Author Topic: City To Conduct First Property Revaluation Since 1988  (Read 35475 times)

Offline jcgov

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The Reval has begun for residents in the northern-most section of the Jersey City Heights. Letters notifying residents of the dates to expect inspectors in their neighborhoods were sent, but if you or your landlord did not receive a letter, then download the Tax Assessor's Change of Address Form here!

All Jersey City residents can follow the progress of the reval by fanning the City of Jersey City Official Government Facebook page, checking back here, or by scrolling down to the City News section of the Municipal website. Certainly, if you have any questions to ask, let us know by calling the Reval Hotline at 201-547-4538 or post them here at wiredjc!

Want to know what our most Frequently Asked Question of the Week was? Then read more here!



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Online Binky

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Re: City To Conduct First Property Revaluation Since 1988
« Reply #46 on: 05-08-2011, 10:19pm »
Yes and no.
A tax rate increase now has a cap, but a revaluation is not a tax increase, even though your taxes may go up as a result.
Nice. 
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Offline hedging

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Re: City To Conduct First Property Revaluation Since 1988
« Reply #45 on: 05-08-2011, 05:52pm »
Did the governor cap our tax increases to 2%?

Offline pinky

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Re: City To Conduct First Property Revaluation Since 1988
« Reply #44 on: 05-07-2011, 12:49pm »
... I have spent tens and tens of thousands fixing it up, making it a good and livable home.
Now, am I faced with the joy of the reval coming, telling me because I fixed it up, it is worth so much more than my typical neighbors with their unimproved places?
Well, that's what you get for being "Mr. Fancypants Better homes and Gardens look at me I'm from NY and my house is better than yours". What did you expect? Did you think they would LOWER your taxes for making improvements? No, you dropped 60K on home improvements, you got money, you can afford to subsidize us trailer trash and you will. You bust your hump building a patio and squander your money at Home Depot while WE spend our time and money wisely on beer, drugs, tattoos, craptrendy fashions, fancy dinners at Applebees and online poker. You think your neighbors all live in a shithole cause they like it that way? Think again, buster. There's  method to their madness. As soon as the reval man walks out the door, they will be calling Joe's Home Improvements for a total gut reno. On tax bill day they will snicker and point out their shabby vinyl blind windows at you and say to each other " HA HA HA, look, there goes Mr. Home Improvement, there goes  Norm from This Old House, there goes Mr. Do It Yourself, HE pays our taxes!". You want some advice? Start flinging ketchup on your walls, bust a few windows and put duct tape on them, smash some cat shit into the carpet, stop flushing the toilet, put dead bulbs in the light fixtures, become an alcoholic, bedbugs or fleas is a nice touch and hire some bums to sleep on your stoop, they work cheap.

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Offline Woodsy

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Re: City To Conduct First Property Revaluation Since 1988
« Reply #43 on: 05-07-2011, 08:23am »
So I bought a home here that was built about 1880 3.5 years ago. The place was in terrible shape.

Since that time I have spent tens and tens of thousands fixing it up, making it a good and livable home.

In that same period of time I have have watched the value of the home fall drastically (probably 33%), I doubt I could get what I PAID for it, not even including cost of my improvements.

Now, am I faced with the joy of the reval coming, telling me because I fixed it up, it is worth so much more than my typical neighbors with their unimproved places?

FWIW lets say I paid a little over 300K (mid 2007), have spent 60K and a TON of my own work. Now lets say Zillow says it is worth 240K which is perhaps 50K low. current assessment is 113K.

Somehow I know that I am going to regret moving here/buying this place even more than I already do.

The place I moved from in one of the boros has declined perhaps 10% in value and taxes are virtually unchanged in the same period of time. Jersey City government and property has not been good to me or for me IMO.

I would have liked to go the meeting but work schedule did not allow.

My understanding is that your "assessed" value should currently be about 25% of its actual value and you are paying the tax rate on that value.  So if you house is assessed at $113k the city actually believes your house is worth $452k.  Once your placed is revalued its "assessed" value should go back up to about what it is worth today but you should be paying a lower tax rate and about the same amount of money.

