I’m sure many of you have received a letter in the mail by now from Appraisal Systems, Inc. It gives you the new “fair market value” of your property. If you go to the website of Appraisal Systems, Inc., there is a handy excel worksheet you can use to calculate whether your Hoboken property taxes are likely to go up or down. Click on the last item in the second section, entitled Hoboken Tax Worksheet (xls file). Enter your old appraised value in yellow box A and your new value in yellow box B. The worksheet will calculate the rest for you. Assuming nothing else changes (like the budget or the tax rate) the answer is in the yellow box on line H.
Lots of people have been telling me they plan to appeal this valuation. Understand something people. In a rising market you are very unlikely to win a tax appeal. You have to show comparable sales for LESS than your new market value. That is next to impossible in today’s market and the City has a margin of error which they are allowed by statute. So as my SuperBowl Field Team leader says – “embrace the suck”.