Offline
Quote:

Yvonne wrote:
brewster:
The letters I wrote had to do with these subjects...

Don't change the subject.

Are you happy that one person underpays their taxes for years, knowing full well that means someone else is overpaying their taxes?

Should we feel sorry for someone whose taxes are going up, because the value of their home increased from $150k to $1.5 million?

Did delaying the reval make that better or worse?


Posted on: 2017/5/25 20:13
Print Top


Re: 2017 Reval ~ Property Inspections
Home away from home
Home away from home


Hide User information
Joined:
2004/6/16 22:16
Group:
Registered Users
Posts: 4551
Offline
brewster:
The letters I wrote had to do with these subjects:
1. City bonding for $128 million for fiscal year adjustment bonds when the city change the calendar to a fiscal year, by the way, the city returned to the original calendar year in 2012. They should have bonded for $30 million, instead the city bonded for $128 million. We are still paying off those bonds.
2. Schundler continued the practice of bonding for operating expense.
3. Schundler privatized the water, rates went up.
4. Several administrations reduced the tax abatement agreements in favor of the developer.
5. The city giving out tax abatements on prime property
6. The city giving non-bidding contracts to their friends
7. The city raising fees and water rates while pretending they are stabilizing taxes.
8. The city is giving away public land.
9. The city does not enforce their agreements with hiring local residents
10. The city creating Redevelopment zones in order to bypass local zoning.
11. The city selling parking lots and then later renting parking for municipal employees.
12. I can go on but this has nothing to do with me stopping the revaluation process.


Posted on: 2017/5/25 18:05
Print Top


Re: 2017 Reval ~ Property Inspections
Home away from home
Home away from home


Hide User information
Joined:
2012/8/6 18:56
Group:
Registered Users
Posts: 961
Offline
Quote:

Yvonne wrote:
How did your article prove I am lying, Dolomiti?

I did not accuse you of lying. I pointed out that the law did not give the purchaser of the liens the ability to foreclose any faster than if the city had done it, and that you omitted how it dramatically increased compliance.


Quote:
Your article states the fact the Schundler had a bunk lien sale. Where did these homes come from?

It came from people who failed or refused to pay their property taxes. The city took out a lien, and then (with permission of the state legislature) sold the lien.


Quote:
People do not choose to give up their property to a lien buyer.

Property owners have a responsibility to pay their property taxes. If they can't afford it, then unfortunately they need to do something about it.

If they refuse, then they will have a lien placed on their property, and run the risk of foreclosure.


Quote:
McDonald from the JJ had the 1988 revaluation march in the papers recently.

So what?

Do you actually believe, at this point, that anything in that article is news to me?

Do you not understand that thousands of JC residents are paying MORE in taxes right now than they should?

Do you not recognize that the refusal to reval compounds the unfairness of the problem? And only makes it worse when the city actually does it?

And from whence should my sympathy spring forth? For example, the article you linked discusses Ms Narciso. Her home is assessed by the City at $145k; Zillow estimates its value at $1.6 million. She currently pays around $11,200 in property taxes, and should be paying $30k.

Yes, that's a big jump. You know what else that means? It means that she's been getting a tax break to the tune of $15,000 and up for years.

She got a huge tax break for decades/ Her home has shot up in value. A reval was inevitable. She should've been prepared.

Now, I will grant you that on one hand, it sucks that a 71 year old woman may have to move because her property taxes went up. That said, her home is worth somewhere around $1.6 million. There should be NO QUESTION that she can afford to buy something decent in JC, in her price range, with property taxes she can afford, AND take a vacation in Paris for a week to boot.

Request for sympathy: Denied.

Posted on: 2017/5/25 17:41
Print Top


Re: 2017 Reval ~ Property Inspections
Home away from home
Home away from home


Hide User information
Joined:
2004/11/6 16:13
From Hamilton Park
Group:
Registered Users
Posts: 5245
Offline
Only someone who was a complete moron, or underwater on a loan with no equity to lose, would ever let their home go into lien sale or not redeem it afterwards.

As for your role Yvonne, you have spent decades loudmouthing at Council meetings and other public hearings as well as writing endless letters to editors. You have nursed this monster. You're like an arsonist hanging around watching the fire saying "terrible fire, eh. People should be more careful".

But you can't hear any of this, it just doesn't process. You're like one of the Androids on Westworld that are programmed to not comprehend talk of or artifacts from beyond the park. With a black hat.

