The Hoboken Tax Reform Coalition
tax appeals - negotiations have started! what's a good settlement?
so, i hear that negotiations have started - mine hasn't, but my friend's did....
now, the question is what is a good settlement?
i hear that if (i) you want a real assessment (i.e. what the place is actually worth), (ii) you don't settle and (iii) then you win at the county level, the city will just appeal the county decision to NJ tax court to tie up the matter for years! that said, i also hear that the county rarely votes in favor of the individual!
you can't win?!?
therefore, is a 75K movement downward a lot, which should be accepted, if the new assessment still only gets you within 100K of the FMV of your place???
Any thoughts? What's really happening?
Any stories would be great - thanks!!
now, the question is what is a good settlement?
i hear that if (i) you want a real assessment (i.e. what the place is actually worth), (ii) you don't settle and (iii) then you win at the county level, the city will just appeal the county decision to NJ tax court to tie up the matter for years! that said, i also hear that the county rarely votes in favor of the individual!
you can't win?!?
therefore, is a 75K movement downward a lot, which should be accepted, if the new assessment still only gets you within 100K of the FMV of your place???
Any thoughts? What's really happening?
Any stories would be great - thanks!!
Views: 10
Replies to This Discussion
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Permalink Reply by khoboken on -
75k as to what, the assessed value or what you think the market value is. BIG difference. Hoboken's assessment ratio is about 30% of the "market value". The answer to your question is how good is the back up to make your case. Do you have an appraisal? By a licensed independent appraiser? If not, the assessor is just going to go to trial and you will loose. Rules of engagement in Tax Court. BTW, a market comparison done by a real estate agent is NOT an appriasal. Won't fly at a hearing. Too bad many people are going to loose perfectly good appeals because they would not shell out the $500.00 for a legitimate appraisal. Could have saved them thousands.
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Permalink Reply by Stiemyg on
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i have everything we need - appraisal, etc. - have VERY good proof. just trust me on that fact.
Yes, assessed value - if our assessed value goes down 75K (by settlement) and we take the new assessed value and divide by 0.2713 (the ratio) it comes to a FMV that's still 100K more than our FMV!
does that help? do you have experience in these matters?
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Permalink Reply by khoboken on
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Sounds like you can squeeze some more out of the assessor. What does your appraiser say? I do trust you on the proofs, but will ask one last question, as my experience (yes, I do have it) in this area is that many try and use an apprisal that they got when they refinanced or purchased their home. Not the best proof. Especially this year. I have always used tax appraisers that specialize in tax appeals, as it is an archaic valuation system. I have found that a good tax appeal apprasier really makes the assessor take notice since if it does go to a hearing, a tax appraiser with a good valutaion is going to kill the assessor nearly every time. The assessor may be testing your appraisal. Will you have the appraiser ready and available to testify? Again, if he/she is a no show, the assessor will try and prevent you from putting in any evidence. Again, part of the game, as you noted previously.
Stiemyg said:i have everything we need - appraisal, etc. - have VERY good proof. just trust me on that fact.
Yes, assessed value - if our assessed value goes down 75K (by settlement) and we take the new assessed value and divide by 0.2713 (the ratio) it comes to a FMV that's still 100K more than our FMV!
does that help? do you have experience in these matters?
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Permalink Reply by Stiemyg on
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I have a great fresh appraisal and a good appraiser (they'll show) - i'm just not sure of the following:
1. by settling, i'm not getting exactly what i should - does Hudson County typically just rule in favor of the town? therefore, i should just settle versus push!
2. if i win big the the county, does the town typically just appeal the decision to tax court to tie things up?
thanks!
khoboken said:Sounds like you can squeeze some more out of the assessor. What does your appraiser say? I do trust you on the proofs, but will ask one last question, as my experience (yes, I do have it) in this area is that many try and use an apprisal that they got when they refinanced or purchased their home. Not the best proof. Especially this year. I have always used tax appraisers that specialize in tax appeals, as it is an archaic valuation system. I have found that a good tax appeal apprasier really makes the assessor take notice since if it does go to a hearing, a tax appraiser with a good valutaion is going to kill the assessor nearly every time. The assessor may be testing your appraisal. Will you have the appraiser ready and available to testify? Again, if he/she is a no show, the assessor will try and prevent you from putting in any evidence. Again, part of the game, as you noted previously.
Stiemyg said:i have everything we need - appraisal, etc. - have VERY good proof. just trust me on that fact.
Yes, assessed value - if our assessed value goes down 75K (by settlement) and we take the new assessed value and divide by 0.2713 (the ratio) it comes to a FMV that's still 100K more than our FMV!
does that help? do you have experience in these matters?
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Permalink Reply by Dave Kaplan on
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Other things you may want to take into account is that if you settle it will cost you a lot less time, and you will also have the certainty of knowing what your result is. If litigation is continued, you might end up no better than you are right now, and may have cost yourself valuable time, as well as anything it costs you to take it to trial (like paying a valuator to testify).
Stiemyg said:I have a great fresh appraisal and a good appraiser (they'll show) - i'm just not sure of the following:
1. by settling, i'm not getting exactly what i should - does Hudson County typically just rule in favor of the town? therefore, i should just settle versus push!
2. if i win big the the county, does the town typically just appeal the decision to tax court to tie things up?
thanks!
khoboken said:Sounds like you can squeeze some more out of the assessor. What does your appraiser say? I do trust you on the proofs, but will ask one last question, as my experience (yes, I do have it) in this area is that many try and use an apprisal that they got when they refinanced or purchased their home. Not the best proof. Especially this year. I have always used tax appraisers that specialize in tax appeals, as it is an archaic valuation system. I have found that a good tax appeal apprasier really makes the assessor take notice since if it does go to a hearing, a tax appraiser with a good valutaion is going to kill the assessor nearly every time. The assessor may be testing your appraisal. Will you have the appraiser ready and available to testify? Again, if he/she is a no show, the assessor will try and prevent you from putting in any evidence. Again, part of the game, as you noted previously.
Stiemyg said:i have everything we need - appraisal, etc. - have VERY good proof. just trust me on that fact.
Yes, assessed value - if our assessed value goes down 75K (by settlement) and we take the new assessed value and divide by 0.2713 (the ratio) it comes to a FMV that's still 100K more than our FMV!
does that help? do you have experience in these matters?
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