Hoboken Property Tax Disparity

Some Hoboken residents frustrated with property tax imbalance

One Hoboken411 reader emailed me yesterday – and shares the feeling many Mile Square residents have: The often huge disparity in Real Estate taxes between comparable units.

Is the Hoboken Tax Assessor doing their job?

“Is there any reason to the Hoboken property tax disparity? Personally, I think it is all about who you know and I am not convinced the tax assessor is doing his job.

If he was doing his job, I’m sure many of us would see our taxes go down, because bringing homeowners that are way under taxes up to where the rest of us are would add a lot of revenue. Maybe $15,000 isn’t the right number for the downtown property I was looking at, but $8,000 is a steal.

There are many, many more out there. My neighbors and I talk about it all the time. I’ve heard the situation is even worse with under-taxing of multifamily buildings. Look at any multifamily on the market and then look at the assessment? Big, big discrepancy compared to where the assessment should be.

I think Hoboken residents just want the assessment process to be fair. Many, many residents are under assessed.”

What do you think is the solution for the property tax disparity? Who wins? Who loses? And how long is this going to take?

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12 Comments on "Hoboken Property Tax Disparity"

hobokenj
Member
hobokenj

You can do a search and see what anyones taxes are. Use advanced search. Will help if you know your block and lot. You can see what the propertie is assesed at, what it sold for and the taxes that it pays

tax1.co.monmouth.nj.us/cgi-bin/prc6...ata&district=1301&mode=11

kc07030
Member
kc07030

With the decline in market value, anyone who brought a property in the last few years should file a Tax Appeal to lower their assessed value and corresponding property taxes.

Because I am probably 25% overassessed, I submitted a tax appeal this year before the 4/1 deadline. Since a hearing is required within 90 days, I called Hudson County Tax dept. in May and my hearing wasn’t scheduled yet. Called again mid-June and was told my court hearing had just occurrred that morning. He said my hearing notice was sent to a former address. This address was not on my Tax Appeal. He did not know how that could happen and said my hearing would be rescheduled. I still haven’t receive a new hearing date yet.

Being an original cynical New Yorker, I suspect it was intentional, causing property owners to miss their hearings and lose their appeal; pay more property taxes than they should for another year.

jgoody
Member
jgoody

Hoboken needs a reassessment and badly. I am a homeowner in midtown – when I first bought my place 8 years ago – I was paying just shy if $8K a year. Six years later my property taxes are now up to $12K a year. I hired an attorney and had my place reassessed and got my taxes down to $9K a year now. First, Hoboken was way over assessing my place by $300K – market value is $600K and they had me assessed at $900K. I have a 3bdr and 2bath 1495sf place. I had the same size place in 2 other states and paid less then $1K year in propety taxes. New Jersey and Hoboken need to get their corruption and spending under control or ower home values are going to decress even more then what they have. It is really sad that my P&I payment is less then my tax escrow payment ever month. I am in a spot of maybe having to sell my place – because of not being able to afford the taxes.

Mama Luke
Member

If it is assest at 320,000 why are people paying 1,25,0000? It seems to me the entire city needs a reval if people are paying more then what the city says its worth.

john14
Member
john14

This is too complicated for the current administration. They haven’t figured out a way to spin it in a positive way.

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