Register now !    Login  
Main Menu
Who's Online
21 user(s) are online (17 user(s) are browsing Message Forum)

Members: 0
Guests: 21

more...




Browsing this Thread:   1 Anonymous Users




(1) 2 3 4 ... 7 »


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


Hide User information
Joined:
2015/5/27 20:34
From Jersey City
Group:
Registered Users
Posts: 613
Offline
Quote:

Erica wrote:
Quote:

JCGuys wrote:

There is nothing in those links which suggests inspectors will "assume that your unit is at the high end of the range of comparables" if they don't gain access. More bullshit disinformation. Why can't people be honest?


"Nothing" except exactly what I said (from the FAQ on ASI's website):

"Can I refuse entry to the field inspector?

Yes, you may refuse entry to your home, but is in your best interest to see that as much information as possible is gathered to help insure an accurate assessment. If an appraiser cannot inspect the inside of a building, it's possible an inaccurate assessment may result. The law provides that a property can be assessed at the highest reasonable value if the field inspector is denied entry.

The revaluation program should not be seen as an adversarial situation. Property owners have a vested interest in the outcome of the project and their cooperation is vital to achieve an equitable revaluation. If one person's property is under-assessed, all the other property owners in the municipality will pay higher taxes to make up for the discrepancy. Conversely, if property owners deny access to the field inspector they could wind up being over-assessed and pay more than their fair share of taxes."

I have no idea why you're so angry about this. It's common sense that if you're trying to get accurate data about every property in the city, and you have some properties about which you still have questions, you need to assume best-case scenario on those properties. In that case, owners who think you got it wrong in their case (they've been over-assessed) will willingly give you that information, improving the quality of your data. If you err on the side of under-assessing, owners who know you made a mistake (they've been under-assessed) will likely not tell you.


Ok, you are right, and I'm sorry about my prior post. There's just so much bad info out there, that it's tough to sort through the bull sometimes, but that's no excuse in this situation.

Posted on: 6/8 20:51
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: 4743
Offline
Quote:

Erica wrote:
I have no idea why you're so angry about this. It's common sense that if you're trying to get accurate data about every property in the city, and you have some properties about which you still have questions, you need to assume best-case scenario on those properties. In that case, owners who think you got it wrong in their case (they've been over-assessed) will willingly give you that information, improving the quality of your data. If you err on the side of under-assessing, owners who know you made a mistake (they've been under-assessed) will likely not tell you.


Not just that, if someone's overassessed enough there's something they can do about it, if they underassess, it stands until the next reval.

Looking again at the 15% issue, I think it effectively does mean 15% of fmv since after a reval the ratio is 100%. So to exceed the ratio by 15% one's assessment must exceed FMV by that amount.

Posted on: 6/8 12:08
Print Top


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


Hide User information
Joined:
2009/11/25 11:31
From Village
Group:
Registered Users
Posts: 171
Offline
Quote:

JCGuys wrote:

There is nothing in those links which suggests inspectors will "assume that your unit is at the high end of the range of comparables" if they don't gain access. More bullshit disinformation. Why can't people be honest?


"Nothing" except exactly what I said (from the FAQ on ASI's website):

"Can I refuse entry to the field inspector?

Yes, you may refuse entry to your home, but is in your best interest to see that as much information as possible is gathered to help insure an accurate assessment. If an appraiser cannot inspect the inside of a building, it's possible an inaccurate assessment may result. The law provides that a property can be assessed at the highest reasonable value if the field inspector is denied entry.

The revaluation program should not be seen as an adversarial situation. Property owners have a vested interest in the outcome of the project and their cooperation is vital to achieve an equitable revaluation. If one person's property is under-assessed, all the other property owners in the municipality will pay higher taxes to make up for the discrepancy. Conversely, if property owners deny access to the field inspector they could wind up being over-assessed and pay more than their fair share of taxes."

I have no idea why you're so angry about this. It's common sense that if you're trying to get accurate data about every property in the city, and you have some properties about which you still have questions, you need to assume best-case scenario on those properties. In that case, owners who think you got it wrong in their case (they've been over-assessed) will willingly give you that information, improving the quality of your data. If you err on the side of under-assessing, owners who know you made a mistake (they've been under-assessed) will likely not tell you.

Posted on: 6/7 23:22
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: 4743
Offline
Quote:

yorkster wrote:
So if your assessment comes in at $1M but the FMV should be at $850K, a person does not have the right to appeal because it's not greater than >15%? If so, that homeowner would be overpaying their taxes by $2700 (assuming 1.8%). How is that fair?


I think the idea is not to clutter tax court with people attempting to lower their taxes minute amounts every year. But the actual math seems not be 15% of value, but 15% of the difference between the official ratio and your ratio.

Can anyone decipher this from a NJ document? Maybe I'm just tired but I can't.

http://www.state.nj.us/treasury/taxation/pdf/lpt/ptappeal.pdf

Quote:
If the ratio of assessed value to true value
exceeds the average ratio by 15%, the
assessment is reduced to the common level.

Example
Director’s Ratio = 85%
Common Level Range = 72.25%-97.75%
True Value = $95000
Assessment = $94000
Ratio = 98.95% ($94000÷$95000)
Judgment = Reduction in assessed value
New Assessment = $80750 ($95000 x 85%)
However, if the assessment falls within this
common level range, no adjustment is made.

Example
Director’s Ratio = 85%
Common Level Range = 72.25%-97.75%
True Value = $95000
Assessment = $90000
Ratio = 94.74% ($90000÷$95000)
Judgment = No change in assessed value
If the assessed value to true value ratio falls
below the common level, the Tax Board must
increase the assessment to the common level.

Example
Director’s Ratio = 85%
Common Level Range = 72.25%-97.75%
True Value = $95000
Assessment = $67000
Ratio = 70.53% ($67000÷$95000)
Judgment = Increase in assessed value
New Assessment = $80750 ($95000 x 85%)If the ratio of assessed value to true value
exceeds the average ratio by 15%, the
assessment is reduced to the common level.

Example
Director’s Ratio = 85%
Common Level Range = 72.25%-97.75%
True Value = $95000
Assessment = $94000
Ratio = 98.95% ($94000÷$95000)
Judgment = Reduction in assessed value
New Assessment = $80750 ($95000 x 85%)
However, if the assessment falls within this
common level range, no adjustment is made.

Example
Director’s Ratio = 85%
Common Level Range = 72.25%-97.75%
True Value = $95000
Assessment = $90000
Ratio = 94.74% ($90000÷$95000)
Judgment = No change in assessed value
If the assessed value to true value ratio falls
below the common level, the Tax Board must
increase the assessment to the common level.

Example
Director’s Ratio = 85%
Common Level Range = 72.25%-97.75%
True Value = $95000
Assessment = $67000
Ratio = 70.53% ($67000÷$95000)
Judgment = Increase in assessed value
New Assessment = $80750 ($95000 x 85%)

Posted on: 6/7 21:02
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: 808
Offline
Quote:

JCGuys wrote:
There is nothing in those links which suggests inspectors will "assume that your unit is at the high end of the range of comparables" if they don't gain access. More bullshit disinformation. Why can't people be honest?

Resized Image

Posted on: 6/7 21:00
Print Top


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


Hide User information
Joined:
2015/5/27 20:34
From Jersey City
Group:
Registered Users
Posts: 613
Offline
Quote:

Erica wrote:
Quote:

JCGuys wrote:
Quote:

Erica wrote:

My understanding from the various Q&As I've seen is that if they're unable to access your unit, they will assume that your unit is at the high end of the range of comparables. So if some units in your building have been renovated with upgraded appliances and some have not, they will assume yours is one of the renovated ones unless they can get in to see otherwise.


Can you post a link to this Q&A? There's so much misinformation and disinformation out there, so I want to read that for myself on a reputable site.


I was referring mostly to the in-person Q&As that were held with ASI throughout the city in April. Civic Parent has a good recap of the Ward A one here: https://civicparent.org/news/jersey-ci ... tion-meetings-highlights/

There's also a JC-specific landing page on ASI's site (and their FAQ pages have a lot of useful info as well): http://asinj.com/revaluation.asp?p=current&id=359

ETA: ASI's site lists one more upcoming presentation at Lincoln High on 6/29 from 7:30PM - 8:30PM.


There is nothing in those links which suggests inspectors will "assume that your unit is at the high end of the range of comparables" if they don't gain access. More bullshit disinformation. Why can't people be honest?

Posted on: 6/7 20:37
Print Top


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


Hide User information
Joined:
2009/11/25 11:31
From Village
Group:
Registered Users
Posts: 171
Offline
Quote:

yorkster wrote:
So if your assessment comes in at $1M but the FMV should be at $850K, a person does not have the right to appeal because it's not greater than >15%? If so, that homeowner would be overpaying their taxes by $2700 (assuming 1.8%). How is that fair?


The info from ASI states that you can schedule a one-on-one meeting with them to discuss your valuation (after it's released, obviously). This is an informal avenue for adjustment.

They also say that if you still aren't satisfied, you can appeal to the County Board of Taxation (also an informal process), and then to the NJ State Tax Court (formal). They don't mention any threshold for appeal. (Which doesn't mean there isn't one, particularly for Tax Court.)

Posted on: 6/7 16:41
Print Top


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


Hide User information
Joined:
2009/11/25 11:31
From Village
Group:
Registered Users
Posts: 171
Offline
Quote:

JCGuys wrote:
Quote:

Erica wrote:

My understanding from the various Q&As I've seen is that if they're unable to access your unit, they will assume that your unit is at the high end of the range of comparables. So if some units in your building have been renovated with upgraded appliances and some have not, they will assume yours is one of the renovated ones unless they can get in to see otherwise.


Can you post a link to this Q&A? There's so much misinformation and disinformation out there, so I want to read that for myself on a reputable site.


I was referring mostly to the in-person Q&As that were held with ASI throughout the city in April. Civic Parent has a good recap of the Ward A one here: https://civicparent.org/news/jersey-ci ... tion-meetings-highlights/

There's also a JC-specific landing page on ASI's site (and their FAQ pages have a lot of useful info as well): http://asinj.com/revaluation.asp?p=current&id=359

ETA: ASI's site lists one more upcoming presentation at Lincoln High on 6/29 from 7:30PM - 8:30PM.

Posted on: 6/7 16:30
Print Top


Re: 2017 Reval ~ Property Inspections
Just can't stay away
Just can't stay away


Hide User information
Joined:
2009/3/23 12:57
Group:
Registered Users
Posts: 132
Offline
So if your assessment comes in at $1M but the FMV should be at $850K, a person does not have the right to appeal because it's not greater than >15%? If so, that homeowner would be overpaying their taxes by $2700 (assuming 1.8%). How is that fair?

Posted on: 6/7 15:40
Print Top


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


Hide User information
Joined:
2015/5/27 20:34
From Jersey City
Group:
Registered Users
Posts: 613
Offline
Quote:

Erica wrote:

My understanding from the various Q&As I've seen is that if they're unable to access your unit, they will assume that your unit is at the high end of the range of comparables. So if some units in your building have been renovated with upgraded appliances and some have not, they will assume yours is one of the renovated ones unless they can get in to see otherwise.


Can you post a link to this Q&A? There's so much misinformation and disinformation out there, so I want to read that for myself on a reputable site.

Posted on: 6/7 14:22
Print Top


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


Hide User information
Joined:
2015/5/27 20:34
From Jersey City
Group:
Registered Users
Posts: 613
Offline
Quote:

iGreg wrote:
So, in other words:

"It's a big shit sandwich and we all have to take a bite"


#Upcharge



Unless you live in Wards A,B or F...

Posted on: 6/7 14:21
Print Top


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


Hide User information
Joined:
2015/4/14 23:56
From JC
Group:
Registered Users
Posts: 663
Offline
So, in other words:

"It's a big shit sandwich and we all have to take a bite"


#Upcharge


Posted on: 6/7 13:25
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: 4743
Offline
Quote:

Azul_the_Cat wrote:
If I'm not mistaken, the valuation needs be out of wack by a certain percentage before you can appeal.


15% over FMV to successfully appeal.

Hey AlexC??? My lawyer is standing by with our contract!!

If you really wanted what you said you wanted you'd jump at it. But as I guessed, what you really want is to have it both ways as you've had up till now. No reval until sale? Put yourself in your new neighbor's shoes paying 2 or 3 times your tax. Fair?

Honestly, I think it's unfair that people under 62 like AlexC possibly is can't take out reverse mortgages to pay their tax. Let the market set the rate for the potentially lengthened time to payoff.

Posted on: 6/7 12:50
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: 534
Offline
If I'm not mistaken, the valuation needs be out of wack by a certain percentage before you can appeal.

Posted on: 6/7 11:31
Print Top


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


Hide User information
Joined:
2010/5/26 16:32
From Hamilton Park
Group:
Registered Users
Posts: 196
Offline
If I lived in a big building I wouldn't sweat the inspection. You get a chance to see what you are assessed at and your neighbors, it will in all likelihood be in line with the similar units and similar square footage, with some consideration for floor. Additionally your building may be abated, so there while they will inspect the

When you get the assessment, if you find it to be out of whack with your neighbors you will have ample time to appeal it. But in reality if it's off by 5k you are talking like $150 bucks annually. I can easily make the case that my time is working is much more beneficial then quibbling over essentially a rounding error.

Posted on: 6/7 10:47
Print Top


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


Hide User information
Joined:
2009/11/25 11:31
From Village
Group:
Registered Users
Posts: 171
Offline
Quote:

jcguy05 wrote:
hi for a high rise condo in downtown jersey city, if i am not home when the inspector comes will it have a negative impact on my reval tax?

the days he suppose to be here i need to work. i assume since it's a condo with many similar units, they can just use similar unit's value for my reval.

Is that accurate? i am not trying to avoid a reval, just cant leave work.


If you aren't home, the inspector will leave a note listing an alternate time. There will be a number to call if that time doesn't work for you, so that you can schedule the appointment during a more convenient window.

My understanding from the various Q&As I've seen is that if they're unable to access your unit, they will assume that your unit is at the high end of the range of comparables. So if some units in your building have been renovated with upgraded appliances and some have not, they will assume yours is one of the renovated ones unless they can get in to see otherwise.

Posted on: 6/7 10:10
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: 534
Offline
And what basis do you have to make that statement? I asked this same question earlier in this thread about what would happen if you don't let the inspector in. That was the general response. If it's a condo, there are likely identical condos in the same building. The appraised value could be very well equal to the other similar or identical units. Valid point

Contrary to popular belief, it's not like the old days and the inspectors can just make up a number. There is so much eyes on this recap, do you really think an inspector is going to inflate a number to get back at a homeowner that didn't let them in? Not what I was suggesting at all. If you were to, hypothetically, take all the comps in the area but your property was worth less than the comps, it could end up not in your favor. If anything, they should be leaving thank you notes as it makes their job easier relying on public records instead of personally inspecting.

Posted on: 6/7 9:58
Print Top


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


Hide User information
Joined:
2015/5/27 20:34
From Jersey City
Group:
Registered Users
Posts: 613
Offline
Quote:

Azul_the_Cat wrote:
The estimate will usually not be in your favor.


And what basis do you have to make that statement? If it's a condo, there are likely identical condos in the same building. The appraised value could be very well equal to the other similar or identical units.

