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Pops July 21, 2014 at 04:44 PM
helen, isn't this just the law of supply and demand? demand for hoboken real estate hasRead Moreskyrocketed in the past 10-15 years, so prices (and, subsequently, assessments) go up. that might not be good news for everyone, but it's good for "old-timers" who want to cash out and sell their homes. also, because a reassessment hadn't been done in more than three decades, all those "old-timers" have been paying much lower property taxes than they should have for many years, so they have experienced some upside here. btw, i bought my apartment about 30 years ago, my new assessment is about 3.5x higher than previously but my taxes only went up about $50 per quarter. yes, i wish i didn't have to pay more, but it wasn't an outrageous increase.
puzzledone July 22, 2014 at 01:07 PM
I don't think the reassessment was unfair, rather, it was the large number of years without it,Read Morewhic h was illegal that was unfair to those who bought in at higher levels. By the way, you start with house that has not been gutted. I would assume that would be a higher, not lower value. If you are on a modest income and own a house in Hoboken (which would probably have a minimum market value of well in excess of $1 million), you should understand that many people may not feel sympathy for you, but there are various state programs to freeze your property taxes. You should consider looking into those. If you really can't put it together, sell the home and buy something with lower taxes elsewhere. There was an opportunity to file an appeal, and you can still do so for next year. If your assessment is fair, the reassessment is aimed at making sure that you pay a fair share, anything less would be unfair to all other residents who need to pay the slack you left.
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