Lower property taxes after hurricane Sandy?

Damage from Hurricane Sandy? Get re-assessed!

Many property owners in Hoboken suffered devastating damage and loss during Hurricane Sandy. A very frustrating time as they pick up the pieces, deal with insurance companies, FEMA, and much more.

But did you know that you might be able to get your property taxes LOWERED?

Brian Steele of RE/MAX Gold Coast Realty shared this helpful tidbit that might help lessen the sting that residents felt after the storm…

Property Assessment on Storm Damaged Homes in Hoboken

“If your home suffered a material depreciation in value due to property damage from Hurricane Sandy, you might want to have your 2013 property tax assessment reflect the true value of your property.

If so, a notice advising your tax assessor of the damage must be sent by January 10, 2013.

If you fail to notify the tax assessor by this date, your property will most likely be assessed in the condition it was in on October 1, 2012. Please note that this only pertains to property in which the value is materially depreciated by storm damage.

This link provides information regarding tax assessments in such circumstances – N.J.S.A. 54:4-35.1.

The statute requires the property owner to take action by January 10, 2013.”

Good luck everyone!

6 Responses

  1. hobokenj says:

    I was curious about the tax issue and Sandy the other day when the article came out that a whole bunch of the new parking meters are not working.

    Clearly their will be a huge amount of overtime pay (some real and a lot of made up hours) associated with Sandy that was not anticipated in the ridiculous 100 million dollar budget.

    There will be all kind of equipment that will need to be replaced that was not anticipated in the ridiculous 100 million dollar budget.

    The town also anticipates a certain amount of revenue from parking meters and clean sweeping tickets boots etc. For weeks none of that revenue was coming in and now for a much longer time no revenue from the streets where these broken meters are.

    Has a single elected official made any comments on any cutbacks they plan on initiating to cover these issues or is it just going to be business as usual and they will float a bond to cover the costs???

    • animal_lover says:

      A number of the losses and overbudgeted items are insured or should be. Payrol for disaster specific is a Fema pickup.

      Some expenses may actuallly e covered by the state policy.

      Depending on the present coverage or lack thereof combined with the storm model predictions it might be wise to add coverage. I always admired the mayor of Biloxi who had picked up coverage the year of Katrina before she hit.[quote comment=”218598″]I was curious about the tax issue and Sandy the other day when the article came out that a whole bunch of the new parking meters are not working.Clearly their will be a huge amount of overtime pay (some real and a lot of made up hours) associated with Sandy that was not anticipated in the ridiculous 100 million dollar budget.There will be all kind of equipment that will need to be replaced that was not anticipated in the ridiculous 100 million dollar budget.The town also anticipates a certain amount of revenue from parking meters and clean sweeping tickets boots etc. For weeks none of that revenue was coming in and now for a much longer time no revenue from the streets where these broken meters are.Has a single elected official made any comments on any cutbacks they plan on initiating to cover these issues or is it just going to be business as usual and they will float a bond to cover the costs???[/quote]

  2. jonsie says:

    Don’t think the people at city hall are too happy you mentioned this.

  3. OpenEyes says:

    Unfortunately the property values are going to go down in Hoboken and at the shore even if your property did not sustain extensive damage

    Really you want to buy property in an area that has flooded twice in two years

    • briank says:

      Unless your property is on Bloomfield, Garden, or Hudson and was dry. Might even add to the value to tell a buyer that you were dry during Sandy and Irene. Of course Hoboken as a whole might take a hit to its reputation, but knowledgeable locals know what streets to avoid and what streets are safe. [quote comment=”218610″]Unfortunately the property values are going to go down in Hoboken and at the shore even if your property did not sustain extensive damageReally you want to buy property in an area that has flooded twice in two years[/quote]

  4. thin555 says:

    This would be a good time for that city-wide reassessment to occur. Those people who are paying taxes based on ancient assessments could pony up their shares of the Sandy costs.

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