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Re: Gulls Cove 2 Condos
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With all of the new development in Paulus Hook, your building could very well be rezoned to PS 3. It is another good school.

Not too long ago PS 16 became a k-5 school from a k-8 school. Surely neighborhoid census influenced that, in part.

Posted on: 10/26 7:48
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Re: Gulls Cove 2 Condos
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Gulls Cove area is at the borderline zone of PS16 so don't count on it to be there long term unless your kids are school age now and can attend soon. When I spoke to the principal of ps16 about the overcrowding due to new development she mentioned rezoning might be necessary in the future.


Posted on: 10/25 23:52
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Re: Gulls Cove 2 Condos
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Quote:

JCbuyer wrote:
Yup I was referring to the new gulls cove 2. They said they have an abatement agreement at 1.65% as compared to 2+% for the city


OK. In that case, the taxes you will pay will be initially set at 19.8K / year, and will only change based on the abatement contract terms. Some abatements adjust every few years until completely phased out, while others only adjust if the total taxes deviate by a set percentage from the regular taxes you would have otherwise paid. The contract should have all the details.

All in all, 1.65% seems like a good deal given what is generally accepted will be the post reval rate, which most people think will be 1.8 - 2.0. But, it should be interesting to see what happens if the post-reval rate ends up being low (super unlikely, imo) as think your rate is quite common in some abatement contracts. What will people try to do if their "abated" rates end up being higher than the post-reval rate?? I don't think there is much of a recourse, as the contract is binding on both parties, as far as I know.

As for the rest of the post, only you can decide if you are OK paying 20K in yearly property taxes for subpar city services, so-so schools, and crappy roads. Personally, I think taxes at those levels are highway robbery for what we get in exchange, which is why I have sat out the real estate market altogether. But, to each their own, right? Good luck with the purchase, if you go through with it. I have friends in the original tower and they are happy now, but had all kinds of issues with the builder in the past.

Posted on: 10/11 10:56
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Re: Gulls Cove 2 Condos
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Yup I was referring to the new gulls cove 2. They said they have an abatement agreement at 1.65% as compared to 2+% for the city

Posted on: 10/11 9:05
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Re: Gulls Cove 2 Condos
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Quote:

JPhurst wrote:
It is still under tax abatement. But the abatement is based on the unit's purchase price. So that sounds about right. It will not change post abatement.

I've owned in the building since 2008, and the taxes for my 2BR apartment are actually higher than the taxes that entire brownstones pay. BUT when the reval comes that will likely change.

It has been in the P.S. 16 zone ever since I have been there (as it happens my daughters to to P.S. 3).


He is talking about Gull's Cove 2. Do they have the SAME abatement setup as the initial tower? I have no idea, so I am not questioning your reply, and it is also the reason why I qualified my previous response with "unless they have an abatement contract". It would be interesting to find out if they have an abatement, and what is the set percentage of said abatement.

Posted on: 10/10 21:54
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Re: Gulls Cove 2 Condos
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It is still under tax abatement. But the abatement is based on the unit's purchase price. So that sounds about right. It will not change post abatement.

I've owned in the building since 2008, and the taxes for my 2BR apartment are actually higher than the taxes that entire brownstones pay. BUT when the reval comes that will likely change.

It has been in the P.S. 16 zone ever since I have been there (as it happens my daughters to to P.S. 3).

Posted on: 10/10 15:57
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Re: Gulls Cove 2 Condos
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JCbuyer wrote:
Hello,

I am trying to evaluate a condo purchase at the Gulls Cove 2. Although the prices do seem generally in trend with the overall JC market but the taxes seem really high.
For a $1.2 million condo the taxes were quoted to be around ~19-20k post tax abatement.

a. Is this generally the new tax rate in Jersey City?
b. I have seen taxes on older property considerably lower in Jersey City. Does that mean that taxes on these properties will also rise to equal the taxes on the new construction after the ongoing reval?
c. What do you all think of this as investment if I have a 5-10 year horizon?
d. Gulls Cove2 does currently fall under the famed PS16. Is there a chance of rezoning? How often does that happen?

Our budget would go for a toss if we had to pay for private schooling and the ~$19-20k in taxes every year.

I wanted to get your thoughts on this topic.

I appreciate all your help in advance!

:)


Welcome to the chaos that is JC RE taxes. Unless Gulls Cove 2 has an abatement contract in place, the property taxes post-reval should be higher than what you are being quoted. Even if the final tax rate comes out to 1.8%, you would be looking at almost 22K. If the tax rate comes out higher (say, around 2%) then you are looking at something higher. Nobody knows where the rate will end up, but I think the smart money is on something around 1.8 to 2 percent.

Older properties in DTJC are (and have been) underpaying and will get a big adjustment post-reval. Undoubtedly, some will see a doubling or tripling of taxes.

And, your post touches on a big problem regarding JC RE taxes and the level of services one can reasonably expect for such an expenditure: post reval, I would expect lots of DTJC homeowners to be up in arms demanding better roads and schools for the amount of taxes they are paying, as well as improved city services (more police? cleaner streets!)

Posted on: 10/10 15:45
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Gulls Cove 2 Condos
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Hello,

I am trying to evaluate a condo purchase at the Gulls Cove 2. Although the prices do seem generally in trend with the overall JC market but the taxes seem really high.
For a $1.2 million condo the taxes were quoted to be around ~19-20k post tax abatement.

a. Is this generally the new tax rate in Jersey City?
b. I have seen taxes on older property considerably lower in Jersey City. Does that mean that taxes on these properties will also rise to equal the taxes on the new construction after the ongoing reval?
c. What do you all think of this as investment if I have a 5-10 year horizon?
d. Gulls Cove2 does currently fall under the famed PS16. Is there a chance of rezoning? How often does that happen?

Our budget would go for a toss if we had to pay for private schooling and the ~$19-20k in taxes every year.

I wanted to get your thoughts on this topic.

I appreciate all your help in advance!

:)

Posted on: 10/10 14:39
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