For the sake of example only (I know the numbers are way off); if all the property in the city had an assessed value of $1,000,000,000 and a tax rate of 10% they would take in 10,000,000 of taxes a year.  After the assessment the value of all properties collectively goes up to $2,000,000,000 then the tax rate should drop to 5% so the city still takes in the same amount $10,000,000 in taxes.  Of course looking at it in an individual level there will be some people whose properties will go up more in value than others in the city's eyes and thus will end up paying more than they do now and some people will end up paying less.  Moreover, I can't believe the city won't take this as an opportunity to drive through a massive tax hike and just blame it on the reval.  Why cut spending when you can just raise taxes?  Especially when you can hide the tax increase in a complicated procedure that most people don't understand.

Offline wibbit

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Re: City To Conduct First Property Revaluation Since 1988
« Reply #42 on: 05-06-2011, 01:47am »
I think you are pretty much screwed.  It's really unfair, people who improve their property (which ultimately makes the whole neighborhood better) is getting penalized while those who let their property rot gets a pass.

I would never buy in a building without tax abatements in downtown jersey city, it's just suicide. 

Port liberte phase 1 will be in big trouble i think, their tax abatement runs out this year and that area has insane property tax to begin with.


So I bought a home here that was built about 1880 3.5 years ago. The place was in terrible shape.

Since that time I have spent tens and tens of thousands fixing it up, making it a good and livable home.

In that same period of time I have have watched the value of the home fall drastically (probably 33%), I doubt I could get what I PAID for it, not even including cost of my improvements.

Now, am I faced with the joy of the reval coming, telling me because I fixed it up, it is worth so much more than my typical neighbors with their unimproved places?

FWIW lets say I paid a little over 300K (mid 2007), have spent 60K and a TON of my own work. Now lets say Zillow says it is worth 240K which is perhaps 50K low. current assessment is 113K.

Somehow I know that I am going to regret moving here/buying this place even more than I already do.

The place I moved from in one of the boros has declined perhaps 10% in value and taxes are virtually unchanged in the same period of time. Jersey City government and property has not been good to me or for me IMO.

I would have liked to go the meeting but work schedule did not allow.



Offline JCHere

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Re: City To Conduct First Property Revaluation Since 1988
« Reply #41 on: 05-05-2011, 11:21pm »
Got to admit two things:
1. I had that one coming LOL

2. You advice is excellent. Operation "Deval" begins in my home tonight!


... I have spent tens and tens of thousands fixing it up, making it a good and livable home.
Now, am I faced with the joy of the reval coming, telling me because I fixed it up, it is worth so much more than my typical neighbors with their unimproved places?
Well, that's what you get for being "Mr. Fancypants Better homes and Gardens look at me I'm from NY and my house is better than yours". What did you expect? Did you think they would LOWER your taxes for making improvements? No, you dropped 60K on home improvements, you got money, you can afford to subsidize us trailer trash and you will. You bust your hump building a patio and squander your money at Home Depot while WE spend our time and money wisely on beer, drugs, tattoos, craptrendy fashions, fancy dinners at Applebees and online poker. You think your neighbors all live in a shithole cause they like it that way? Think again, buster. There's  method to their madness. As soon as the reval man walks out the door, they will be calling Joe's Home Improvements for a total gut reno. On tax bill day they will snicker and point out their shabby vinyl blind windows at you and say to each other " HA HA HA, look, there goes Mr. Home Improvement, there goes  Norm from This Old House, there goes Mr. Do It Yourself, HE pays our taxes!". You want some advice? Start flinging ketchup on your walls, bust a few windows and put duct tape on them, smash some cat shit into the carpet, stop flushing the toilet, put dead bulbs in the light fixtures, become an alcoholic, bedbugs or fleas is a nice touch and hire some bums to sleep on your stoop, they work cheap.

