2011 Jan 19th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of January 19th

Hoboken Condos Sales & Activity – Week of January 19th, 2011

Tax Appeal Time in HobokenHoboken Tax Appeal

This is the season for tax appeals. Some owners do them on their own. Some hire an attorney to handle it for them. It’s not very difficult to do but it can take some time. If you are going to do it on your own, you need to pull comparable sales from the past three months. I would be happy to give you 3 comparables for your Hoboken property FOR FREE. We appreciate your reading Hoboken Real Estate News. This is our small way of saying “thanks”.

You can get very good instructions on how to do an appeal on your own at:

Tax Appeals Hudson County – FAQs

There is a site that is called EasyTaxFix.com. They guide you through the process step-by-step.

There are many lawyers in town who do appeals and several of them send out postcards advertising their services this time of year.

Where’s Waldo? More Like Where’s Al?

On another subject, someone asked me to write about Al Arezzo, otherwise known as “Teflon Al” and the Hoboken construction office. Here is an article from the City of Hoboken’s website explaining what is going on. A local blog carried the story and mentioned rumors about indictments but does point out that they are just rumors. I heard from a reliable source that when told he had to participate in sexual harassment prevention classes he refused to attend the class at the specific time it was scheduled, saying it conflicted with his work schedule.

  1. (valid email required)
  2. (required)
 

Here is this week’s condo sales report:

Disclaimer: The data relating to real estate transactions on this web site comes in part from the Hudson County MLS. While some of these listings are, in fact, our listings they are not ALL our listings nor do we hold them out as such. Century 21 Listings are identified with “C21″ after the address. Other listings are from the MLS and are identified with “MLS” after the address. Information is deemed reliable but not guaranteed.

Studio & 1 Bedroom Hoboken Condos:

13 new listing

1 Dabo

4 Sold

7 price reductions

131 Total Active 1BRs

Two Bedroom Hoboken Condos:

16 new listings

7 Dabos

4 sold

9 price reductions

182 Total Active 2BRs

Three Bedroom and Larger Hoboken Condos:

5 new listing

1 Dabo

1 Sold

1 price reduction

39 Total Active 3BRs

Hoboken Condo Open Houses

If you are in the market for a Hoboken condo, our Hoboken Open House Google Map is your best source for locating every open house in Hoboken. It is the single, most complete listing available and we were the first ones to do it. We compile the information by hand from all possible sources to provide you with all the information you need in one spot. It’s posted on Friday every week.

Want to Receive New Listings & Price Reductions Daily?

If you would like to be emailed the new listings and price reductions each weekday in either 1br, 2br or 3br categories just email us at [email protected] letting us know which size(s) you would like and we’ll add you to the daily email list.

For more information you can always contact us at 201 993 9500.

Thanks for reading and, as always, we welcome your comments!

FacebookTwitterGoogle+Share
  1. Andy

    Hey Lori, question on the tax appeal proccess. one of your DABOs here are in my building and is significantly below what I paid for my unit. However the rule about Oct 1 is confusing to me. Does this comp not count until Oct 1 2011 because the sale did not occur on Oct 1 2010? Not a big deal but considering the comp is spot on to my unit I think I have a good shot of making my case to the assessor.

  2. Sam

    Lori,

    Isn’t the date range for comparibles Oct09 – Oct10? (For Tax Appeal year 2011)

  3. Craig

    Andy – October 1st is what the County considers the annual assessment date. So any comparables you supply must have been sold prior to that date if you choose to use this method to prove your assessment is unfair for tax year 2011. The reason being Oct. 1st of the preceding calendar year is when the current assessment on your unit (and any comparable unit) is considered to have been made. So any comparable after that date is not relevant to the current assessment.

    They do this because the market is in a constant state of flux. So there has to be some sort of cutoff to establish a set comparable market window for each tax year.

  4. Andy

    Thanks Craig. Pending some miraculous uptick in price I think I have a great case for an appeal in 2012

  5. Lori

    Thanks Craig. I believe your explanation is correct. Good luck Andy. Let me know if you need comps.

  6. boken

    Hi All,

    I have a tax question as well. I bought in Aug of last year and of course have my assessment from the closing. Will that suffice for this process? That takes comparables into account.
    From what my lawyer at closing said, my taxes are too high as the previous owner bought in early 2000s and never reassessed. But I wouldn’t mind keeping the $400 and doing it myself if possible! :)

  7. Lori

    What do you mean by you have your assessment from the closing? If you bought a resale (i.e., not new construction) the taxes were set prior to your purchase. They would be found in the tax records. Just because the prior owner bought in 2000 and didn’t appeal his or her taxes doesn’t automatically mean you are paying too much.

    What matters is if your property has gone down in value since the time you purchased so that compared to other similar properties it is assessed at too high a value. To know if that is the case, you need to know what your property assessment is and then to look at comparable units and see what value they are assessed at.

  8. boken

    Thanks Lori. Sorry, I meant appraisal. Yes I bought a re-sale.

    I believe I understand how it works. I need to look at comparables vs. the property assessment which is what the tax rate is based on. How do I find out what that is? I am assuming the tax office?

    Thanks again.

  9. Lori

    Boken – There is a public website http://www.njactb.org/history.asp
    where you can search the tax records. I can give you comps if you email me [email protected] your property address.

  10. Craig

    If Boken’s unit was built in the 2000s and the taxes have never been appealed, it is most likely overassessed. Newer construction built in the last decade is getting crushed taxwise compared to older buildings and the assessments are way out of whack. My building was built in 2002. They had my unit assessed at the equivalent of a real world value of nearly $700k when I paid nowhere near that. My appeal reduced my taxes over $2k annually.

    Boken – just call Stack and Stack at 201-659-1000 and give then your address. They will tell you if you have a valid tax appeal for free. They did my appeal.

  11. boken

    Thanks Craig. Yes, my buidling was built in early 2000s and I don’t believe the taxes have ever been addressed.
    What’s an average price point a lawyer will charge for an appeal? Is there a large variance in service between firms that equates to larger reductions?

  12. Craig

    Boken – Stack and Stack are not lawyers. They are a real estate agency that specializes in appraisals and tax appeals. They charge $500 plus the application fee. I do not know what lawyers charge by comparison, but I’m a lawyer and I could have done it myself. However, I hired Stack because of his relationship with the tax assessor. It was that relationship I was paying for and I’m sure it resulted in a more favorable re-assessment than I would have gotten on my own.

  13. Lori Turoff

    I’m a lawyer and a realtor. I certainly could have done my own. Like Craig, I paid Joe Scanlon (of Gess, Gess & Scanlon) to do our appeal (not to belittle Joe’s ability because he is an excellent attorney) because this is Hoboken – often it’s not what you know, it’s who you know. It was worth every penny.

Leave a Reply

Copyright © 2008 Hoboken Real Estate News     Login     Sitemap