Downtown JC going to pay up

From the Jersey Journal:

10 homes socked with huge tax hikes thanks to Jersey City reval

Jersey City is conducting its first complete property revaluation since 1988 and the new assessments have started rolling in.

Appraisal Systems, the company hired to oversee the process, has been uploading the new assessment information online, thousands of properties at a time. The company expects to release a new wave of assessments each week for the next month.

Revals are intended to square each property’s assessment — the value on city tax rolls — with its true value. Because many properties have not been assessed since 1988, the average city property is assessed at less than 24 percent of its true value.

As expected, the city’s Downtown, where property values have soared since the last reval, is home to many of the large assessment hikes — and tax increases. Excluding tax abated properties, the 500 properties with the highest tax hikes have Downtown addresses.

Property owners are still able to make informal appeals to Appraisal Systems and then formal appeals to the Hudson County Board of Taxation, so the new assessments are still only proposed. And there is no 2018 budget yet for the city, county or school district, so the tax hikes are tentative as well.

The city is predicting a new tax rate of 1.62 per $100 of assessed value.

$36,066 tax hike: 203 Washington St. (middle), 5,972 square feet
Current assessment: $175,000
New assessment: $3,068,900
Current taxes: $13,650
New taxes: $49,716

$29,480 tax hike: 104 Morris St. (right), 4,488 square feet
Current assessment: $125,000
New assessment: $2,421,600
Current taxes: $9,750
New taxes: $39,230

$29,115 tax hike: 69 Sussex St., 4,696 square feet
Current assessment: $135,000
New assessment: $2,447,200
Current taxes: $10,530
New taxes: $39,645

This entry was posted in New Jersey Real Estate, Property Taxes. Bookmark the permalink.

74 Responses to Downtown JC going to pay up

  1. Juice Box says:

    Foist!

  2. Juice Box says:

    20e Washington st is a nice brownstone in Paulus Hook section that has beem gentrified but for 49k in taxes and no parking?

  3. ex-Jersey says:

    Property Taxes: The Gift that keeps on giving…..

  4. grim says:

    Perhaps JC should consider fewer PILOTs.

  5. D-FENS says:

    $175k to $3 million assessment….just a tiny discrepancy there.

  6. Comrade Nom Deplume, whose sole regret is that he isn't Tom Brady says:
  7. chicagofinance says:

    When your property taxes go from $13,650 to $49,716, you are singing this little ditty…..
    https://youtu.be/lHomCiPFknY?t=1m40s

  8. Hold my beer says:

    Any chance the rest of N.J. will get to stop subsidizing Jersey city?

  9. SorryToLeave says:

    They will adjust the tax rate to match spending, but it will still be a bitter pill to swallow.

    Come on now… New Jersey is a great place to live. Pay Up. LOLOLOL.

  10. grim says:

    20e Washington st is a nice brownstone in Paulus Hook section that has beem gentrified but for 49k in taxes and no parking?

    Isn’t it a 4 family?

    I know plenty of people paying $20k for 2 family houses in Clifton. This isn’t radically out of line.

    If it’s a one family, it’s 6000 square feet, that’s large even by McMansion standards.

  11. grim says:

    Jobless claims down 9k to 221k, roughly 45-year low.

  12. Juice Box says:

    Grim – yes multi – was sold a year and a half ago.

    From Zillow.

    09/06/16 Sold $3,125,000-10.7% $456 sq ft 9/06/16

    Previuos sale was 07/15/94 Sold $237,500

    From Zillow. Currently, there are three 2-bedroom units providing $77,400 in rental income per year.

    I gather the new owner is going to have to raise the rent.

  13. joyce says:

    Yes, this is the real crime… allowing countless abatements while receiving an inordinate amount of state funding.

    grim says:
    February 8, 2018 at 7:27 am
    Perhaps JC should consider fewer PILOTs

  14. grim says:

    I gather the new owner is going to have to raise the rent.

    What idiot paid $3 million for that property. The rent roll doesn’t even come close to covering PITI unless they dumped a huge down payment. That’s probably less than 3% cap rate. Shit investment.

