Hoboken Legal Beagle – 10/28/2008
Notwithstanding the recent 47% property tax increase many residents will be hit with, one Hoboken411 reader wonders about how assessments in Hoboken work in general.
How are assessments triggered?
“So I am a Hoboken renter and am considering buying now that prices have softened some. I’m looking at one place that is about 800 sq/ft with taxes of only $2,300! The 2BR condo’s assessed value is only 115k as of last year, up from 100k in the 3 years prior. I noticed the condo is assessed as only a 1 BR, despite having 2.
If I buy this place do I have to worry about a $5k tax hike next year? How does this work in Hoboken? Will we pay taxes on the purchase price or just some random assessment? Will a purchase trigger a new assessment? I’m hoping one of your readers know this process or has been through this already. Thanks for your help.”
Hoboken411 Legal Beagle says:
Your assessment only changes if work is done on your unit or a city wide reevaluation occurs. Your taxes are not determined by your purchase price, they are determined but the amount of the original assessment plus the value of any work that increases the value of your unit. A purchase does not trigger a new assessment.
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