Hoboken Property Tax Re-evaluation On The Horizon

Hoboken property tax re evaluation on the horizon. The city of Hoboken has not had a property tax re evaluation in years. And it's no secret to real estate agents and some buyers searching for property, that newer construction condo buildings get assessed at higher values than their older, brownstone counterparts.

It is not uncommon to see a 3 bedroom condo, along the water front with taxes of about $18,000 and then to see a 4 bedroom - 3 story brownstone with taxes of about $12,000. Why the disparity? Tax assessments, values and evaluations.

This seems like the perfect time for such an undertaking. What with the recent mortgage crisis, and values now are actually increasing - plus, Jersey City, a much, much larger municipality has taken up the job that, when it's complete, will have needed two years+ to complete. It is anticipated to be finished in 2014.

The purpose is "to ensure a fair and equitable redistribution of the City’s tax levy so all property owners are shouldering their fair share of the City’s tax burden." The last re-eval in Jersey City was done back in 1988. 


What could this mean for property owners? Well, we think that those buildings paying unusually higher property taxes than some of the other types of buildings in town will likely see some relief, and those enjoying lower property taxes will likely see a bump. How much in each direction, remains to be seen.


I just received this notice from the city of Hoboken's website and anyone who'd like more information is asked to attend a meeting on May the 9th 2013. I highly encourage all who own property in Hoboken to attend.


Community Invited To Public Meeting For Information on Revaluation

A community meeting regarding the revaluation process will be held on May 6th at the Hoboken High School auditorium, located at 800 Clinton Street. Property owners should have recently received in the mail information regarding the upcoming revaluation.

A presentation will be provided by representatives from Appraisal Systems, Inc, the revaluation company performing the legally - mandated revaluation of Hoboken property. Following the presentation, the company will take questions from the public. All interested property owners are invited to attend.

Additional informational meetings will be announced soon.

The New Jersey Division Of Taxation provides answers to frequently asked questions regarding the revaluation process: www.state.nj.us/treasury/taxation/pdf/lpt/revaluation.pdf

Hoboken Real Estate Market | Weekly Update | Hoboken Condos and Brownstones

Hoboken Real Estate Market Weekly Update Hoboken Condos and Brownstone
Week of September 13th, 2010

What's cookin'

Condominium Sales:
For the week of the 13th, there were 9 units that closed. From the lowest, a 590 square foot one bedroom one bath located at 625 Willow Ave with a list price of $299,500 and a sale price of $295,000 to the highest, a 1260 square foot three bedroom two bath located at 501 9th St - aka Prospect Hill with a list price of $619,000 sold for $592,000.

Pending:
9 Units are under contract for this week. The lowest price, a 781 square foot two bedroom at 108 14th street with a list price of $299,000 and the highest asking price, a 1038 square foot two bedroom two bath at 1300 Grand - The Upper Grand - with a list price of $515,000.


Median list price, $469,900 and median sold price $445,000. Median days on market 73 days.


Single Family Brownstones
No Hoboken brownstones, or single family homes, were sold or written under contract for this week.

There are currently just nine for sale.


Information provided by the Hudson County Multiple Listing Service, deemed reliable but not guaranteed.

Top 10 tips for buying real estate: #1

Yesterday I posted the first of this 10 day series and I started with number 8 'Develop a Mortgage Shopping Cart' because I felt that it was a great place to begin.

So we're going back to basics and starting with number one:

Tip #1: Research Is The Key To Discovery
Home sellers won't call you with an offer to buy a maintenance-free home with a wonderful mortgage. You have to find the gems yourself! Only by reading available materials, talking to friends and experts, doing some research online and working with a real estate agent you trust, will you end up with your American dream.

If you're moving somewhere and transportation is important to you, or schools, make sure that you do your research, and not just by searching online - although the Internet is an incredible tool - but by asking neighbors and residents of the town. Walk around and shop or eat where you might end up living. You'd be surprised how many people are willing to talk to you and offer to share their personal experiences.

Make it a point to walk or drive around the area that you're looking at during the day and the evening. If commute time is a factor then give it a test run or two so you can feel it out for yourself. You'll learn a lot!!

Till tomorrow's tip!

Top 10 Tips for buying real estate! Tip #8

I'll be posting a series of top ten tips for successfully buying real estate in the next ten days with one new tip each day. So you'll want to check back each day or follow my blog so you don't miss any!!

I want to start with number 8 today because many of you are educated and know that before you start looking at homes you have to arm yourself with a prequalifcation letter. The buyers I've been working with lately have started to do their homework by shopping rates and loan programs plus looking into rate locks with rates as good as they are now.

Tip #8: Develop A Mortgage Shopping Chart

One of the biggest decisions to make before putting a contract on a home is how to finance the purchase. There are 10,000 lenders competing for your mortgage business. The days of simply walking into the community bank and negotiating with the loan department manager are over. Today, you can apply for a loan over the Internet or even use a mortgage broker to shop for your loan with hundreds of lenders. When choosing a lender, you want to avoid apples to oranges contrasts by comparing fixed rates to fixed rates, not fixed to ARM's or adjustable rate mortgages. Create a chart that lists different types of loans, fees, and at least five mortgage providers (including a mortgage broker). In many cases, a mortgage broker will be able to secure for you the best loan.

If you would like a referral to a reputable mortgage lender please don't hesitate to reach me! Till tomorrow for the next tip..