Dyer v John Jack Kelly

Jersey City NJ’s Revaluation plan is a side show to promote a higher calling for the Hudson County Executive. And to make points on the practices of Solomon Dwek still exist. Whereas the current adjustable rates for the city of Jersey City are currently off on its assessment. In 1988 when the city was assessed the property taxes where at $1.6 million, and in 20 or more years the tax rate is now $4 million—that’s more than a 85% increase on municipal taxes, and a 15% decrease on federal aid. Which is pretty amazing because of the levels of abandon properties and abated buildings? Jersey City Tax Assessor Ed Toloza stated: “Most properties are valued on how much it takes in and not the overall surrounding. And most investors would value the take in proportions of the property.” Which is absolutely wrong, as noted a property that is openly abandon, and unused will bring down the value of the block, increase the rate on what the city can collect, and weaken the property no matter how much in revenue spending the higher earning tax block brings in. For instance 314 Communipaw Ave draws almost $2.2 million in revenues, and pays the city of Jersey City in average of $200,000 in adjusted taxes which is 22% on the tax rate--while the state askes for 30%. And since many of those properties are abated, its that notion where they aren’t obligated to pay, if revenues are down. And right now many abated tax blocks don’t pay a dime in property taxes, and many taxed homes like small business, and sole traders are getting cheated.

The Hudson County Executive’s office requested the state to give a revaluation assessment on Jersey City. Where they will be going block by block to revaluate homes. Where many will see their property taxes and home valuations go up or down. Since right now there are 51680 tax payers, and 8776 tax exempted—while an unreported 2,000 abandoned. Realty Appraisal Company said they would assess the property to its actual value. And they basically presented themselves to the public as the company who will control the value of your home, and report to the tax assessor on what they should charge you on the adjusted rates and proportion setting on what the city views as a tax increase—or decrease. Yet, what people don’t know is that if there aren’t any sales on your block—no matter what the evaluation really is, they will assess that property to the value on the books, and make your block radius tax assesment will go up or down. I say that the revaluation process for Jersey City is needed, and many people’s taxes will go down, yet my concern is what about the properties that have lack of sales. And nobody can answer that question! It was a side show to promote the company called Realty Appraisal Company.

What we learned from this side show was the notion that 101 Hudson St Jersey City NJ was assessed on pennies on the dollar, sold for $1.6 million with abatements, and gives the city of Jersey City $2.5 million in terms of taxing revenue, when it should be $5.4 million. Meaning the building manager and property owner of 101 Hudson st, hasn’t paid its fair share on how the city pays social services. Municipal and Social Services meaning – schools, road repairs, cops, fire fighters, municipal employees, and social services: such as welfare, unemployment, block grants, and self employment tax credits. And Jersey City has the most in the nation of 30 year abated properties. And the people are asking for something to change.