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xTheShrike t1_je0jo88 wrote

Didn't most property taxes go up 25% recently?

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thebruns t1_je11gmu wrote

Dont most of the large buildings have 30 year tax exemptions?

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BillyCrocker72 t1_je1advg wrote

But even if large buildings have exemptions, landlords who do not would still affect the market by passing their property taxes increases to rent. Collectively owing a property in Jersey City became more expensive regardless if some had or had not exemptions.

I live in my property in JC (32% tax increase btw), but if I was renting it out, I would surely pass these costs to my tenant. The aggregate effect of people doing the same would without a question put pressure on rent, even of tax abated properties

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Miringanes t1_je14rqp wrote

Not in the way you’re thinking. They make payments, mostly to the municipality.

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thebruns t1_je1e0l5 wrote

Did those payments go up 25%?

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Miringanes t1_je2lkkd wrote

Not sure, they aren’t necessarily fixed, and sometimes they are even more than what the tax rate is but a developer might lock into them because it’s a known rather than a variable like a tax would be.

So in theory, yes, they could’ve went up, but also they could’ve been at a higher tax rate than what the average person was paying all along and now there is rate parity.

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DPedia t1_je16fp3 wrote

Plus the additional $25-per-unit monthly "solid waste" fee on our water bills that definitely was not a tax increase, no sir.

Nobody needs to be shedding any tears for landlords, but the cost of everything is rising.

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Byzantium-1204 t1_je0pcvn wrote

No there were two huge increases o e due to BOE and another due to the city budget. Each increase were around 30 percent

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xTheShrike t1_je0ruwf wrote

My property taxes went up 25% last quarter......

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Ilanaspax t1_je0r6ot wrote

Don’t forget about the 10 million JC lost because our city council approved the budget too late :)

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