Online Soshin

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Re: City To Conduct First Property Revaluation Since 1988
« Reply #40 on: 05-05-2011, 08:48pm »
... I have spent tens and tens of thousands fixing it up, making it a good and livable home.
Now, am I faced with the joy of the reval coming, telling me because I fixed it up, it is worth so much more than my typical neighbors with their unimproved places?
Well, that's what you get for being "Mr. Fancypants Better homes and Gardens look at me I'm from NY and my house is better than yours". What did you expect? Did you think they would LOWER your taxes for making improvements? No, you dropped 60K on home improvements, you got money, you can afford to subsidize us trailer trash and you will. You bust your hump building a patio and squander your money at Home Depot while WE spend our time and money wisely on beer, drugs, tattoos, craptrendy fashions, fancy dinners at Applebees and online poker. You think your neighbors all live in a shithole cause they like it that way? Think again, buster. There's  method to their madness. As soon as the reval man walks out the door, they will be calling Joe's Home Improvements for a total gut reno. On tax bill day they will snicker and point out their shabby vinyl blind windows at you and say to each other " HA HA HA, look, there goes Mr. Home Improvement, there goes  Norm from This Old House, there goes Mr. Do It Yourself, HE pays our taxes!". You want some advice? Start flinging ketchup on your walls, bust a few windows and put duct tape on them, smash some cat shit into the carpet, stop flushing the toilet, put dead bulbs in the light fixtures, become an alcoholic, bedbugs or fleas is a nice touch and hire some bums to sleep on your stoop, they work cheap.

:rofl:
"god hates you. you will all go to yuppie hell. in yuppie hell there is no starbucks or hole foods or sushi bar. in yuppie hell you will work 16 hours a day in a bodega. in yuppie hell your car will not start when the sweeper is coming down the street. in yuppie hell your doorman will terrorize you and have sex with your wife or husband...when you are at work....in the bodega. in yuppie hell you will go to the laundromat and lose your last quarter in a broken washing machine. in yuppie hell you will buy all your food and clothing at the 99 cent store. in yuppie hell there are no cell phones, you will use a pay phone. a filthy pay phone".      -   Cat_Man Dude

Offline fasteddie

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Re: City To Conduct First Property Revaluation Since 1988
« Reply #39 on: 05-05-2011, 08:40pm »
... I have spent tens and tens of thousands fixing it up, making it a good and livable home.
Now, am I faced with the joy of the reval coming, telling me because I fixed it up, it is worth so much more than my typical neighbors with their unimproved places?
Well, that's what you get for being "Mr. Fancypants Better homes and Gardens look at me I'm from NY and my house is better than yours". What did you expect? Did you think they would LOWER your taxes for making improvements? No, you dropped 60K on home improvements, you got money, you can afford to subsidize us trailer trash and you will. You bust your hump building a patio and squander your money at Home Depot while WE spend our time and money wisely on beer, drugs, tattoos, craptrendy fashions, fancy dinners at Applebees and online poker. You think your neighbors all live in a shithole cause they like it that way? Think again, buster. There's  method to their madness. As soon as the reval man walks out the door, they will be calling Joe's Home Improvements for a total gut reno. On tax bill day they will snicker and point out their shabby vinyl blind windows at you and say to each other " HA HA HA, look, there goes Mr. Home Improvement, there goes  Norm from This Old House, there goes Mr. Do It Yourself, HE pays our taxes!". You want some advice? Start flinging ketchup on your walls, bust a few windows and put duct tape on them, smash some cat shit into the carpet, stop flushing the toilet, put dead bulbs in the light fixtures, become an alcoholic, bedbugs or fleas is a nice touch and hire some bums to sleep on your stoop, they work cheap.

Offline JCHere

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Re: City To Conduct First Property Revaluation Since 1988
« Reply #38 on: 05-05-2011, 05:25pm »
So I bought a home here that was built about 1880 3.5 years ago. The place was in terrible shape.

Since that time I have spent tens and tens of thousands fixing it up, making it a good and livable home.

In that same period of time I have have watched the value of the home fall drastically (probably 33%), I doubt I could get what I PAID for it, not even including cost of my improvements.

Now, am I faced with the joy of the reval coming, telling me because I fixed it up, it is worth so much more than my typical neighbors with their unimproved places?

FWIW lets say I paid a little over 300K (mid 2007), have spent 60K and a TON of my own work. Now lets say Zillow says it is worth 240K which is perhaps 50K low. current assessment is 113K.

Somehow I know that I am going to regret moving here/buying this place even more than I already do.

The place I moved from in one of the boros has declined perhaps 10% in value and taxes are virtually unchanged in the same period of time. Jersey City government and property has not been good to me or for me IMO.

I would have liked to go the meeting but work schedule did not allow.