  15. joyce says:

    A close second is the fact that we’re used to insane property taxes so we make comments like this.

    grim says:
    February 8, 2018 at 8:49 am

    I know plenty of people paying $20k for 2 family houses in Clifton. This isn’t radically out of line.

  16. Juice Box says:

    For these types of Browstones built in the 1800s taxes are now very very high in Hudson County.

    A friend of mine has one in Hoboken and totally renovated it. Taxes were $15k a decade ago, after Hoboken Reval taxes went up to $44k, then down after appeals to $33k.

    No yard to speak of, no parking. Town tickets the crap out of you and tows every chance you get. Public schools suck. So Really? Is it worth it?

  17. 3b says:

    Juice Millennials are waiting longer to have kids many having one and done. And some no kids at all. So it appears they don’t care all that much about schools.

  18. Grim says:

    Palo Alto is pretty in the morning

  19. Blue Ribbon Teacher says:

    No yard to speak of, no parking. Town tickets the crap out of you and tows every chance you get. Public schools suck. So Really? Is it worth it?

    It’s not about that. It’s about the artisinal cupcake shop around the corner

  20. Libturd, AKA Dr. Howie Feltersnatch says:

    This has been a long running joke in our family.

    artisinal – code name for overpriced

    Not hilarious, but absolutely true.

  21. 3b says:

    And fusion. Don’t forget fusion.

  22. grim says:

    Speaking of.

    Baking Grace (Aka Just Desserts) in Hawthorne is the best bakery in NJ. Period. No Contest.

  23. Libturd, AKA Dr. Howie Feltersnatch says:

    Fusion – chef is not of the persuasion of the restaurant. Hence, Korean Tacos.

  24. dentss dunnigan says:

    Is JC a Abbott dist as well …?

  25. Libturd, AKA Dr. Howie Feltersnatch says:

    JC schools have been taken over by the state. OR at least they were in the Bebo days.

  26. Blue Ribbon Teacher says:

    We were talking about it with my old retired coworker. Guy was hilarious. I said that artisinal has no clear definition. And he said “The definition of artisinal is that it costs 3x as much as you would expect”.

  27. Libturd, AKA Dr. Howie Feltersnatch says:

    Just looked it up. Was returned to local control this past Fall.

  28. Frederick Kleinbeck says:

    Anybody remember Howard Jarvis, Proposition 13?

    Think about it.

  29. grim says:

    JC and Hoboken are both still Abbott districts, which is idiotic.

  30. grim says:

    A prop 13 approach in NJ would be very interesting.

    I don’t believe we have the mechanism in the state constitution to do it, do we?

  31. Blue Ribbon Teacher says:

    Never cared much for fusion. I’m in to just about every cuisine out there but mixing never seemed to yield as good results. I’ve been to Wolfgang Puck’s restaurants and he’s the guy who really started that stuff. I’d rather have authentic cuisine. Some countries seem to be melting pots that work. Like Argentinian. Given the significant Italian popluation there, they’ve done some great things with incorporating Italian things into the Latin American cuisine.

    Italian, Spanish/Portuguese, Mexican, Cuban, South/Central American, Japanese, Greek, Middle Eastern, Ethiopian. It’s all amazing stuff on its own.

    Maybe it’s because most fusion places I’ve been to simply just put sesame seeds and cilantro on every damn thing. That being said, I want to try the Korean taco stand at Asbury Park.

  32. chicagofinance says:

    “It smells like victory.”

    Grim says:
    February 8, 2018 at 9:35 am
    Palo Alto is pretty in the morning

  33. chicagofinance says:

    How about these guys?
    http://antoinetteboulangerie.com/

    grim says:
    February 8, 2018 at 10:15 am
    Speaking of.

    Baking Grace (Aka Just Desserts) in Hawthorne is the best bakery in NJ. Period. No Contest.

  34. No One says:

    BRT,
    If you ever are around Bridgewater/Somerville for lunch, I’ll take you to your choice of ethnic restaurants.

  35. The Great Pumpkin says:

    Nooo, you can’t do that. It will put the company out of business or cause them to let go of workers!

