Home Buying in 07030>Question Details

Mark, Real Estate Pro in 07030

What is the property tax percentage in Hoboken for new construction?

Asked by Mark, 07030 Thu Feb 12, 2009

Hi:

My wife and I are looking at a gut renovated condo, but the realtor/owner is fuzzy about the taxes. He listed them as $9k on a $700k property (app 1.3%). I asked about the latest taxes due to the massive increase but he said those increases are 'temporarily'. Yeah right! Anyway, can someone provide me with the most current percentage to calculate taxes on a gut renovated condo without a tax abatement?

Thanks!

Help the community by answering this question:

Answers

5
While the tax rate (the amount you pay per $1,000 of assessed home value) is up, the equalization ratio (the assessed value as a percentage of the actual value) is down so it does still work out to about 1.3%. In 2006 homes were assessed at 34.45% of their actual value. In 2008 they are assessed at 29.95% of their value. Since there was no 2007 budget and in essence no reliable tax rate or ratio we have to go off the 2006 numbers which is what they used for that whole year. So while the tax rate is higher, your property is going to be assessed at a lower amount so it's almost a wash. It's slightly higher but not much.

I would double check with the city though.

Andres Garcia
Sales Associate
RE/MAX Gold Coast Realty
56 Newark Street
Hoboken, NJ 07030
Direct: 201 795-5200 x340
Office: 201 795-0100
Fax: 201 795-1245
andres@milesquarerealty.com
http://www.milesquarerealty.com
0 votes Thank Flag Link Mon Mar 23, 2009
Walter,

Thanks again. Your example comes down to app 1.75% which are numbers that I've heard all across the board.
0 votes Thank Flag Link Thu Feb 12, 2009
Mark,

I have heard numbers of about 1.3-1.4%; however given the tax increase I'm sure that percentage is no longer accurate.

Just to give you an idea, I own a recently gut-renovated condo worth about $525,000 and my annual taxes for 2008 were about $9,300. That # reflects the tax increase.

If you have any additional questions, please let me know

Best,

Walter J. Burns
Realtor-Associate
Weichert Realtors
1 Newark St.
Hoboken, NJ 07030
201-653-8488 Ext: 230
201-694-8946 Mobile
201-653-4154 Fax
wburns@weichert.com
0 votes Thank Flag Link Thu Feb 12, 2009
Walter,

Thanks for your reply. I thought there was a certain percentage for new contruction/renovations? The realtor is using 1.3% but I'm almost certain that was the percentage before the tax increase.
0 votes Thank Flag Link Thu Feb 12, 2009
Mark,

Given all of the recent tax changes in Hoboken, I recommend going right to the source. Call the Hoboken Tax Assessor's Office at 201-420-2024. I would explain the situation with the property being renovated.

All the best in your home search,

--
Walter J. Burns
Realtor-Associate
Weichert Realtors
1 Newark St.
Hoboken, NJ 07030
201-653-8488 Ext: 230
201-694-8946 Mobile
201-653-4154 Fax
wburns@weichert.com
0 votes Thank Flag Link Thu Feb 12, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer