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help reading appraisal from revaluation
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Home away from home
 
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Hi guys,
As part of the revaluation in jersey city, i was just sent an appraisal report for my 1 br condo in downtown, which is still under tax abatement. I currently pay ~$8k in abatement tax and ~$270 in property tax I need some help on reading what this bill is actually saying, because it is very confusing. Can someone please in simple terms explain to me what the appraiser is saying and what my new tax abatement and property tax will be? This is what is in the letter: My current 2017 assessment (include exempt + taxable portion) is $132,800 -TAXABLE PORTION: $3,500 (actual taxes @ 7.8 rate/$100 assessed = $273) -EXEMPT PORTION: $129,300 New 2018 assessment is $584,700 - TAXABLE PORTION: $100,000 (estimated taxes @1.62 rate/$100 assessed = $1,620) - EXEMPT PORTION: $484,700 So my understanding is my property tax is going up from $273 to $1,620. But what about my tax abatement which is currently at $8000, the exempt portion amount also went up 4x, does that mean i have to pay $32,000 in tax abatement payments now? for a 1br condo??? Any clarity you guys can provide will be greatly appreciated. Thank you
Posted on: 2018/1/31 3:23
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3rd QT (8/1) tax bill still missing from JC website
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Home away from home
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Hi, the 3rd quarter tax bill is due on 8/1, yet they are still missing from the jersey city website, so i cannot make the payment.
Does anyone know what's going on? usually they are available a month or 2 in advance. thanks
Posted on: 2017/7/25 22:55
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Re: Seeking a reliable Landlord/Tenant Lawyer
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Home away from home
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Quote:
tag thank you
Posted on: 2017/6/12 14:56
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Re: 2017 Reval ~ Property Inspections
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Home away from home
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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: 2017/6/6 22:13
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Re: FSBO 1Bd @ GullsCove South Facing
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Home away from home
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Quote:
majority of the highrise condos have tax abatement in place, although you still pay a lot of taxes - it isnt a true tax abatement like in ny where you pay like $100 tax a year for 10 years. But the abatement nonetheless shields you from significant tax hikes and keep it stable. The idea is you sell it with about 3-5 years of tax abatement left to pass the unit to the next clueless person - game of musical chairs. Because when the abatement expires, you can expect at least a 30% tax hike. The reval is really against the brownstones and non-highrises who are paying 5k taxes a year right now, especially those units that were renovated and sold for 1mil+. It will end in tears for those owners, unless they are rich enough they dont care - but then why would you be in jc instead of nyc
Posted on: 2017/3/29 18:54
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Re: FSBO 1Bd @ GullsCove South Facing
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Home away from home
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Quote:
yeah that's the going price, you should be able to sell it without much difficulty. i sold my 1br in portofino in 2015 for 570k at full asking in 1 week thinking i made out like a bandit, little did i know i lost 100k by not waiting another year. the prices are really crazy, during the absolute height of the bubble - where loans are being issued to anyone including their pets, the same 1br was going for 460k and 2br2ba was 550k in my building. Now we are at 50% higher than the high of the 06 bubble. just mind boggling
Posted on: 2017/3/29 18:13
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Re: Property Tax Appeal - Comparable Sales
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Home away from home
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this is so easy to do in jc / hudson, dont know why you need a lawyer.
They allow you to submit the appeal directly online, you can find recent comps online also on the nj tax record site. Then they will send you a letter usually offer you a number that's slightly higher than what you wanted but still considerably lower than the current value. If you accept then you are done, you only need to goto court if you reject (which is stupid). The whole submission takes like 15 mins to do. I have done it a few times and all went very smoothly and lowered my tax on average 15-20%. Your "lawyer" is probably doing the exact same thing except charging you $$$$. Just a word of caution though, those are during the "down" years where it's very easy to show comps that are sold 30% lower than your current appraisal value. Nowdays the comps will probably be HIGHER than your appraisal value, in downtown at least, so it will be stupid trying to appeal your tax...by showing comps that are sold for higher. So as you guys can see timing is everything when filing property tax appeals. You should be filing every year as as long as the property value are declining and lower than your appraisal. Unless you bought recently, nowdays almost all the appraisals are lower than the market value. So it's moot to appeal, what exactly will you be appealing? to increase your taxes?
Posted on: 2017/3/22 18:12
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Re: Wood floor sanding and varnishing
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Home away from home
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i mean install prefinished hardwood floors engineered or regular.
your points are valid, it's up to the individual, just giving my experience. Our upstairs floors were badly damaged so we decided to replace them with engineered wood floor ~700 sqf, and the whole thing was done in 2 days after delivery with very little odor or issues. So just comparing to the downstairs refinish, we definitely just going to replace going forward, unless like what the previous poster said you got some 1850 special wood floors etc..
Posted on: 2017/3/17 13:44
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Re: Wow - LSC's Updated Plans for SciTech Scity
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Home away from home
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Quote:
It IS definitely a fantasy until breaking ground. please..those plots of land around there has been sitting vacant for decades even during the mega real estate booms in 07 and now. Even with the golf course next door, port liberte (another disaster), and lsc very close, noone wants to touch those lands because of the location and access to....well nothing. it's a gift someone is willing to develop it and even build school and public space on it. Just giving it away for free to build high density "cookie cutter" condo/rentals there is much better than what it is now...
Posted on: 2017/3/16 21:03
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Re: General contractor recos for condo work
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Home away from home
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Quote:
unless you have some very special wood, dont do it. I just had it done and the chemical is so bad 10x worse than paint, my neighbor called the fire dept. I had the whole place vented afterwards with homedepot blow fans to create a vacuum for over 4 weeks now and the smell is still there. And from my understanding those are very harmful to you inhaled. It's absolutely NOT worth it to resand and refinish, instead just get new floor installed. The cost is really not that much higher and you dont have to deal with the chemicals. I hired a very experienced contractor but this is the process no way around it. They have the new water based whatever refinish coating now but my contractor said those dont last and end up looking bad - he has no reason to lie to me as i am paying for all material. if i had to do it over again i definitely would just have new floors installed, cost may $1500 more for builder grade bruce brand level engineered or hardwood for a 700 sqf.
Posted on: 2017/3/16 19:24
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Re: Wow - LSC's Updated Plans for SciTech Scity
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Home away from home
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all you whiners forget this is swamp land sitting in the ghetto of jersey city.
you are in fantasy land if you think some developer will come buy this land even to build "cookie cutter" condos or rentals. There are so much vacant lots in the ghettos of jersey city outside of downtown and journal square area, the city couldnt give them away if wanted to for development. this will transform a blight pocket of land into a nice thing while providing benefits such as the school back to the city. all you people do is whine and whine whenever there is ANY development going on anywhere in jersey city, be it downtown, jsq, or in the ghettos. I am glad none of you are running jersey city, otherwise the entire city will still be an abandoned warehouse/factory dump
Posted on: 2017/3/16 18:54
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Re: Woman dies falling off escalator inside famed World Trade Center Oculus while reaching to grab hat
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Home away from home
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cant be careless around escalator.
this was another tragic accident that happened in china recently that was escalator related. The baby died, the little girl luckily held onto the steps and didnt fall down. Very sad. https://youtu.be/IB-oo-kosSo
Posted on: 2017/2/13 23:06
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help - what is ALTERNA TAX CERTIFICATE for property tax payment
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Home away from home
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Hi guys need some help deciphering the jersey city tax collector website.
Every quarter i goto the JC tax collector website to pay my property tax online via check, and once paid the "Paid By" column says E-CHECK. Now for my most recent 11/2/2016 payment, from my checking account it said the money was paid, yet on jersey city tax collector website for my property the "Paid By" column has "ALTERNA TAX CERTIFICATE" instead of E-CHECK. I googled alterna tax, it seems to be some kind of lien company that specializes on delinquent payments. Can someone help or know what this means? i want to get some ideas before calling the jersey city tax collector office, as you guys know they are very impatient and won't explain anything so want to go in with some understanding what's going on. Thanks
Posted on: 2016/12/9 6:22
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Re: Large Group of Teens Brawl at Newport Mall - Wed. - 4pm
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Home away from home
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Quote:
merry christmas and happy new year!
Posted on: 2016/12/8 22:14
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Re: Trump Our New President
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Home away from home
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definitely a historical upset.
dems so massively miscalculated their base. If it was bernie instead vs trump, most likely bernie will win. Since they both represent the same base for those swing voters in the middle. But faced with a choice of hillary vs trump, and 8 years of obama fatigue. The middle has no choice but to capitulate to trump. he will either be a great president that actually get things done, or one of the worst president in history. There is no middle ground for trump.
