Sunday, December 22, 2013

State of NJ Reval takes its grip on Hoboken

Hoboken’s 2013 property revaluation has been completed and letters are going out to property owners. If you’ve received your letter with your new property valuation, you can use this worksheet from Appraisal Systems, Inc to calculate the tax implications of your new property assessment. Enter your current and new assessments in the orange boxes and see what your new tax amount will be in the yellow boxes, assuming there is no change in spending by the city, school, and county.

On average, Hoboken property assessments have increased by about 3.5 times the old amount. If your new assessment is 3.5 times greater than your current assessment, your taxes will stay flat. If less than 3.5, your taxes will go down, and if greater than 3.5, your taxes will go up. This ratio is provided in one of the yellow boxes on the worksheet as well.

To see how your neighbors and others have fared, find your block or building on this list:

Use the NBHD number in the left column to find the corresponding assessment list here:

 The Wiley Coyote tending to varmints after the reval.

Talking Ed Note: In recent years, municipal taxes have been reduced while school taxes have been mostly flat over several years but Hudson County taxes have been rising at a steady clip and the expectation for 2014 may be more of the same.

Again, to obtain your estimated tax data in 2014, just enter box A (old assessment) and box B (new assessment) and hit return. The 2014 estimated data will calculate automatically.

July 1st the new assessment will be noticed with new rates for 2014. If there's an increase, that will be when it first shows up in your quarterly bill.

Reval story and worksheet calculator courtesy Eric Kurta, the Wiley Coyote
Talking Ed Note: Da Horsey, SmartyJones