Posted on: 2017/5/25 16:45

Edited by brewster on 2017/5/25 17:00:42
Print Top


Re: 2017 Reval ~ Property Inspections
Home away from home
Home away from home


Hide User information
Joined:
2004/6/16 22:16
Group:
Registered Users
Posts: 4551
Offline
How did your article prove I am lying, Dolomiti? Your article states the fact the Schundler had a bunk lien sale. Where did these homes come from? No one walks away from their homes so the city can sell them in a lien sale. People do not choose to give up their property to a lien buyer. This lien sale happened several years after the revaluation because homeowners were unable to pay the taxes.
There was a reason people marched as a protest. They had tax bills they were unable to pay. McDonald from the JJ had the 1988 revaluation march in the papers recently.

http://www.nj.com/hudson/index.ssf/20 ... g_homeowners_anxious.html

Posted on: 2017/5/25 16:32
Print Top


Re: 2017 Reval ~ Property Inspections
Home away from home
Home away from home


Hide User information
Joined:
2012/8/6 18:56
Group:
Registered Users
Posts: 961
Offline
Quote:

Yvonne wrote:
By selling the bulk lien, that line was satisfied with the lien sale, not by taxpayers. So taxes got reduced. The state legislation had to be change in order for this to happened. Here is the downside, it allowed lien owners to aggressively foreclose sooner on properties.

Yeah... no.

The law did not change in a way that accelerated the time frame for foreclosures. What it did was give the city money up-front, and spared it the effort of foreclosing on tax delinquents.

You also ignored how it increased compliance from 78% to 99%.


Quote:
Many of those properties in that lien were small homeowners who couldnot pay their taxes from the revaluation.

So what?

Those homeowners were getting a big tax break for years, and had plenty of time to prepare and/or sell their homes long before any foreclosure proceedings.

And why did their taxes go up? Because the value of their property increased, far in excess of what the city estimated.

This is like someone winning $300,000 in the lottery, taking it all at once, spending it all in 6 months, and then finding out that they have to pay income tax on it.

I realize that life, law, taxes and real estate are complex. However, if you lost a $300,000 home because you didn't pay $10,000 in property taxes? 4 years after the reval? That's not the city's fault. If you own property, it is your responsibility to pay the taxes. If you can't afford the taxes, that sucks, but it's your responsibility to deal with it.

At some point, you have to take responsibility for your own mistakes.

I am also slightly disgusted that you have no sympathy whatsoever for the people who are overpaying their property taxes. Does no one face financial hardship because they're dealing with unfair property tax burdens?

Are you happy that families in Bergen-Lafayette and Greenville are paying your taxes? You good with that? That work for you?

It's not the reval that is unfair. It is the DELAYS in the reval that make the system unfair. What part of that is unclear to you?

Posted on: 2017/5/25 16:06
Print Top


Re: 2017 Reval ~ Property Inspections
Home away from home
Home away from home


Hide User information
Joined:
2005/11/12 12:04
From Downtown JC, VVP Area
Group:
Registered Users
Posts: 480
Offline
Brewster, Great info in Post #136. I knew Yvonne was blowing smoke, as usual, citing "people lost their homes" and "aggressive foreclosures" without a shred of proof or even direct citation. I was looking for the details on rights of the lien-holder vs. the property owner but you beat me to it. If you can't pay your bills, you sell and pay those bills, including back taxes/liens. It's simple unless you sit on your can and wait until the shit hits the fan and then it's too late. You snooze, you lose...

Yvonne, I'm actually glad the Webmaster didn't take down this thread even though Brewster called you out in some pretty harsh terms. I'm gonna guess that those of us who've been around this Forum for a bunch of years mostly agree with him. You can dish it out, often with a bunch of anecdotal comments or references, but you can't take it when someone fires back with facts. You need a reality check-

Posted on: 2017/5/25 15:37
Print Top


Re: 2017 Reval ~ Property Inspections
Home away from home
Home away from home


Hide User information
Joined:
2004/6/16 22:16
Group:
Registered Users
Posts: 4551
Offline
brewster, I am not a mayor or councilperson in JC. Neither am I a state offical that has allowed JC to avoid a revaluation once the figures go below 15% of assessment. Attacking me for the fault of government makes no sense. I am stating what happened in 1988. Hopefully, this reval will go better, however, I still believe no revaluation will be fair as long as JC gives out tax abatements because those properties are not affected while the abatement exists.

Posted on: 2017/5/25 15:24
Print Top


Re: 2017 Reval ~ Property Inspections
Home away from home
Home away from home


Hide User information
Joined:
2009/7/16 23:05
Group:
Registered Users
Posts: 781
Offline
We all know it is unpopular and no sitting Mayor wanted this to be done on their watch.

