Re-assessing your property in Hoboken

Just because the holiday season is upon us, doesn’t mean that you shouldn’t still pay attention to potential economic gains by re-assessing your property values. Here’s a message from First Source Appraisal:

Time to reduce your property taxes – AGAIN!

Over the past few years, many Hoboken residents have been able to take advantage of declining property values by appealing their assessed property values with the town and county. Some have been able to see up to a 40% decrease in their annual property taxes.

Now is the time to appeal again. With property values still on a slight decline, both first and second time applicants are able to appeal their property assessments through First Source Appraisal, LLC.

First Source Appraisal is a real estate appraisal company located right in Hoboken that handles the entire petition of appeal process at half of the cost most lawyers charge. To see if you qualify, visit www.firstsourceappraisal.com/taxappeal now.

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9 Comments on "Re-assessing your property in Hoboken"

Stpaddygirl
Member

Hmm says the window to appeal is closed, helpful though got to see how much I should be paying per sq ft

xxrjxx
Member
xxrjxx

Window was closed for me as well until February 2012. I’ll certainly do the paperwork then. Got hosed going through a lawyer the last time.[quote comment=”212446″]Hmm says the window to appeal is closed, helpful though got to see how much I should be paying per sq ft[/quote]

wfs4
Member
wfs4

Strange, when I try the link (and enter all my details) it says

“Please visit us again in February 2012 when the appeal window for New Jersey opens again”[quote comment=”212446”]Hmm says the window to appeal is closed, helpful though got to see how much I should be paying per sq ft[/quote]

K
Member

I have contested my taxes twice successfully on my own and reduced the tax bill from over $12k to less than $7k.

Print the form from here,
http://www.hudsoncountytax.com/Forms/A-1.pdf

and fill in using comparables from here,

tax1.co.monmouth.nj.us/cgi-bin/prc6...h_type=0&out_type=3&adv=2

For 2009 I had to negotiate at the tax building to get a number but for 2011 they called and agreed to reduce with out us even going to court. My condo is tax appraised at $490k and up for sale at $620k.

Give it a try on your own first and then call in the professionals if you need help.

xxrjxx
Member
xxrjxx

Anyone know their going rate? I know some companies charge up to 50% of your tax savings–seems a bit high for what essentially amounts to just filing the paperwork.

wfs4
Member
wfs4

check out http://www.easytaxfix.com – costs $80. See what taxes your neighbours pay, then fill out all the forms on-line, print them (3 copies on legal size paper), and send them off.

Then you’ll be scheduled to meet with the tax assessor somewhere in Jersey City. You’ll get about 5 days notice to attend. If you can’t make it, tough luck, your appeal will be denied. In my case I was scheduled for a 9am meeting, but they kept me waiting about 3 hours. So bring a book.

So it cost me $80 + 1 day off work – but I saved about $3,000 a year.

[quote comment=”212400″]Anyone know their going rate? I know some companies charge up to 50% of your tax savings–seems a bit high for what essentially amounts to just filing the paperwork.[/quote]

t167
Member
t167

Be very careful doing this process on your own. In most cases, the county board of taxation and the local assessor will need proof of the value of your home and an expert witness. Without either one, you case can be denied immediately, and you will have to wait another year to file. See the attached link:

http://www.hudsoncountytax.com/html/taxAppealFAQ.aspx

Also, going with an appraisal company is about half the cost. In the end, a lawyer will need the appraiser as an expert witness and the appraisal report as proof of value.

Good luck![quote comment=”212416″]check out – costs $80. See what taxes your neighbours pay, then fill out all the forms on-line, print them (3 copies on legal size paper), and send them off.Then you’ll be scheduled to meet with the tax assessor somewhere in Jersey City. You’ll get about 5 days notice to attend. If you can’t make it, tough luck, your appeal will be denied. In my case I was scheduled for a 9am meeting, but they kept me waiting about 3 hours. So bring a book.So it cost me $80 + 1 day off work – but I saved about $3,000 a year.[/quote]

wfs4
Member
wfs4
Can’t answer for most cases. All I can answer for is my case, and the 8 other units in my building who all filed the same way. They scheduled us all to appear the same day. We all appealed using the $80 online process. We all got tax reductions. Proof of the value of your home is based on the selling price of ‘comparable’ units. So you select those recent sales that have a similar size / location to your property. They never asked for an expert witness. I’d have thought you can’t get any more expert than the actual sale prices of similar units ? There is also the 15% fudge factor. The counties valuation can be within 15%. I’ve heard of some appraisal companies (can’t remember the name) that charge about $500. This may be of value if you can’t take a day off work, or you have vacations scheduled around appeal time. How much does the appraisal company that you work for charge ? [quote comment=”212494″]Be very careful doing this process on your own. In most cases, the county board of taxation and the local assessor will need proof of the value of your home and an expert witness. Without either one, you case can be denied immediately, and you will have to wait another year to file. See the attached link:Also, going with an appraisal company is about half the cost. In the end, a lawyer will need the appraiser as an expert witness and the… Read more »
xxrjxx
Member
xxrjxx

Awesome. Thanks.[quote comment=”212416″]check out – costs $80. See what taxes your neighbours pay, then fill out all the forms on-line, print them (3 copies on legal size paper), and send them off.Then you’ll be scheduled to meet with the tax assessor somewhere in Jersey City. You’ll get about 5 days notice to attend. If you can’t make it, tough luck, your appeal will be denied. In my case I was scheduled for a 9am meeting, but they kept me waiting about 3 hours. So bring a book.So it cost me $80 + 1 day off work – but I saved about $3,000 a year.[/quote]

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