    Comrade Nom Deplume, whose sole regret is that he isn’t Tom Brady says:
    February 8, 2018 at 7:37 am
    Enjoy the crumbs

    https://www.cnbc.com/2018/02/08/cvs-hikes-wages-and-announces-q4-earnings.html

  36. No One says:

    Agreed re fusion. What tends to happen is the flavor tends to get toned down from the original, while the price gets hiked. Maybe there are a few exceptions if the chef is super talented and is in tight control of his kitchen. At the low end it’s basically telling a Mexican guy to for example make something halfway between Thai and American food.

  37. leftwing says:

    “Holy Sh!t https://nypost.com/2018/02/07/st-johns-stuns-no-1-villanova/

    I miss the Big East of the 80s……

  38. leftwing says:

    “Jobless claims down 9k to 221k, roughly 45-year low.”

    careful, as the 10 approaches 3 market sentiment changes…..good news becomes bad news……

  39. The Great Pumpkin says:

    They should rejoice that they had their property taxes subsidized for this long. This is how much help they have had over the years from other state taxpayers. Now it’s time to pay fair share like everyone else.

    chicagofinance says:
    February 8, 2018 at 7:51 am
    When your property taxes go from $13,650 to $49,716, you are singing this little ditty…..
    https://youtu.be/lHomCiPFknY?t=1m40s

  40. The Great Pumpkin says:

    Suburbs looking like a value now?

    Juice Box says:
    February 8, 2018 at 9:12 am
    For these types of Browstones built in the 1800s taxes are now very very high in Hudson County.

    A friend of mine has one in Hoboken and totally renovated it. Taxes were $15k a decade ago, after Hoboken Reval taxes went up to $44k, then down after appeals to $33k.

    No yard to speak of, no parking. Town tickets the crap out of you and tows every chance you get. Public schools suck. So Really? Is it worth it?

  41. leftwing says:

    “The rent roll doesn’t even come close to covering PITI…”

    Don’t know much about rental rates in the area, but $2k for a 2BR sounds cheap? Buy with intent to raise the roll?

    “Palo Alto is pretty in the morning”

    Really fcuking jealous. My yard – the grass – is an entire sheet of ice. Barely breaking underfoot.

  42. The Great Pumpkin says:

    People are freaks that are never happy!! Wanted inflation for how long? Can’t waot for inflation to assist me in paying off my ultra cheap loans. Planned this a long time ago, because I knew it would come.

    leftwing says:
    February 8, 2018 at 11:22 am
    “Jobless claims down 9k to 221k, roughly 45-year low.”

    careful, as the 10 approaches 3 market sentiment changes…..good news becomes bad news……

  43. Libturd, AKA Dr. Howie Feltersnatch says:

    Can we make the market Great again Mr. Trump?

  44. The Original NJ ExPat says:

    Comey is racing the cash register, hoping to get there pre-indictment. I’m still wondering if Comey saw himself as the supreme leader of the free world (via dirt on both Clinton and Trump), or was he was just a generic Obama stooge?

    http://www.foxnews.com/politics/2018/02/08/comey-memoirs-release-date-moved-up-publisher-says.html

  45. PredatoryMarkeeterNot says:

    For all you – I hate the government, privatize everything.

    Background. Jeb Bush as governor of FL, privatize the equivalent of DYFS/CPS. State oversees system (DFS), but contractors (aka pay to play-ers) run it (Eckerd + YFS).

    Enjoy the news reports
    https://youtu.be/268Y9s99yN4

  46. The Original NJ ExPat says:

    Beginning on 7/14/16 (just after Brexit) I noticed a new phenomena in the market; the shelf. The stock market stayed ridiculously flat with very low volatility for somewhere around 60 days straight. Every now and then we’d have these little bungee jumps off the shelf, but then it was right back up. After a while I realized this was just a different shape to a market correction; If the stock market goes nowhere for a couple months, the endpoint is the same as if it dropped and then came back over the same period. What we are witnessing now seems to be another new shape, the elevator; a massive and short repricing of all equities. If we are up to old highs 60-90 days from now, it is no different than a shelf or a shallow downturn followed by an upturn…except for traders.

    I’ve heard some noise that there was a massive and crowded trade that was short volatility outright and also selling out of the money puts, which is essentially the same thing. If true, that is the great unwinding regular investors are witnessing.

    Can we make the market Great again Mr. Trump?