Posted on: 2017/5/25 14:25
Print Top


Re: 2017 Reval ~ Property Inspections
Home away from home
Home away from home


Hide User information
Joined:
2004/11/6 16:13
From Hamilton Park
Group:
Registered Users
Posts: 5245
Offline
The main reason we have this traumatic reval now is you and people like you who created such terror around revals that revals became the 3rd rail of local politics. No one dared do one when they should have in 1998 and for 15 years after. And you're doing it again. You have no alternative to offer, you just want people scared. I have no idea why, except maybe it makes you feel powerful.

Quote:

Yvonne wrote:
It is not fearmongering, it is what happened after the 1988 revaluation. Some of these liens resulted in lawsuits. I mention earlier Judge Velasquez ruled on this, that story was in the Jersey Journal pre-online edition but I am sure you can find it in the archives. By the way, Newark was forced to do a reval some years later. They put in a 5 year step program based on the problems with JC.

Posted on: 2017/5/25 14:20
Print Top


Re: 2017 Reval ~ Property Inspections
Home away from home
Home away from home


Hide User information
Joined:
2004/6/16 22:16
Group:
Registered Users
Posts: 4551
Offline
It is not fearmongering, it is what happened after the 1988 revaluation. Some of these liens resulted in lawsuits. I mention earlier Judge Velasquez ruled on this, that story was in the Jersey Journal pre-online edition but I am sure you can find it in the archives. By the way, Newark was forced to do a reval some years later. They put in a 5 year step program based on the problems with JC.

Posted on: 2017/5/25 14:07
Print Top


Re: 2017 Reval ~ Property Inspections
Home away from home
Home away from home


Hide User information
Joined:
2004/11/6 16:13
From Hamilton Park
Group:
Registered Users
Posts: 5245
Offline
Real information, not fearmongering. You have to really screw up to actually lose your home. It's designed to give you many opportunities to straighten the situation out. Bottom line, pay your taxes or sell your house, don't screw around.

http://www.nj.gov/dca/divisions/dlgs/ ... ments_of_tax_sales_nj.pdf

Elements of Tax Sales in New Jersey
New Jersey law requires all 566 municipalities to hold at least one tax sale per year, if the municipality has delinquent
property taxes and/or municipal charges. You can obtain information on upcoming tax sales by contacting the tax
collector in the municipality in question, or from the web site of the Tax Collectors & Treasurers Association of New
Jersey: www.tctanj.org/taxsale.html. More detailed information on the tax sale process in New Jersey can be found at
www.njtaxlieninvestor.com*.

In New Jersey, property taxes are a continuous lien on the real estate. Property taxes are due in four installments
during the year: February 1, May 1, August 1, and November 1. Delinquency on a property may accrue interest at up
to 8 per cent for the first $1,500 due, and 18 per cent for any amount over $1,500. If the amount of delinquency on a
property exceeds $10,000 at the end of the municipal fiscal year, the municipality may charge up to a 6 per cent yearend
penalty.

At the tax sale, title to the delinquent property itself is not sold. What is sold is a tax sale certificate, a lien on the
property. Tax sale certificates can earn interest of up to 18 per cent, depending on the winning percentage bid at the
auction. At the auction, bidders bid down the interest rate that will be paid by the owner for continuing interest on the
certificate amount. If the interest is bid down to one per cent, then a “premium,” is bid starting at $0 to whenever the
bidding stops to obtain the tax sale certificate. The premium is kept on deposit with the municipality for up to five
years. If the tax sale certificate is not redeemed, or the property foreclosed upon within the five year period, then the
premium escheats to the municipality. No interest accrues on the premium to the benefit of the buyer of the tax sale
certificate.

The winning bidder is the one who bids the lowest percentage of interest or bids the highest premium. Bidders are
urged to contact the Tax Collector for local payment restrictions before the sale) At the close of the sale, the winning
bidder must immediately pay (pursuant to the local restrictions) the municipality the taxes and interest to date; in
exchange the municipality will provide the bidder the tax sale certificate. In order for the winning lien holder to protect
their interest in the tax sale certificate, it should be recorded in the Deed Room at the County Clerk’s Office within 90
days of the sale.

Taxes continue to accrue on the property after the sale of the certificate. Bidders have the option to pay these
subsequent taxes; if they are not paid, a tax sale certificate will be sold at the next tax sale. Any subsequent certificate
issued will be paramount to any prior certificate. Subsequent taxes paid by the lien holder earn interest at the rate set
by the municipality.

If the certificate is redeemed by the property owner prior to foreclosure, the certificate earns a redemption penalty at
the rate of 2, 4, or 6 percent, depending on the amount of the original tax sale certificate, in addition to any interest
rate on the certificate.

After two years, a lien holder can begin proceedings in Superior Court to foreclose on the property. If foreclosure is
perfected, then the name on the deed is changed to that of the lien holder who can then take possession of the
property.

