A dilapidated industrial area in Downtown Jersey City could betransformed into a neighborhood resembling Hamilton Park, thanks to a state zoning law.
The area is along Jersey Avenue, between 10th and 18th streets. The law, called Transfer of Development Rights, would allow some developers to build at a higher density while encouraging others to turn their land into open space.
It could also result in the development of parking decks and ground-floor businesses along Montgomery Street.
For the full story, see today's Jersey Journal.
Source: http://www.nj.com/hudson/index.ssf/2010/08/zoning_law_seen_as_boon_to_dev.html
Monday, August 23, 2010
Tuesday, August 10, 2010
Jersey City Tax Reassessment - Are Tax Abated Properties Included In The Revaluation?
Yes, even though abated properties make payments according to different rates and schedules, they are still required to be reassessed. This is so that when the tax abatements expire, they will be taxed according to their correct assessment value.
Source: http://www.cityofjerseycity.com/tax_assessment.aspx?id=6312
Source: http://www.cityofjerseycity.com/tax_assessment.aspx?id=6312
Friday, August 6, 2010
Jersey City Tax Reassessment - Are My Property Taxes Going to Go Sky High?
No. Most people, when they hear the term "property revaluation", incorrectly believe that a reval raises all the taxes on all the properties in the city.
A property revaluation is mandated by state law so that assessments of all properties in a municipality are brought up to, or as near as possible to, 100% of market value. This is the best way to insure that every property, based on its market value, pays its fair share of the municipal, school and county tax burden.
While all property revaluations are different, the general "rule of thumb" for a property revaluation is that 1/3 of the municipal properties will see their share of the tax burden go down, 1/3 will see their share of the tax burden go up, and 1/3 of assessed municipal properties will see no change at all.
Source: http://www.cityofjerseycity.com/tax_assessment.aspx?id=6312
A property revaluation is mandated by state law so that assessments of all properties in a municipality are brought up to, or as near as possible to, 100% of market value. This is the best way to insure that every property, based on its market value, pays its fair share of the municipal, school and county tax burden.
While all property revaluations are different, the general "rule of thumb" for a property revaluation is that 1/3 of the municipal properties will see their share of the tax burden go down, 1/3 will see their share of the tax burden go up, and 1/3 of assessed municipal properties will see no change at all.
Source: http://www.cityofjerseycity.com/tax_assessment.aspx?id=6312
Tuesday, August 3, 2010
The Purpose of Jersey City Tax Reassessment
The purpose of this revaluation is to ensure a fair and equitable redistribution of the City's tax levy so all property owners are shouldering their fair share of the City's tax burden. This will be the first property revaluation since 1988.
The property revaluation is being done for several reasons. The New Jersey Constitution requires that all real property be assessed according to the same standard of value; and such property shall be assessed for taxation under general laws and by uniform rules. According to state law, every property's fair share is based on its market value as of the assessing date.
Currently, most properties in Jersey City no longer reflect the assessed value which was assigned to them during the last property revaluation, which was conducted 22 years ago
in 1988.
During those 22 years many changes in the real estate market have taken place-new housing and commercial properties have been constructed while older, dilapidated structures have been torn down, rehabilitated or replaced. Prices have fluctuated. Houses which appear exactly the same from the street may be drastically different inside due to renovation, repairs, deterioration or lack of maintenance, the addition or removal of a rental unit, or a change of property class from residential to commercial.
When you compare the current true market value to the assessed market value (set in 1988) of many properties across the city, you can see that they are dramatically skewed and out of line with the average assessed market value of city properties as a whole.
This means that instead of each property paying its fair share of city taxes based on its assessed value (which should be an accurate reflection of each property's value in today's real estate market), many properties are under assessed and are therefore under paying property taxes.
When this happens, other property owners are picking up the extra tax burden. An example of this would be someone who bought and renovated a house a few years ago when the real estate bubble was at its peak. Now that the real estate market has collapsed, that homeowner may be paying taxes on a property which is no longer worth anywhere near its 2006 assessment. That property owner is probably paying more than her fair share.
Source: http://www.cityofjerseycity.com/tax_assessment.aspx?id=6312
The property revaluation is being done for several reasons. The New Jersey Constitution requires that all real property be assessed according to the same standard of value; and such property shall be assessed for taxation under general laws and by uniform rules. According to state law, every property's fair share is based on its market value as of the assessing date.
Currently, most properties in Jersey City no longer reflect the assessed value which was assigned to them during the last property revaluation, which was conducted 22 years ago
in 1988.
During those 22 years many changes in the real estate market have taken place-new housing and commercial properties have been constructed while older, dilapidated structures have been torn down, rehabilitated or replaced. Prices have fluctuated. Houses which appear exactly the same from the street may be drastically different inside due to renovation, repairs, deterioration or lack of maintenance, the addition or removal of a rental unit, or a change of property class from residential to commercial.
When you compare the current true market value to the assessed market value (set in 1988) of many properties across the city, you can see that they are dramatically skewed and out of line with the average assessed market value of city properties as a whole.
This means that instead of each property paying its fair share of city taxes based on its assessed value (which should be an accurate reflection of each property's value in today's real estate market), many properties are under assessed and are therefore under paying property taxes.
When this happens, other property owners are picking up the extra tax burden. An example of this would be someone who bought and renovated a house a few years ago when the real estate bubble was at its peak. Now that the real estate market has collapsed, that homeowner may be paying taxes on a property which is no longer worth anywhere near its 2006 assessment. That property owner is probably paying more than her fair share.
Source: http://www.cityofjerseycity.com/tax_assessment.aspx?id=6312
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