Contrary to popular belief, it's not like the old days and the inspectors can just make up a number. There is so much eyes on this recap, do you really think an inspector is going to inflate a number to get back at a homeowner that didn't let them in? If anything, they should be leaving thank you notes as it makes their job easier relying on public records instead of personally inspecting.

Posted on: 6/7 9:29
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: 534
Offline
The inspector will leave a note telling you they were there and it should have a date when they will come back. From the inspections done so far it looks like they will come back on a weekend. Even if you don't let them into your place when you're home the Inspector will do an estimate based on similar properties. The estimate will usually not be in your favor.

Posted on: 6/7 8:33
Print Top


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


Hide User information
Joined:
2013/1/23 14:44
Group:
Registered Users
Posts: 295
Offline
hi for a high rise condo in downtown jersey city, if i am not home when the inspector comes will it have a negative impact on my reval tax?

the days he suppose to be here i need to work. i assume since it's a condo with many similar units, they can just use similar unit's value for my reval.

Is that accurate? i am not trying to avoid a reval, just cant leave work.

Posted on: 6/6 18:13
Print Top


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


Hide User information
Joined:
2015/5/27 20:34
From Jersey City
Group:
Registered Users
Posts: 613
Offline
Quote:

brewster wrote:
Quote:

AlexC wrote:
I have no intentions of making a profit from the appreciation of mu property. I want to live here, not in the suburbs or anywhere else. Why should we be penalized for being in a location in which our homes appreciated 400%?

This reval should only apply to people who sell their property



Great, do I have a deal for you! I'll buy your house for what you paid for it and rent it to you indefinitely for what your current monthly expenses are. You get what you want, no increased expenses and no appreciation.


Zing!

Posted on: 6/6 15:34
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: 4743
Offline
Quote:

AlexC wrote:
I have no intentions of making a profit from the appreciation of mu property. I want to live here, not in the suburbs or anywhere else. Why should we be penalized for being in a location in which our homes appreciated 400%?

This reval should only apply to people who sell their property



Great, do I have a deal for you! I'll buy your house for what you paid for it and rent it to you indefinitely for what your current monthly expenses are. You get what you want, no increased expenses and no appreciation.

Posted on: 6/6 11:33
Print Top


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


Hide User information
Joined:
2008/8/12 14:31
Group:
Registered Users
Posts: 3132
Offline
Quote:

AlexC wrote:
I have no intentions of making a profit from the appreciation of mu property. I want to live here, not in the suburbs or anywhere else. Why should we be penalized for being in a location in which our homes appreciated 400%?

This reval should only apply to people who sell their property


You are being ridiculous. But, at least you are open and honest about your selfishness.

Posted on: 6/6 4:36
Print Top


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


Hide User information
Joined:
2015/4/14 23:56
From JC
Group:
Registered Users
Posts: 663
Offline
How many shootings u had in Hamilton Park lately ?

Ya need to pay appropriately for that tranquility fam.

#cash me outside how bout dat



Quote:

AlexC wrote:
I have no intentions of making a profit from the appreciation of mu property. I want to live here, not in the suburbs or anywhere else. Why should we be penalized for being in a location in which our homes appreciated 400%?

This reval should only apply to people who sell their property



Posted on: 6/6 0:17
Print Top


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


Hide User information
Joined:
2006/9/14 14:57
From Hamilton Park
Group:
Registered Users
Posts: 967
Offline
I have no intentions of making a profit from the appreciation of mu property. I want to live here, not in the suburbs or anywhere else. Why should we be penalized for being in a location in which our homes appreciated 400%?

This reval should only apply to people who sell their property


Quote:

tictaktoe wrote:
wtf is wrong with people who feel reval is a suffering? Who here can't understand the difference between % and $$? Please enroll in a 5th-grade class.

1. As an individual, an avg DTJC resident who has been sitting on his/her property since last reval was getting away with paying lower than the fair share of taxes in light of their increasing property value even after paying the same rate (%).