This information is intended only as a short introduction to the tax sale process in New Jersey, and not as investment
advice. There is no substitute for learning as much about investing in tax sale certificates from the many sources
available, both online and in print. As with all investments, the investor must do his or her due diligence when
investing in tax sale certificates. Unlike more “passive” investments, like certificates of deposit, or stocks and bonds,
tax sale certificates require “active” follow up and management by the investor. By posting this notice, the State of
New Jersey neither recommends nor discourages investment in tax sale certificates, and makes no guarantee of profit
or positive result from such investment.

Posted on: 2017/5/25 13:52
Print Top


Re: 2017 Reval ~ Property Inspections
Home away from home
Home away from home


Hide User information
Joined:
2004/6/16 22:16
Group:
Registered Users
Posts: 4551
Offline
Thanks for posting the NY Times article. Here is how Schundler lowered the tax rate with the bulk lien sale. In the budget is a line item that says "reserved for uncollected taxes." This is the amount of money taxpayers must put in for taxpayers who are delinquent. The year before bulk lien sale, taxpayers put in $36 million. By selling the bulk lien, that line was satisfied with the lien sale, not by taxpayers. So taxes got reduced. The state legislation had to be change in order for this to happened. Here is the downside, it allowed lien owners to aggressively foreclose sooner on properties. Many of those properties in that lien were small homeowners who couldnot pay their taxes from the revaluation. It is how homes assessed at $200,000 or $300,000 were sold for $10,000. Some were shady lien holders who did everything they could not to have liens redeemed.

Posted on: 2017/5/25 11:03
Print Top


Re: 2017 Reval ~ Property Inspections
Home away from home
Home away from home


Hide User information
Joined:
2004/11/6 16:13
From Hamilton Park
Group:
Registered Users
Posts: 5245
Offline
Quote:

Yvonne wrote:
brewster, I do not speak to anyone that way you speak to me.


Believe it or not you are the only person on earth I speak to this way, because you are the pinnacle of loudmouthed, fearmongering, hatemongering, pious, self righteous hypocrisy. At least in JC. Your man in the White House may have you beat.

Posted on: 2017/5/24 16:55
Print Top


Re: 2017 Reval ~ Property Inspections
Home away from home
Home away from home


Hide User information
Joined:
2007/7/30 18:23
Group:
Registered Users
Posts: 689
Offline
Demand side of the equation is a wee bit stronger now than in the crack war days of the early 90s...

Posted on: 2017/5/24 15:25
Print Top


Re: 2017 Reval ~ Property Inspections
Home away from home
Home away from home


Hide User information
Joined:
2012/8/6 18:56
Group:
Registered Users
Posts: 961
Offline
2001 NYT article which discusses the bulk liens:

http://www.nytimes.com/2001/10/19/nyr ... put-2=schundler+bulk+lien

Mr. Schundler prides himself on finding creative approaches to solving problems. And his earliest coup may stand up as his signal financial accomplishment. In the early 1990's, Jersey City property tax bills were so high that many people, unable to pay, were losing their homes to foreclosure. The city's tax collection rate fell so low at 78 percent that its budget was snowballing: it had to set aside as much money in each year's budget as was uncollected the year before.

Mr. Schundler broke that cycle.

After winning a special election in November 1992, Mr. Schundler, a former Wall Street broker and analyst, won a full term the following spring by promising a huge tax cut based on a bold, but complex idea. He found a way to recoup millions in back taxes the city had failed to collect. It took a special state law, which the Legislature's Republican leaders pushed through on his behalf.

The plan: Jersey City would bundle delinquent tax liens and sell them in bulk to underwriters, for $25 million in cash and a note for $19 million more. The underwriters would issue bonds, to be paid off as they collected back taxes or foreclosed on the properties.

It did not all go smoothly. Collections dragged out far longer than anticipated. Homeowners sued the underwriter, and in July were awarded $30 million in damages. Jersey City also sued the underwriters when its note went unpaid, and received a settlement of just $6.25 million.

Still, the bulk-lien deals dramatically improved the city's tax collections, as many property owners paid their taxes faster out of fear of foreclosure. For the last four years, the tax collection rate has been better than 99 percent. The city's reserve for uncollected taxes, meanwhile, is just $2.5 million, down from $25 million in 1993.

Henry A. Coleman, director of the Rutgers Center for Government Services, who studied the bulk lien sale, said Mr. Schundler brought many city properties back from tax delinquency. ''That's something he deserves credit for,'' he said.


Maybe that could happen again in the future, but... I sort of doubt it.

At any rate, it sounds like the foreclosures were happening before the liens, and people paid their taxes after the liens were sold.

Posted on: 2017/5/24 15:11
Print Top




« 1 ... 7 8 9 (10) 11 12 13 ... 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 - 2017