Wednesday, December 3, 2014

Rolling reval rolled back?






As Hoboken is about to reconsider the rolling reval issue, some budgetary impact surfaces which is problematic on the other side of the homeowner equation.

MSV hasn't had sufficient time to look into this issue but the folks likely to see the biggest advantage as it turns out without a rolling reval could be commercial buildings. The double whammy may hit when they file annual tax appeals on undervalued properties.

As it's understood at the moment, any successful tax appeal on the undervalued commercial property forces the City of Hoboken to pay the municipal tax portion but also the county and school portions of the tax bill.

If true, there will need to some analysis on what that could cost the City of Hoboken in the interim years period of no reval?
Yes, it's complicated. Add that to the general sense of panic by many homeowners and you have quite the issue.

Since the Old Guard reads MSV religiously, you may hear this come up tonight in all so polite terms as a quite reasonable reason not to undo the rolling reval. They are craven, political creatures and will use any hook to undo the current working reform oriented council majority.*

Hey Mikie, you're welcome.

The full council agenda this evening @ 7:00 is available here.

(The Mason family spent well into six figures to keep Councilman Jim Doyle off the dais for a year before the public killed once and for all a Mason legal appeal at the voting box.)

Talking Ed Note: The small business ordinance mandating paid sick leave is officially kaput. The sponsors, Councilwoman Terry Castellano and Beth Mason who never held any public outreach meetings with local businesses have officially thrown in the towel.

Beth Mason has voiced her support for the cost imposition on small business and is likely to continue to do so as she tries to obtain State Senator Brian Stack's endorsement to take over the Assembly seat currently held by Carmelo Garcia.

Mister Carmelo is said to be none too happy about all this. He like most everyone never liked Beth Mason anyway. Da Horsey heard that from Mister Carmelo personally.

Rolling reval on the brink

Tonight the last of two City Council meetings before the tides of major elections next November to the body impacting the entire City is on tap with the rolling reval expected to get Das Boot!

Mayor Zimmer the day before Thanksgiving announced an alternative she will look for approval in the City Council with a reval implemented every six years. In doing so, she likely negated harm to the Reform base which is largely homeowners, the people paying the freight.

The rolling reval in the good government best practices handbook is the advocated position of people everywhere who want to see tax stability for the most homeowners citywide year to year. It's the best way to keep prices from shifting too dramatically on any one group or area of town.

Hoboken's red hot real estate market is showing double digit valuation increases over a single year. Although any tax adjustment would be nothing like the reval which hit after decades of not occurring, the fear is real, deep and agitated.

So there's that political reality. After 25 years, Hoboken's reval netted some substantial tax bite on some owners who had benefitted in not seeing an increase on valuable million dollar properties over decades.

No one is going to convince those homeowners they saw substantial savings over many years subsidized by mainly new condos which were coming online and paying on a per foot basis far more.

The Old Guard Council is kicking themselves wondering how they ever fell so easily into a good government pit. Divide and conquer is their watchword and in this instance they were asleep at the wheel. Lots of gnashing of teeth about all of it from their political operatives who whine daily to the Hudson Reporter.

There's always tonight. Let the demons roar then call the vote!

Tonight the Old Guard council's motto could be "I feel bad." The City Council voted 9-0 supporting a rolling reval but the word reval gave many Hoboken residents agita. The mayor has proposed a six year alternative which is likely to pass no matter what MORTe does (or says).