Offline fip

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Re: City To Conduct First Property Revaluation Since 1988
« Reply #37 on: 05-05-2011, 04:47pm »
s'ok. well I'm prepared to be confused.  :P

so... we just bought into a downtown condo space - big and very unique but a little run down inside. the complex itself has none of the amenities that are common in recent waves of new construction. we talked the sellers down a chunk. but we might (or might not) have paid more than market because there's really nothing to compare it to.

will the reval be based on the sale price or can we seek an inspection? I'm assuming they are looking at more than square footage. since its run down, I think we might come out ahead if that counts and the guy does a walk thru. especially if he manages to walk thru other spaces in the building. each is so different and some are pretty fixed up.


Offline jcgov

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City Assessor Ed Toloza and members of the Realty Appraisal Company will be on hand to explain the upcoming property revaluation and answer questions at 6:00 p.m. on Tuesday, May 3, 2011, in Council Chambers, City Hall, 280 Grove Street.

This meeting is open to the public and all are welcome to attend!


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Offline speaknj

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Ed Toloza, City Assessor
« Reply #34 on: 05-24-2010, 04:02pm »
Ed Toloza, City Assessor spoke before the Van Vorst Park Association on the upcoming Revaluation which will take effect January 2013.  The last revaluation took place in 1988 and Downtown JC received the highest assessment.  Commercial properties went down and tax abated properties were not affected.


<a href="http://vimeo.com/moogaloop.swf?clip_id=11992446&amp;amp;server=vimeo.com&amp;amp;show_title=1&amp;amp;show_byline=1&amp;amp;show_portrait=0&amp;amp;color=&amp;amp;fullscreen=1" target="_blank" class="new_win">http://vimeo.com/moogaloop.swf?clip_id=11992446&amp;amp;server=vimeo.com&amp;amp;show_title=1&amp;amp;show_byline=1&amp;amp;show_portrait=0&amp;amp;color=&amp;amp;fullscreen=1</a>
« Last Edit: 05-24-2010, 07:43pm by MCA »
Speak NJ is a public access cable program that airs in Jersey City and Bayonne.  Mondays, Jersey City 10:30 PM and Tuesdays 9:00 PM, Channel 51. In Bayonne, channel 19, Tuesdays @ 9:00 PM

Offline bdlaw

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Re: City To Conduct First Property Revaluation Since 1988
« Reply #33 on: 05-01-2010, 06:22pm »
Based on his two references to Zillow I think he's trying to sell you his house.

FU BD :)

I'm actually being contructive for a change :)

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Offline nugnfutz

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Re: City To Conduct First Property Revaluation Since 1988
« Reply #32 on: 05-01-2010, 12:22am »
Based on his two references to Zillow I think he's trying to sell you his house.

FU BD :)

I'm actually being contructive for a change :)

Offline nugnfutz

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Re: City To Conduct First Property Revaluation Since 1988
« Reply #31 on: 05-01-2010, 12:18am »
How do you figure I'll get a bargain now?  I'm not sure I follow the logic.  If the taxes are going up drastically, wouldn't that deter people from buying, thus lowering the cost after the reassessment?  Any guidance is appreciated.

Before the reval, 1/3 of properties are undervalued, 1/3 are overvalued and 1/3 will remain unchanged. Overall taxes will remain unchanged (except for standard City increases). Taxes will only go up drastically on those properties that are currently undervalued. So for example, let's say you are looking for a 1500 sq ft property. If the assessed market value is $100k before the reval, and $300k after the reval, you'll end up paying the same property tax after the reval regardless of what price you paid for the property. The nice thing about buying before the reval, is that u can probably pick up the property closer to $100k than $300k. After the reval, you are still going to end up paying the same prop tax bill based on the 1500 sq ftage.

Make sense?

Offline nugnfutz

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Re: City To Conduct First Property Revaluation Since 1988
« Reply #30 on: 04-30-2010, 11:56pm »

There are 2 numbers against tax, one is County (non-municipal) and the other City (municipal). Your full year tax bill will be the sum of the 2 numbers. And yes, 6-7% is the right ballpark. You can check www.easytaxfix.com to see if you're currently overvalued or undervalued. www.zillow.com is also a good resource.



Thanks for the links - I may be misinterpretting this, but looks like JC is using a 27% equalization rate on my property to try and adjust to current market rates. so am getting taxed on a $617k basis, not $165k. am hoping this means potential tax hike won't be as bad as i originally thought.


Absolutely correct. The assessed value is kinda what your property was worth in 1988 at the last full reval. The equalization rate tries to make up the difference to current market values across the County. So even if you have a brand new property - the City is comparing it to 1988 for assessed values.

Offline bdlaw

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Re: City To Conduct First Property Revaluation Since 1988
« Reply #29 on: 04-30-2010, 02:25pm »
Based on his two references to Zillow I think he's trying to sell you his house.
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Offline garyg

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Re: City To Conduct First Property Revaluation Since 1988
« Reply #28 on: 04-30-2010, 01:18pm »

I stand corrected.  That increase is crazy.  I was thinking of buying a new place this year, but I think I might wait this out.

You're more likely to pick up a bargain before the reval than after, so long as you're prepared for the tax hike afterwards. If I was a buyer at the moment, I'd look out properties that don't have sq footage listed on their rate card, then get the sq footage from the seller and compare to local sq footage sales average prices. zillow.com is a good place to hunt for these.

How do you figure I'll get a bargain now?  I'm not sure I follow the logic.  If the taxes are going up drastically, wouldn't that deter people from buying, thus lowering the cost after the reassessment?  Any guidance is appreciated.

Online MÇA

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Re: City To Conduct First Property Revaluation Since 1988
« Reply #27 on: 04-30-2010, 11:46am »

There are 2 numbers against tax, one is County (non-municipal) and the other City (municipal). Your full year tax bill will be the sum of the 2 numbers. And yes, 6-7% is the right ballpark. You can check www.easytaxfix.com to see if you're currently overvalued or undervalued. www.zillow.com is also a good resource.



Thanks for the links - I may be misinterpretting this, but looks like JC is using a 27% equalization rate on my property to try and adjust to current market rates. so am getting taxed on a $617k basis, not $165k. am hoping this means potential tax hike won't be as bad as i originally thought.


The JC Independent's article has similar numbers (Note there is an Excel file available for download in that link):

Quote
According to data from the county tax administrator’s office, the city’s current assessment ratio — the percentage of true market value that the average property is assessed at — is at 26.75 percent, which Morrill says is “far from the ideal 85 percent assessment ratio.” This means that the city’s aggregate assessed value, currently $5.9 billion, would need to rise to nearly $22 billion to align with the aggregate true value of property in Jersey City.


Offline skwirrlking

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Re: City To Conduct First Property Revaluation Since 1988
« Reply #26 on: 04-30-2010, 10:16am »

There are 2 numbers against tax, one is County (non-municipal) and the other City (municipal). Your full year tax bill will be the sum of the 2 numbers. And yes, 6-7% is the right ballpark. You can check www.easytaxfix.com to see if you're currently overvalued or undervalued. www.zillow.com is also a good resource.



Thanks for the links - I may be misinterpretting this, but looks like JC is using a 27% equalization rate on my property to try and adjust to current market rates. so am getting taxed on a $617k basis, not $165k. am hoping this means potential tax hike won't be as bad as i originally thought.

Offline nugnfutz

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Re: City To Conduct First Property Revaluation Since 1988
« Reply #25 on: 04-29-2010, 07:35pm »

I stand corrected.  That increase is crazy.  I was thinking of buying a new place this year, but I think I might wait this out.

You're more likely to pick up a bargain before the reval than after, so long as you're prepared for the tax hike afterwards. If I was a buyer at the moment, I'd look out properties that don't have sq footage listed on their rate card, then get the sq footage from the seller and compare to local sq footage sales average prices. zillow.com is a good place to hunt for these.

Offline nugnfutz

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Re: City To Conduct First Property Revaluation Since 1988
« Reply #24 on: 04-29-2010, 06:56pm »
was doing some tax research :nerd: on this site.

any idea why the tax amounts seem off? are they semiannual numbers?




There are 2 numbers against tax, one is County (non-municipal) and the other City (municipal). Your full year tax bill will be the sum of the 2 numbers. And yes, 6-7% is the right ballpark. You can check www.easytaxfix.com to see if you're currently overvalued or undervalued. www.zillow.com is also a good resource.



Offline skwirrlking

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Re: City To Conduct First Property Revaluation Since 1988
« Reply #23 on: 04-29-2010, 05:49pm »
no one here has any insight on this? not even the exec board memberss of the 'hood assocs?

right now, our place is assessed at $165k and we are paying $11.5k a year in property taxes, which is 7%.

is this a similar rate to others out there?

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Re: City To Conduct First Property Revaluation Since 1988
« Reply #23 on: 04-29-2010, 05:49pm »