  47. The Original NJ ExPat says:

    Don’t worry BJ Pumps, you will never have a shortage of like-minded neighbors.

    Suburbs looking like a value now?

  48. JCer says:

    Yes left the rent roll should be closer to 120k annually, maybe a bit higher. Jersey city has a rent leveling ordinance(pretty much all new buildings are exempt, old brownstones not so much), so it is tough to raise rents on long term tenants, they’ll have to apply for a hardship increase based on the new property taxes and hope their tenants move.

  49. Libturd, AKA Dr. Howie Feltersnatch says:

    Tesla with another >$3 per share loss. What is their accumulated debt? 2.2 billion? Or is that 22 billion. I’m not good with math. But hey…Elon only exercised 1.4 billion

  50. Libturd, AKA Dr. Howie Feltersnatch says:

    And people laugh at Bitcoin.

  51. Yo! says:

    Grim, NJ law doesn’t have initiative and referendum. The constitution would have to be amended to allow I and R. So a prop 13 can’t happen here. Guadagno said during campaign she supported I and R.

  52. ex-Jersey says:

    Pwease pwease Pwesident Twump – make the market go up!!

  53. joyce says:

    Are you not from NJ? Are you not familiar with NJ DFYS (or whatever they changed their name to in an attempt at rebranding post scandals)?

    And there’s a difference between outsourcing and privatization – not that it always matters.

    PredatoryMarkeeterNot says:
    February 8, 2018 at 12:53 pm
    For all you – I hate the government, privatize everything.

    Background. Jeb Bush as governor of FL, privatize the equivalent of DYFS/CPS. State oversees system (DFS), but contractors (aka pay to play-ers) run it (Eckerd + YFS).

    Enjoy the news reports
    https://youtu.be/268Y9s99yN4

  54. The Original NJ ExPat says:

    Interesting that the 10 year yield has risen so far, so fast, yet I can’t get a better 1 year brokered CD rate than was available back in December. 1.85% is still the best I can get for a true 1 year CD. Conclusion: This build in the 10 year yield might just be a mirage.

    The Original NJ ExPat says:
    December 27, 2017 at 11:53 am
    chifi et al – Anybody looking to stash cash for a year and doesn’t necessarily believe interest rates are going to the moon? I was able to buy 1.85% FDIC insured 1 year CDs today (mature 12/28/18).

    Cusip 09710LCQ6 , BofI Federal Bank, San Diego

  55. Libturd, AKA Dr. Howie Feltersnatch says:

    Was thinking the same thing. Head fake?

  56. The Original NJ ExPat says:

    This smells like an engineered downturn. Usually I can pin the decline to a sector, but not this time. It seems like the sh1tstorm is volatility, but the end result is just a massive P/E reducing series of farts.

  57. Not Original Expat says:

    But Who?

    The cast of suspects is very big this time.

    Hedgies, Quants and wannabes junior Vampire Squids Crowd / GS, JPM and other Senior Vampire Squids / China – Is having a big deleveraging moment / Saudi Princes that got hang upside down and have to pay big (Billions) in fines selling assets / Russia – China and other frenemies government manipulations.

    Q- This smells like an engineered downturn.

  58. Fabius Maximus says:

    It’s 86 Deg in Radiator Springs today!

  59. The Great Pumpkin says:

    Dude, the market is simply pricing in inflation that the majority of idiots never saw coming. Yes, the idiots finally realize how strong the economy is going to be. Maybe if people stopped focusing so much on short term bs, they could have seen a strong economy was coming. Instead they made claims that we are in a new norm of low rates and stagnation. So the yield moves up and they panic. Really can’t make this crap up. I’m convinced that most investors are idiots who have no patience whatsoever and only focus on the now.

    The Original NJ ExPat says:
    February 8, 2018 at 2:22 pm
    This smells like an engineered downturn. Usually I can pin the decline to a sector, but not this time. It seems like the sh1tstorm is volatility, but the end result is just a massive P/E reducing series of farts.

  60. The Great Pumpkin says:

    Why do you continuously think there is any difference between a govt or privately run institution. They are both run by the same damn human nature. What the hell is the difference? As if the private sector is held accountable to corruption….Enron anyone? Private sector corruption makes govt corruption look like childs play. I wonder how much private sector corruption costs the avg participant in our economy. Hell, I blame private sector corruption for corrupting, oops mean lobbying, our govt to do corrupt things.