2. As a neighborhood, DTJC was paying a higher share (in $$$) of state because there are a lot more residents with higher value now and also driven by recent transactions at current market value + not to forget new construction that has come up in the last 30 years on both rental and condo side (Yes, even after the abatement, $ amount becomes substantial for e.g. 1% of $1000 > 2% of $400)

What is common in the above two statements? Those who are in DTJC and have been sitting on their property since last reval are the ones who are REALLY GETTING AWAY WITH IT so far.

So they should STFU, pay up and everyone then starts from the same line. Simple.

If the taxes are too high, probably your home is too expensive for you to live in. Then, just sell it, monetize the gain and buy a place where you can pay the taxes.



Posted on: 6/5 23:48
Print Top


Re: 2017 Reval ~ Property Inspections
Newbie
Newbie


Hide User information
Joined:
6/5 21:34
From jersey city
Group:
Registered Users
Posts: 1
Offline
What I think is particularly concerning is that many people, especially recent buyers, may not be aware of the reval and/or what the impact on their taxes would be. I highly doubt real etate brokers are being forthright about it, unless they sense the buyer has done their homework.Looking at some recent sales, there are several properties sold for.more than $1.2 mm, but with taxes less than $10k/year. I hope that these buyers are well aware what their taxes would look like after the reval!

Posted on: 6/5 21:47
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: 4743
Offline
Quote:

07310 wrote:
Should we look at Hoboken's taxes as an example of where our taxes will be or are they a horse of a different color?


Most people think Hoboken is a far more homogenous market, therefore the magnitude of the assessment error would be less. I never heard stories of some people paying 3x the effective rate of others, like we currently have in JC.

Posted on: 6/1 9:58
Print Top


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


Hide User information
Joined:
2004/11/7 22:36
Group:
Registered Users
Posts: 907
Offline
Quote:

brewster wrote:
Quote:

tern wrote:
I think that the overall tax base is higher than many people realise, and therefore tax rate will be lower than 2%.
Robin.

You could be right and I hope you are, I'm expecting at least a $10,000 hit. Do the people who set the ratio each year, the guess of how the total value of all the ratables has risen, know their business or not? How close they were determines how much of a rate change to expect.

Either way this needs to be done. I hope all of us that are here nine years from now keep a vigilant eye out and don't let a delay happen again.


Should we look at Hoboken's taxes as an example of where our taxes will be or are they a horse of a different color?

Posted on: 6/1 9:33
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: 4743
Offline
Quote:

Reverse mortgage is an option, and not a terrible one either, but I do have some concerns about it.

The first is that with very few exceptions (notably cars), I am not a fan of borrowing to pay expenses. Borrowing to enhance the value of a home makes a lot of sense to me; borrowing to cover a tax bill, less so.

Good issue you raise that spooks a lot of people, but I think you're on the wrong side of it. It seems you're conflating secured borrowing with unsecured borrowing. Unsecured borrowing is credit cards and student loans, you get money but have nothing that could be liquidated to pay it back if need be. Secured borrowing is to buy an asset, or improve it. I know some pretty sharp people who can't stand the idea of any debt, even if it's to buy a secured asset like a house that has tremendous tax and leverage advantages.

In the case of a reverse mortgage, it's secured, by your home. It's a far cry from putting your rent on a credit card. You're not really borrowing money from a bank, you're borrowing it from yourself, with the bank making money by acting as intermediary to make a non liquid asset partially liquid until you sell it and pay them back. I do not believe borrowing 2-3% per year of an asset like a house would be financially risk, especially as the likelihood of a DTJC house not rising by at least that 2-3% yearly over the 10-20 year term seems pretty small.

Posted on: 5/26 18:00
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: 4743
Offline
Quote:

Dolomiti wrote:

So you hate the idea that abated properties pay less property tax, but you're fine with people underpaying property taxes because the city can't be bothered to update the valuations?
Not to mention that during much of the time she has railed against the abatements she was paying less tax per dollar value of her property than many of the abated homes. She has no shame nor compassion.

Posted on: 5/26 16:21
Print Top




(1) 2 3 4 ... 7 »




[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