Submitted by Fun-Concentrate2630 t3_11cm6tc in jerseycity
Once the state funding issue with the schools stops, will the government let up on the ridiculous increase, or does it just go up forever? I want to buy here but my monthly payment on x amount seems to be lower in Manhattan because of taxes, so I don't think I buy live here on my budget.
I think I know the answer to this one....
Yup. NYC actually has much lower property taxes than most would expect, mostly because they are sticking it in your ass on every other thing.
Short answer is no.
If your property value declines, your taxes might go down. But you don't really want that if you're an owner. If you're over assessed, your taxes might go down if you appeal or in a reval. But for budgeting purposes, expect it to increase 2-3% a year in most of NJ. In JC I'd expect it to go up like $1000/year each year for another year or two, then go back to steady growth.
Well taxes have gone down or held the same due to efficiency improvements in the city. It’s not impossible.
But reality is they should climb with inflation so at least 2% annually. Anything short of that is just budget manipulation and we ultimately pay up with interest in due time.
Taxes are your % of the city budget, so even if everyone’s property value declines, your percentage would stay the same. It’s only if your property declines and others stay the same or increase would you save on taxes. But as you point out, that’s more negative than positive.
The city is way behind on a lot of infrastructure even just maintaining, forget about scaling for density, so I’d fully expect some steep increases over the next 10-15 years until it catches up.
Pompidou ain’t gonna pay for itself
It’s going to cost taxpayers a lot of money. And a future mayor will take the fall for it. Just watch.
Fulop will leave the new mayor holding the bag while he walks away with whatever handouts he definitely received.
Nobody loves to blame FulofShitLop for everything more than me, but it’s the people who keep voting for him and don’t care about corruption, the lack of 911 service, the lack of any active policing, the situation with runaway education expenses…etc.
Who cares about voting or investing in the community when most residents know they will be priced out in a few years? The city knows exactly what they are doing when they let developers turn all the housing supply into luxury rentals that very few people can afford to live in long term. It’s a free for all with no oversight.
We are not even close to "turning all the housing supply into luxury rentals." And believe it or not an 800k old townhouse is not affordable. It's already expensive as hell. Thus it's better to put 5x the number of units there, some smaller and cheaper than that. If you were to replace every single old home in the entire city with 5x the units on the same amount of land rents would very clearly go down. You're asking for San Francisco pro single family policy and that does not work. Or you can try taking a quick trip to NYC and see how "affordable" all the downtown Brooklyn brownstones are since they never replaced them with more density. And if you don't like population growth I recommend inner city Baltimore or rural Ohio.
Yawn
So since you seem familiar with taxes and how the city works in general.
My understanding is they give budgets to dept and if there is a balance left over at the end of the year they will reduce that dept budget.
Why not make it so you reward the dept that keep their finances in order oppose to force them to spend the budget?
What I’m saying is if I have a budget and it was an awesome year. I’m 5k under budget. I can’t just leave 5k in the budget because they will reduce it from my budget next year saying I don’t need it since I managed this year without it.
Why don’t they just let that dept keep that 5k and carry over to the next year? If they keep coming up with a 5k balance every year then discuss reducing the budget or maybe upgrading something that affects that dept specifically? ie overtime budget? Upgrading equipment? Anything along those lines.
Property taxes are unlikely to go down but did you take into consideration not having to pay NYC tax If you live in Jersey City and the size of the apartment you get in Jersey City compared to Manhattan
It has gone down a hair twice in my lifetime. Each instance was followed by more than enough of an increase to offset the drop. Specifically, yes. Practically, nah.
Nothing is certain except tax increases and death
It goes up but not annually or obviously stays the same. The only way it could go down is during a property tax assessment. Property assessments correlates wih property taxes. Housing prices assessed last year or two were super high but they are now coming down so I plan on asking for a reassessment in the next year or two to get a lower assessment but it could not work out too. Hope that helps
Yep that's helpful thank you! What are the odds they would actually lower it for you? The other consideration when buying here is the low inventory - NYC has something for everyone. I have noticed that the amount I can afford according to a mortgage calculator is approx 100k more in Manhattan, and I'm trying to figure out what I'm missing.
Keep in mind the city income tax you’d pay in NYC.
Yeah I already work in NYC, but overall income tax would be 3% higher
The odds depend upon comparable houses or condos being sold at prices that are lower than your property assessment. When you appeal it you attach evidence of comparable being sold at lower prices than the assessment could change.
Not sure of NYC but I would contact brokers there to find out
Yes if we ban children. Look at the taxes towns with 55+ developments pay. Pennies.
nycdevil t1_ja3wsi6 wrote
Property taxes will always be higher here than in NYC, because NYC makes it up with the city income tax.