Tax re-valuation may be complicated
Still want that reval?
Now that Hoboken Property Taxes are evidently on the way down, end election season is over – many of the über-angry residents who were complaining about the unexpected tax bills have either settled down, “accepted it,” or found other ways to fill their free time.
One of the big election issues was a Tax Revaluation that many residents wanted – because one hasn’t been performed in Hoboken since the 80’s. The proponents of an “immediate reval” cited that it was “unfair” that property owners some neighborhoods were paying “significantly less” than others with similarly valued properties. Many believed it was as easy as “counting and updating an excel spreadsheet” – while others understood the sheer complexity and COST of a citywide property revaluation.
To give you an example of the headaches involved with a reval – take a look at what’s happening over in Bergenfield, NJ
There are ALWAYS losers in a reval
Bergenfield had performed a reval in 2005 – which left residents in some parts of the town with “unfair” valuations – doubling – even tripling their property values – and resulting in 30 percent tax increases (and NOT because of a budget debacle.)
Now, they plan on performing yet another “re-revaluation” – that will cost city taxpayers almost another $600,000 in fees. Many residents feel that it’s the right thing to do, and will lower – and even reduce taxes to pre-2005 levels. But not without a price…
Commercial Property Owners now holding the bag
“But commercial property owners who could face up to a median 32 percent tax hike are not as enthused. Downtown merchants who own their buildings said they are especially worried about how to cope with the increase in a stalled economy. Some residents say the second assessment wasn’t worth the money spent on the appraisal and the resulting appeals, especially because of the impact on commercial properties. “The new reval never should have been done,” said resident Diana Flagg. “Our commercial district has been falling apart for years, and this will be just another nail in their coffin.”
I can only imagine of commercial business in Hoboken were hit in the same fashion – prices go up, residents spend less – more closed shops – a complete downward spiral.
Do you think it’s safe to assume that when Hoboken property gets revalued – that there will be a massive finger-pointing “not fair – nyeah” bitchfest? Any way it can be achieved where “everyone wins?”