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The NYC property tax has climbed up over the past 10 years, and now, a single family house on a 40 by 100 lot (there are not too many like these anymore and only in certain areas) will probably have a tax bill of 5-6K, combined with the NYC income tax, the total is very close to what one would pay in Nassau county for a 2,000-2,500 sq feet house on a 60 by 100 lot, but you get great public schools, garbage removal, amazing libraries, cleaner streets, less crowds, plenty of parking, etc for this money.
I don't think so. I know people that live there and they're not paying even close to double the 4800 in Brooklyn on their 500k apt. Many people that work in the city live in Jersey City specifically to save money. Many H1B workers unsure of their status in the US move there specifically to save as much money as they can and have a short commute at the same time.
The median sales price of a home in Jersey City in 2012 was about $225,000.
The Board of Taxation last year ordered the city to perform the reval, saying
the ratio of true value versus assessed value in Jersey City is too low. The
city's average assessment is $92,635, while the average taxpayer paid $6,491.85 in property taxes last year, city officials said.
With very little math required, one can readily see that a property legitimately valued at $500,000 would be taxed a whopping $14,426. <500k/225k x $6491.85>
Of course, your friends might enjoy some sort of temporary abatement if they are in a new waterfront high-rise but these are running out quickly and there aren't that many of them.
A corollary is that those WITHOUT a partial abatement are paying ABOVE the average to account for those paying less than their fair share.
Last edited by Kefir King; 09-12-2013 at 07:19 AM..
With very little math required, one can readily see that a property legitimately valued at $500,000 would be taxed a whopping $14,426. <500k/225k x $6491.85>
Of course, your friends might enjoy some sort of temporary abatement if they are in a new waterfront high-rise but these are running out quickly and there aren't that many of them.
A corollary is that those WITHOUT a partial abatement are paying ABOVE the average to account for those paying less than their fair share.
I'm looking at a sample bills from the same building built in 2000. The market prices range from 450k to 800k for those apts. The bills I see range from 6-9k a year. Maybe they are being under assessed. But I live in Northeast queens, my entire area's home values are under assessed by 150k. Somehow I think that's a strategy so that you can't challenge your tax bill. I look at the actual tax bill not a what if this and that scenario. If you know people that live by the waterfront you'll know that they moved there to save on taxes.
Looking at the records more closely I can see that they only started paying the second half of 2008, before that only fees amounting to 400 a year was charged maybe that's the abatement period. Also the property tax went down that last few years, but by like 20-40 dollars only. So no the property tax is not high there.
also what's the very little math required calculation. You can't blend together median and averages like that, not to mention assessments and median sales records. They should put this as a SAT question.
Many Jersey City residents commute to NYC to work. It sounds like Jersey City fits the definition of a suburb as given above.
Yea, that works when you have a city surrounded by suburbs, but when you have a city next to a city, it doesn't make one a suburb of the other. Some people reverse commute from NYC to Hoboken. Is NYC a suburb?
But if you want to see it that way, it's up to you.
seems that they are not assessing houses the same as apartments in jersey city, I see a multi family house taxed about 8k sold for 250k, but an apartment taxed less than that selling for double the amount. The assessment is not purely on the actual market price unless the waterfront has a different methodology than Journal Sq.
Many Jersey City residents commute to NYC to work. It sounds like Jersey City fits the definition of a suburb as given above.
JC is far from being a suburb, it is 2nd to NYC in the vicinity in terms of business residency. Nearly all Wall St financial firms have operations in JC as an extension or primary work. Less and less office work being done in NYC due to cost and space constraints.
I live in a 3 family brick building in the Southern Bronx, 21 x 50 building (21 x 95 lot), and my taxes are almost $2,000 as of this year...and there is no sign that taxes are going down any time soon.
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