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HomeBuyer, Home Buyer in Jersey City, NJ

Taxes on JC Condos?

Asked by HomeBuyer, Jersey City, NJ Sat Jul 7, 2012

I made an offer on a condo in the Portofino and then noticed that the taxes are $11,000 a year!

The MLS for other buildings like the Mandalay and the Shore have taxes like 6000-8000 on a similar sq ft unit - its almost a difference of $400 a month. That means I can buy a condo thats $100K more expensive than the Portofino in these buildings, for the same monthly payment.

So my question is, is it better to pay 400 a month more in taxes, or in mortgage?

Also, do the taxes change when ownership changes from seller to buyer? How do I find out what taxes are currently applicable on the condo? Thanks.

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Answers

5
Hi

The best way to check taxes are the tax records. I can help you with this anytime.

As for the which would be better Taxes or Mortgage. I would say Taxes, because of the possibility of the mortgage interest deduction going away. You will always be able to right off your taxes.

Call me I can help with any questions.




Jose Martinez
201-494-1973
0 votes Thank Flag Link Sun Jan 6, 2013
You're welcome!

Not all abatements are the same, some buildings are granted lower rate abatements than others. Some can be Pilot programs which change in phases.

If you are working with a real estate agent, I hope you are, :) you should ask him or her to clarify this for you. Remember though, you should always call the tax assessors office to confirm what the taxes are, and whether an abatement is in place.

Your attorney will also confirm this information for you.

If you aren't working with anyone right now, please feel free to reach me if you'd like some assistance finding a home that doesn't have crazy high taxes!
0 votes Thank Flag Link Tue Jul 10, 2012
Thanks Karina.

I thought Portofino and Mandalay also has tax abatement? Should not that lower the taxes on them too. Contrastingly, they are so much higher.

Thanks.
0 votes Thank Flag Link Tue Jul 10, 2012
Hi Home Buyer, you'll want to contact the Jersey City Tax assessors office to confirm taxes. It is possible this unit is over assessed and you might be able to file for an appeal in the next year or two, pending the tax reevaluation/assessment happening all over Jersey City.
Other buildings, like Crystal Point for example have tax abatements which greatly reduce their taxes. I personally would rather pay less in taxes, if they can be held at bay for long term that is, and buy more house.
Keep in mind, part of your property taxes can be written off on your income tax returns, as will your mortgage interest.
Taxes do not change with each sale, they change yearly with budgeting from the city or state increases or decreases.
Hope this helps!
0 votes Thank Flag Link Tue Jul 10, 2012
it depends where and how many bed rooms and the building
Marty Albalah JADF 2014327000
0 votes Thank Flag Link Mon Jul 9, 2012
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