| Author |
Message |
    
Ffof
| | Posted on Tuesday, January 23, 2001 - 3:44 pm: |     |
Gee njjoseph, that will certainly be nice for the guy who actually sells, but how about those who've lived here for a long time already (or even bought recently), who bought their house as a home and not as an investment (most of us i'd venture to bet)?
As to "take advantage and sell" there are a few houses on the market right now and we see them sit with nary a nibble! Maybe you'll be right about the continuing increases (after this time of uncertainty is past) and let's hope they're town wide, but gee, here we sit with a mess of a reval, inconsistent at best..maybe we'll get more answers tonight. |
Bak
| | Posted on Tuesday, January 23, 2001 - 3:51 pm: | |
Thanks for the look into your magical crystal ball. Once a several thousand dollar increase goes into effect, the valuation decreases--it's what potential buyers would pay and can afford on a monthly cash flow basis of principal, interest and realestate taxes.
With a leveling off of the economy, direct train service in other locales that offer better educational returns, how am I buying time by contesting an inflated reval? |
Overtaxdalready
| | Posted on Tuesday, January 23, 2001 - 4:09 pm: | |
Speaking personally, this is what it comes down to...in the short term, we're going to fight to get the lowest valuation possible in order to make the house as "saleable" as possible (not sure if that's really a word, but you get the point). We've spotted a couple of things on our property listing that we're going to contest. "Longer" term (probably within two years) we're going to sell and move to where the taxes are more reasonable. We simply won't pay taxes in the mid-teens (and that's BEFORE the 5% or so increase we'll likely get for the 2001 budgets) for our current house for an extended length of time. It doesn't make any sense for us to do so, especially considering the upgrades that it needs. |
Jfb
| | Posted on Wednesday, January 24, 2001 - 8:14 am: | |
Houses in the 700's? Hard to imagine. Especially with the large tax increases these properties will suffer.
At that price people will be looking in Summit / Chatham. Lower taxes, way better schools, train access.
These houses will drop in price to the 400's.
Basically what they were a year or two ago but with the increased tax burden. |
Ffof
| | Posted on Wednesday, January 24, 2001 - 8:33 am: | |
And that is the shame of it all - 4 steps up, 10 steps back. |
Njjoseph
| | Posted on Wednesday, January 24, 2001 - 9:16 am: | |
Keep in mind that if the $600K houses drop to $400K, then the $300K houses in my "less-desirable" neighborhood will drop as well.
We'll all still have market values that are in roughly the same proportions to each other as they are under the new valuations (after accounting for the legitimate mistakes). |
Ffof
| | Posted on Wednesday, January 24, 2001 - 11:15 am: | |
Why should houses with lowered prop taxes have prices that drop as well? This should boost the housing market in these areas. |
Njjoseph
| | Posted on Wednesday, January 24, 2001 - 12:41 pm: | |
You're only looking at one piece of the picture -- the effect of taxes on pricing. A high assessment is not going to force a $600K house down to $400K. Maybe $550K, but certainly not $400K. So obviously, there are other factors at play, i.e. Midtown Direct, new zoning laws, the stock market, unemployment, etc.
Any or all of these would have an effect on housing prices, and all areas of Maplewood would be affected. |
Ffof
| | Posted on Wednesday, January 24, 2001 - 2:51 pm: | |
Njjoseph - two posts previous you said "$600K houses drop to $400K" and now you're saying, oh no, $550K. Which theory are you aspiring to? I still hold to the idea that maybe the houses with the highest assessments may suffer in the real estate market, but the "middle" and "eastern" sides may increase over time because of the lower taxes AND things like midtown direct, etc. |
Njjoseph
| | Posted on Wednesday, January 24, 2001 - 3:21 pm: | |
Ffof, please re-read my posts. I'm saying that a $600K house might drop to $550K due to taxes. However, for it to drop to $400K, there are other forces at play which would cause other properties all over Maplewood to go down in price.
Houses on the eastern side are not as affected by Midtown Direct, since we are geographically so far away, and buses are closer. The jitney helps, but it doesn't solve the problem.
I think, Ffof, that you have a one-track mind these days. And that's understandable. But, for the sake of your future and the future of your fellow towsmen, please take the time to see a larger picture. |
Eliz
| | Posted on Wednesday, January 24, 2001 - 3:27 pm: | |
I just want to clarify something - there are plenty of houses in the middle that are getting increases from a few hundred to a few thousand - please let's not assume that these are all on the west side. Everyone on my street and the surrounding streets is getting a significant increase. The fact is my home (as nice as it is) is never going to appeal to the person who wants to live on Durand or Euclid or any of those streets. It's going to appeal to someone with more modest income and tastes. |
Mtierney
| | Posted on Wednesday, January 24, 2001 - 5:09 pm: | |
Can we hear more from Maplewood-in-the-Middle please? Can we organize something via the internet? I don't like ringing door bells. Can someone please define "the middle"? I'm just off Prospect Street between Oakland and N. Crescent. As I have mentioned on another thread my taxes are going from 12K to either 14K or 15K, depending on what tax rate is used. Another thread suggested this area is truly going to be whacked since the rise in assessed values is even greater here than the west side. |
Eliz
| | Posted on Wednesday, January 24, 2001 - 5:39 pm: | |
Mtierney - you can't just look at how much your taxes are going up - you need to look at your assessed value and whether it is correct or not. I don't think you can say the middle is getting whacked - if the revaluation continues and the mistakes are fixed then everyone is paying their fair portion.
