Friday, July 07, 2006

Montclair Revaluation

From the Montclair Times:

Knock knock. Nice door. $700,000.
By MARK S. PORTER

Montclair Tax Assessor Joan Kozeniesky advised the residents to “sit back, relax,” in the auditorium of the Montclair Public Library, which was uncomfortable for some attendees due to the topic, and for others due to the air-conditioner failure on a hot and humid evening.

Three Appraisal Systems executives — President Ernest Del Guercio, Vice President Rick Del Guercio and Project Supervisor Jason Cohen — noted that municipalities are required to update their property assessments to reflect val-ues that can change through time.

The New Jersey Constitution requires all properties to be assessed for taxation at 100 percent of their market value. As most Montclair homeowners realized during the past several years of a blazing real estate frenzy, their properties have been taxed at a fraction of their market value. In recent years, the market value of residential and commercial properties throughout Montclair has dramatically escalated.

Several years ago, the Essex County Board of Taxation ordered Montclair to conduct a revaluation of all proper-ties in the township. “They look at the ratio of assessment to true market value,” Ernest Del Guercio said. “If a property sells for $500,000 and has an assessment of $250,000, it has a ratio of 50 percent … The further you get away from 100 percent, the more disparity you’re going to have.”
...
If there is mathematical proof that there`s been a downturn in the price of housing in Montclair, Rick Del Guercio said, then Appraisal Systems will “lower the estimate.”

27 Comments:

Anonymous Anonymous said...

for some this could be a double,
just like bergenfield,

Now of course Bergenfield is
a wonderful Bergen community.

7/07/2006 06:02:00 AM  
Anonymous Anonymous said...

If there is mathematical proof that there`s been a downturn in the price of housing in Montclair, Rick Del Guercio said

What's the mathematical proof being referred to? Statistically significant data? If so, there may not be enough by end of Sep.

7/07/2006 06:36:00 AM  
Anonymous Anonymous said...

Mathematical proof=
Idiots+Money=Soon parted

7/07/2006 06:40:00 AM  
Anonymous Anonymous said...

when do you think montclairians will get to see and pay their new property taxes?

7/07/2006 06:48:00 AM  
Blogger grim said...

When will they get to see them?

...a few days before the exodus begins.

grim

7/07/2006 06:55:00 AM  
Blogger grim said...

Sorry, thought I'd try to inject a little Friday humor. Credit goes out to Ron White for that one..

"This guy next to me is LOSIN' HIS MIND. Apparently, he had a lot to live for. He asks me,'Hey man, uh, uh, hey man...If one engine fails, how far do you think we can make it on the other engine?'... 'All the way to the scene of the crash. Which is pretty handy, because that's where we're headed. I bet we beat the paramedics there by a half an hour. We're haulin ass!'"

7/07/2006 06:58:00 AM  
Blogger X-Underwriter said...

I don't necessarily think it would hurt the people who bought there in the last few years. Those who have owned for some time will though. Newly purchased properties are probably being taxed at close to their value while the people who bought in 1974 have been paying less for the same houses.
At any rate, all Montclair homeowners will be getting very nasty tax bills as a result. I rented there several years ago in a basement walkout apartment in a home on Upper Mountain Ave. My landlord's taxes were $18,000. He called the town to bitch and they said, "Do you really want us to come out and reassess your home?". He said, "No that's ok".

7/07/2006 07:05:00 AM  
Blogger Richard said...

the tax system in most towns including montclair make no sense. the land and house value combined NEVER equal what you would have to pay on the market for it in the last 5 years or so. just look up any property and you'll see. how do they explain this?

7/07/2006 07:08:00 AM  
Anonymous Anonymous said...

At the next town meeting have every home owner show up, MAD as hell and with signs. Call the news station first and involve them. It's time to put a face on the discontent and pissed off taxpayers of NJ.

Stop the Pensions and free Health Care for life of the overpaid,and in many cases part time politicans and the low lifes in the education system who are robbing us and laughing all the way to there bank.

7/07/2006 07:45:00 AM  
Blogger RichInNorthNJ said...

At the next town meeting have every home owner show up, MAD as hell and with signs. Call the news station first and involve them. It's time to put a face on the discontent and pissed off taxpayers of NJ.

In what town has this worked for you?

7/07/2006 07:55:00 AM  
Anonymous Anonymous said...

For some, this is a double.

You'll see.

7/07/2006 07:59:00 AM  
Anonymous Anonymous said...

The newcomers will be in shock as well. For the very wealth, no matter. But for the family trying
to make it. This is going to be
a real eye opener.

But, Montclair has plenty of
food joints.

7/07/2006 08:01:00 AM  
Anonymous Anonymous said...

Perhaps this will improve the
little falls values.

7/07/2006 08:02:00 AM  
Anonymous Anonymous said...

I have friends who live in montclair... and they already pay nearly 12K in property taxes... they bought about 7 years ago. i feel kind of sorry for them.

7/07/2006 08:02:00 AM  
Blogger RentinginNJ said...

Richard,

True, because most towns don’t assess every year. That is theoretically okay because, in theory, everyone should be on a level playing field if the assessments were done at the same time.