Posted on: 2016/11/9 19:03
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scammer walking up/down montgomery
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Home away from home
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Hi, has anyone have experience with a scammer recently that walks up and down montgomery from the waterfront to grove path?
He has a fake story about just moving here from LA or some place, got lost and need money for ticket home. He came up to me at least 5 or more times so far over the last 2-3 weeks repeating the same story, without realizing i am the same person (guess i am pretty forgettable). My wife also got harassed by him and said he was pretty forceful when asking for money. The dude is late 20s/early 30s, african american, very muscular (like a body builder), average height ~5'11" and always wore a t-shirt when he came up to me. Looks like he does this almost daily during lunch hour since i encountered him so many times. Can police help here? or it's not considered a crime to lie to scam money. Thanks
Posted on: 2016/11/3 18:49
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Re: TALDE JERSEY CITY
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Home away from home
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how is this vomit of the mouth place still in business....amazing.
Posted on: 2016/10/14 15:25
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Re: 100% financing lending
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Home away from home
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do i have to pay it back?
Posted on: 2016/10/12 21:07
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Re: Hoboken Train Crash
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Home away from home
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does anyone know which train? is it the bergen line? why dont they list the actual train # / name that crashed.
Posted on: 2016/9/29 15:26
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Re: Potential Hurricane on Sunday
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Home away from home
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Quote:
oh i just mean downtown jc
Posted on: 2016/9/6 16:06
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Re: Potential Hurricane on Sunday
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Home away from home
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Quote:
see nothing to worry about.
Posted on: 2016/9/6 14:37
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Re: Potential Hurricane on Sunday
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Home away from home
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nope not happening, stop worrying.
Posted on: 2016/8/31 19:08
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Re: Jersey City Paves the Way for a Restaurant Row in Bergen-Lafayette
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Home away from home
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Restaurant Row in Bergen-Lafayette? hope they offer a side order of free life insurance.
Posted on: 2016/8/31 19:07
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Re: 35-year tax break proposed for three-tower Journal Square project
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Home away from home
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good news, are they all rentals units? or condos?
Posted on: 2016/8/17 15:47
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Re: Cockroach at Modera Lofts
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Home away from home
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Quote:
but what do you really expect moving into a 100 year old abandoned warehouse? this is not new construction, there are probably all sorts of nasty insects and vermins there before they renovated, only logical some are left behind. Just be a good neighbor and make peace with it, or move out.
Posted on: 2016/7/25 20:26
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Re: Anyone playing Pokemon Go?
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Home away from home
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pokemon go will bring world peace. Everyone will be too busy catching pokemons to get into wars and fights :)
I was at the waterfront by the paulus hook ferry which has become a hot spot for pokemon go fans since there are 3 pokestops next to each other and always loaded with lure module. There were at least 2 dozen people hanging out there chatting and catching pokemons. I also noticed i started walking at least 3-5 miles a day now, including my family members too trying to catch pokemon. Game is revolutionary - a disruptor due to the clever way of incorporating real world aspects and scale into a virtual reality around a well known loved brand. You can bet your little butts walmart, starbucks, every single restaurant and shops are all calling nintendo looking to pay them to have a pokestop or gym installed in their locations to drive foot traffic. That's where they will make the real profit, although i am sure the in app purchase are nothing to sneezy at. Nintendo stock is up 35% in 1 day. They just need to fix the servers so it doesn't keep crashing.
Posted on: 2016/7/13 4:27
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Re: Anyone playing Pokemon Go?
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Home away from home
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Quote:
got my jigglypuff today by the waterfront walkway ;) 
Posted on: 2016/7/11 4:41
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Anyone playing Pokemon Go?
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Home away from home
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Just started today, it's so addicting. I have hit almost all of the pokestops by the waterfront area. I see at least dozens of people walking around with the phone playing the same game lol.
For those playing, lets share the locations of the rare pokemons. Oh yeah go blue team! :D
Posted on: 2016/7/10 4:09
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Re: Leashed dog mauled and killed by escaped pitbull
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Home away from home
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all lies, everyone knows pit bull is just misunderstood and are really safe as house pets.
Posted on: 2016/6/27 22:14
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Re: Residents in Trump building furious that they won't have a pool this summer
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Home away from home
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trump has nothing to do with that building except getting a few hundred k to put the name on it.
Posted on: 2016/6/23 15:16
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