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 Condos Real Estate Update

My monthly Hoboken condos real estate market update for the month of June is here!

Hoboken real estate does not appear to be slowing down even given the record high temperatures in June. There are still lots of buyers looking for move in condition homes or good opportunities and the condo market has not added a significant amount of inventory to impact the pace at which homes are selling. This is keeping pressure on prices and for the first time, we see a list price to sale price, where the sale price is actually HIGHER than the median list price.

Sales:
For the month of June Hoboken saw 72 units close. Slightly up from 69 condo units in May.
The lowest sold price was $220,000 for a 600 sq ft one bedroom at 118 Jefferson St with a list price of $229,000. The highest sold price was $1.3Million, for a rare 3,500 square foot 4 bedroom 3 bath triplex with private elevator, outdoor space and 3 car garage at 504 Observer Highway, it's original list price was $1.4Million.

The Median List Price for these units sold was $485,000 and the Median Sold Price was $489,300. The Median Days on Market was 23 days. (down from 32 days in May)

Pending:
76 Hoboken condo's changed their status to pending in June. From the lowest asking priced unit of $239,000 for a 600 sq ft one bedroom at 79 Madison St, to the highest asking priced unit of $1.385Million at 1125 Maxwell Place for a 1749 sq ft three bedroom three bath unit.

The Median List price for these units pending was $493,500 and the Median Days on Market was 33 days.

Our current inventory is still surprisingly low, with just 235 units currently for sale. Averaging about 70 sales per month, that leaves us with an absorption rate of just 3.3 months of inventory.

If no other sales come on the market, it will take Hoboken buyers just a little over 3 months to buy all of the homes available..

Make sure you are ready and prepared for when the time comes for you to make an offer on a home. Read my "How To Make An Offer"  3 items you'll need on my Trulia blog.

Check back every month for Hoboken real estate market updates! Search for Hoboken condos for sale on my website 

Information provided by the Hudson County MLS, deemed reliable but not guaranteed.