Hoboken Tax Appeal 2010 Questions

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Hoboken Tax Appeal 2010 Questions

I’ve received a lot of inquiries regarding about the appealing taxes in Hoboken. Most questions revolve around 1) Can I do it myself? 2) Is it worth doing if I am only going to reduce my taxes by $300 or $400 per year?

Can I appeal my taxes without representation?

Yes. You can also sell you home on your own, do your own taxes, fix your own plumbing, and choose to go to court without a lawyer. If you have done any of these things or know someone who has, you’ll understand what to expect. Even if you haven’t fixed your own plumbing only to have a pipe leak and cost you three times as much as it would have if you had just called a qualified professional…you probably have seen an episode of Law & Order where some know it all defends himself….

Why would you do this on your own? There are professionals out there who handle thousands of these Hoboken Tax appeals every year. They have all the comps, they know the city people who are reviewing your appeal, they know how to position your home to get the highest reduction possible. What are you going to do? Call your mortgage broker to get you some comps? Professionals charge a fee for a reason. The good ones are worth it. They save you money, they save you time, and they save you hassle. Moreover, by using a professional you know that you didn’t leave money on the table by being penny wise and pound foolish.

Is it worth doing to reduce my taxes by $300 or $400 per year?

The company that handles the most tax appeals in Hoboken charges $500 to submit your appeal and will tell you what to expect before you pay them. If they come back and say it will be a $300 reduction, is it worth it? Let’s see I pay $500 now with no hassle and I get $300 off of my taxes for the next ten years. And my taxes will be lower if I sell, thus making my property more affordable (read: attractive) to potential buyers. Are you still asking this question?

Here we are at the beginning of 2010 still trying to get a handle on our 2009 Hoboken property taxes…

The Hoboken tax appeal is due by April 1.

Anyone involved with the Cash for Clunkers should know it is not a good idea to wait. Yet, the new numbers just came out and its great news. The timing of the market meltdown was such that many people are in line for a reduction.

Even if you you had a reduction last year. How to tell if an appeal may work for you…. If your home’s market value is significantly less than the imputed value, you may want to consider filing an appeal.

****Warning. If you are not a numbers person, skip the example and call me**************

For Example: If your home is assessed at $200,000, you divide the assessed number by the current tax ratio (.2716) to get the imputed value: $200,000/.2716= $736,377 imputed home value or what the tax man thinks your home is worth. If your real market value is $500,000, the taxes are over-assessed. In this example, their correct assessed value should be $500,000(.2716)= $135,800.The difference of $64,200 ($200,00-135,800) in the over-assessment will cost $2,881.94 PER YEAR in extra taxes. The current tax rate is 4.489% ($64,200 *.04489= $22881.94) 2009 Hoboken Tax Ratio 27.16 2009 Hoboken Tax Rate 4.489 Current Assessed Value divided by 2009 ratio (.2716) = Imputed Value Taxes=Assessed Value times Tax rate (.04489)

The above example is meant as an illustration, if you need true market comparisons for your home, please contact me. If you believe that you may merit a tax reduction, I recommend that you speak to a local attorney or appraiser who specializes in such matters. Hoboken tax records available here (The rest of New Jersey too.) Hoboken Tax Appeal Forms are available here. Tax Ratios For Hudson County

As a Realtor serving Hoboken for over eight years, I am committed to providing sellers and buyers with the expertise they need for today’s market. By educating you on how to lower your taxes, I not only potentially save you money but better position your home for sale. Lower Taxes= Higher Sales Prices.

Hurry! Tax appeals must be filed by April 1st, 2010.

Two shameless plugs for really good free stuff from yours truly, Brian Murray, realtor. 1) 2009 Hoboken Real Estate report. Hoboken market breakdowns on one bedroom condos, two bedroom condos, three plus bedroom condos. A list of every condo that sold in Hoboken in 2009! Yep. It’s Free. 2)Real time Hoboken real estate snapshot. Get the latest on what is happening at an address or in a neighborhood. Yep. It’s free too. BTW: The Hobboken Real Estate Report shows a list of all sold condos in 2009. A great place to start comparing whether your condo could be a candidate for a price reduction

From my home office (not my bedroom)…

One More Time….April 1, 2010= deadline for the Hoboken Tax Appeal.

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