Of course things change. Runaway housing prices in the last few years did not affect everyone evenly across the board. Houses on the lower end of the spectrum saw the greatest appreciation and will consequently see the greatest tax hike.

7/07/2006 08:10:00 AM  
Blogger skep-tic said...

it's simple: if you don't like / can't afford the taxes, then sell.

there are plenty of people who'd like to live in these towns.

7/07/2006 08:28:00 AM  
Anonymous Anonymous said...

Yes, plenty of people who want
to live in Montclair, until they
see the tax bill.

The exodus from NJ will continue.

This is neither a taxpayer friendly
or business friendly state.

Its a welfare state.

Its the sucking sound of the exodus
you are hearing.

Let's see how much property tax
relief we get from the budget settlement.

One question: will the state workers be paid for the days off.

Answer: Yes,

7/07/2006 08:53:00 AM  
Anonymous Anonymous said...

My employer lives in Montclair in a modest (by Montclair standards) colonial. She pays 18K in taxes, up from 12K when she bought in 1999. She's always gotten permits and inspections when making improvements, so she's hoping not to see much of an increase. We'll see...

jw

7/07/2006 09:13:00 AM  
Blogger skep-tic said...

I just think it's ridiculous to expect that your house can go up 125% in value in 5 yrs and not see your property taxes rise as well.

if you don't like the taxes, then just sell your house and put your massive windfall in the bank while you rent.

there is no free lunch and if you've been cheering as average people become increasingly priced out of your town over the past few years, well then this is payback

7/07/2006 09:18:00 AM  
Anonymous UnRealtor said...

"I just think it's ridiculous to expect that your house can go up 125% in value in 5 yrs and not see your property taxes rise as well."


Conversely, have NJ towns ever lowered property taxes when values decline (bubbles bust)?

7/07/2006 09:23:00 AM  
Blogger skep-tic said...

I doubt it.

Just one more reason why the rationale for ownership in this area is far from convincing.

The higher property taxes go, the more sellers must cut prices to compensate.

7/07/2006 09:27:00 AM  
Anonymous Anonymous said...

And the problem goes on
in NJ the highest propety taxed
state in the Union.

The towns have no choice.

They just divide by the number of
homes in town and their's you tax
bill.

Why not ask if they every cut
back on the town expenses.

Answer: Never, it just goes up.

7/07/2006 09:41:00 AM  
Anonymous Anonymous said...

Rich, I've seen it work. News media, signs, and revolt can work. MOVE TO PA.

When our Dumb *ss polits voted in a midnight pay raise, all hell broke loose.

You bet it was rescinded, and they ran with their tails between their you know where.

Maybe the folks in New Jersey have forgotten. Is the problem that so many people here are transplants into NJ, so they don't have the emotion?

Land grabs...nobody screams! There goes an old man in Jersey City. Property taken. Nobody is picketing in Trenton for him.

Tax hikes....nobody screams! Spend millions to collect a stupid 1% sales tax just to give it back. Ridiculous.

Pat

7/07/2006 12:07:00 PM  
Anonymous Anonymous said...

will we see a Waco, NJ style?

7/07/2006 05:02:00 PM  
Anonymous Anonymous said...

My employer lives in Montclair in a modest (by Montclair standards) colonial. She pays 18K in taxes, up from 12K when she bought in 1999. She's always gotten permits and inspections when making improvements, so she's hoping not to see much of an increase. We'll see...

She is an idiot. The permit systme is so they can fuck you out of more money, and then double fuck you with a tax increase. She will probably get another increase. 18k/ year, should be a mortgage payment. The Boston Tea Party was a violent revolt over a 2cent tea tax. What the fuck is going on in NJ!!??

7/07/2006 05:06:00 PM  
Anonymous Anonymous said...

Well, just because your home went up in value, does not mean your income went up. The property value increase because of asshole flippers and greed... now the victoms are little old ladies on fixed incomes, or young families working their balls off for 80k, and feeding the kids cheerios.

Bottom line, you NJ morons keep voting for Socialist scumbag politiicians, and this is what you get: a Socialist State... with KGB type police roving for a cell phone ticket.

Frankly, I don't konw why anyone lives there, no matter what job, family or otherwise, you simply exist as a host for the 'STATE' parasites to feed off of you.

7/07/2006 05:11:00 PM  
Anonymous Anonymous said...

My employer lives in Montclair in a modest (by Montclair standards) colonial. She pays 18K in taxes, up from 12K when she bought in 1999. She's always gotten permits and inspections when making improvements, so she's hoping not to see much of an increase. We'll see...

She is an idiot. The permit systme is so they can fuck you out of more money, and then double fuck you with a tax increase. She will probably get another increase. 18k/ year, should be a mortgage payment. The Boston Tea Party was a violent revolt over a 2cent tea tax. What the fuck is going on in NJ!!??


I lived in Upper Montclair before the boom and my taxes increased by 2K per year on average. So this is pretty much on target with the "pre-boom" era.

The people who will get hit HARD will be those couples who just stretched themselves as far as the could to get into a town where you DO NOT want to send your kids to school--Glen Ridge is a better choice. These people cannot afford to absorb the additional $2K+ a year in taxes.

7/10/2006 08:12:00 PM  

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