    Point is, I don’t blame public or private for corruption, I blame human nature. Too bad people think smaller govt will somehow lead to less corruption. Dream on.

    joyce says:
    February 8, 2018 at 2:02 pm
    Are you not from NJ? Are you not familiar with NJ DFYS (or whatever they changed their name to in an attempt at rebranding post scandals)?

    And there’s a difference between outsourcing and privatization – not that it always matters

  61. The Great Pumpkin says:

    You want to stop the spread of govt corruption, then get rid of the ability of heavy weights in the private sector from corrupting the govt.

    Get rid of pay to play.

    Make elections payed for by the taxpayer.

    And you just might contain corruption to an acceptable level.

    Oh yea, get rid of private contracts in the military budget. They just abuse the hell out of the taxpayer.

  62. The Great Pumpkin says:

    Prob best move we could ever do…..make every single dollar spent put in a database where anyone can analyze it. You will have free audits…freaks out there will audit every one of these budgets for free to make sure there tax money is not being robbed.

    Too bad that will never happen, can’t hand out sweet taxpayer funded handouts to private businesses with all that light on the budget.

  63. Juice Box says:

    A week ago the question was how high equity markets will rise.

    Now everyone wants to know how far equity markets will fall.

    Is it time for SRS and TBT?

  64. The Original NJ ExPat says:

    Floor is milked with pumpkin jizz yet again. That boy pumps like he never had a Dad.

  65. The Great Pumpkin says:

    Expat,

    Cry me a river!

  66. The Original NJ ExPat says:

    Of Dad tears?

  67. leftwing says:

    “Interesting that the 10 year yield has risen so far, so fast, yet I can’t get a better 1 year brokered CD rate than was available back in December. 1.85% is still the best I can get for a true 1 year CD. Conclusion: This build in the 10 year yield might just be a mirage.”

    Cha-CHING. That’s bank interest rate spread cash register ringing for Q1….and don’t forget the desk profit……..

  68. The Great Pumpkin says:

    Stupidity and unnecessary risk. Passive investing if done right is almost impossible to lose. Leave it to the masses to f that up. Unreal.

    “The volatility of recent weeks is cause for concern, Icahn said, adding that he doesn’t remember a two-week period as turbulent as this one. He said the problem is that too much money is flowing into the index funds, where investors don’t know what they’re actually investing in.

    “Passive investing is the bubble right now, and that’s a great danger,” he said.

    Eventually, that will implode and could lead to a crisis bigger than in 2009, he added.

    “When you start using the market as a cas!no, that’s a huge mistake,” Icahn said.”

  69. chicagofinance says:

    Dude ….. STFU …..this is more of a LTCM moment….kind of like AIG-lite….some people fcuked up and there is collateral damage…..you may be correct on the trigger, but the rest of it is WAY over your head….

    The Great Pumpkin says:
    February 8, 2018 at 3:13 pm
    Dude, the market is simply pricing in inflation that the majority of idiots never saw coming. Yes, the idiots finally realize how strong the economy is going to be. Maybe if people stopped focusing so much on short term bs, they could have seen a strong economy was coming. Instead they made claims that we are in a new norm of low rates and stagnation. So the yield moves up and they panic. Really can’t make this crap up. I’m convinced that most investors are idiots who have no patience whatsoever and only focus on the now.

    The Original NJ ExPat says:
    February 8, 2018 at 2:22 pm
    This smells like an engineered downturn. Usually I can pin the decline to a sector, but not this time. It seems like the sh1tstorm is volatility, but the end result is just a massive P/E reducing series of farts.

  70. Grim says:

    Stock market volatility great for real estate, just sayin.

  71. 3b says:

    Assuming rates don’t get to high perhaps. Too early in the game at this point.

  72. Grim says:

    Suppose Trump should stop telling the 401K genius story now.

  73. chicagofinance says:

    Completely disagree.

    Grim says:
    February 8, 2018 at 4:42 pm
    Stock market volatility great for real estate, just sayin.

  74. Ex-Jersey says:

    it’s 4:20 somewhere

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