What needs to be organized is not a Middle of Maplewood, East side or West side but the town as a whole for taxation reform statewide. |
Ffof
| | Posted on Wednesday, January 24, 2001 - 6:35 pm: | |
Wait a minute njjoseph- just because you're so smart...i'm just trying to follow your "larger picture" train of thought and your crystal ball projections - i've just reread all these posts and i'm wondering "do you think all of maplewood is going to have lower housing prices eventually?"
and eliz- why wouldn't your house appeal to someone on durand or euclid? Have you driven around and really given a good look? The houses there are not ALL as grandiose as you are implying.
And as for the midtown direct -the train station is about the same distance from way up on Woodhill drive (off Wyoming near S.O.) as it is to beyond Maplecrest park. So if from the train to Maplecrest park and all in between is the "middle" then almost all of maplewood has great access to the train.
So, anyway, njjoseph, what's your beef?! I've forgotten! |
Mim
| | Posted on Thursday, January 25, 2001 - 9:59 am: | |
I'm a middle-of-Maplewood taxpayer (between Parker and Oakland, Valley and Prospect), and my taxes will be going up 18% (with the new mill rate). I do think my current assessment is about right, and probably won't contest it. But the new taxes scare us. It's not a huge increase, I don't guess, but believe me, it will represent a major hardship for our family. (We're talking second jobs for the already overworked breadwinners.) |
Overtaxdalready
| | Posted on Thursday, January 25, 2001 - 10:29 am: | |
Mim...not to be a pessimist...but bear in mind this is just a reshuffling of LAST year's taxes...the new rates for 2001 haven't been determined yet..so you can safely guess another 3 to 5% rise for 2001. |
Bobk
| | Posted on Thursday, January 25, 2001 - 10:53 am: | |
Yeah the new budgets for the Township, the schools and the County are going to go up.
In addition, the Assessor and/or the County Tax Board are going to cut at least some of the protested assessments.
The 2.75% rate is sure to go up. Maybe 3.00%?? |
Mag
| | Posted on Thursday, January 25, 2001 - 11:06 am: | |
Mim, MTierney, Eliz ...
As residents of "middle-Maplewood", would you happen to know if Mr. Galante's neighborhood review resulted in across-the-board increases (as opposed to reductions) for this section of town, in whole or in part? |
Mim
| | Posted on Thursday, January 25, 2001 - 11:15 am: | |
Yes, I am dying to find that out. But I can't get to Jerry Ryan's numbers (software incompatibilities? my own incompetence?), so guess I'll have to wait and consult The Book at the library, when it arrives. (Anway, I'm afraid any across-the-board 'site reduction' for our area will only cause the mill rate to rise, cancelling itself out.) |
Bobk
| | Posted on Thursday, January 25, 2001 - 11:16 am: | |
Mag,
I would suggest you download the data that Mr. Ryan has posted on his website and check your address. If the amount of the valuation is different than the amount on the letter you received from Certified, there was a change. |
Njjoseph
| | Posted on Thursday, January 25, 2001 - 11:50 am: | |
I'm not sure -- I "contested" a few items. About 10 days later, I received a letter with a valuation $2000 lower than previous, and it coincided with the time the letters would have gone out regarding the reduction. I don't know if the reduction was for the neighborhood, or for the contested items. |
Mag
| | Posted on Thursday, January 25, 2001 - 12:02 pm: | |
Bobk
I have tried to download Mr. Ryan's data, but to no avail. And yes, I have tried all the approaches suggested in various threads on this board.
My concern is that the initial appraisal of my property was increased, as indicated in my revision letter, for no reason that I can come up with. Other than, of course, that Mr. Galante instituted an overall increase for my "middle-neighborhood". |
Mim
| | Posted on Thursday, January 25, 2001 - 12:18 pm: | |
My gosh, that's something I had never even considered, in my most pessimistic moments: that we would be victims of an across-the-board neighborhood INCREASE! I'd read your story, Mag, but assumed your raise was due to an error or something 'ratable' that CV had missed on their first visit to your home. Could it actually be due to one of these area adjustments we've heard about?!? I'd assumed these were all DOWNward (perhaps naively). |
Mag
| | Posted on Thursday, January 25, 2001 - 12:47 pm: | |
Mim
Guess I didn't make myself clear in previous posts. Nothing appeared to be erroneous regarding the so-called "ratables" considered in the initial assessment. So ... when I received my revision letter stating a $31K increase in my assessment, I was flabbergasted (to put it mildly). Just trying now to find out why this occurred. Of course, if CV made an error, I can presumably fix it. If it occurred due to an overall increase instituted by the tax assessor, challenging it probably would be futile. I haven't yet received a copy of CV's data card on my property, so I've just been attempting to find out if anyone else perceives whether an overall increase may have been made to any "middle-Maplewood" neighborhoods. |
Eliz
| | Posted on Thursday, January 25, 2001 - 2:29 pm: | |
Mim, Mag etc - My particular street (I don't know if the whole area but I presume (AC12) recvd a 10K reduction last weekend.
Not all middle Maplewood is the same - it is divided up into different areas. The reduction in the assessment and the increase in the rate cancelled each other out basically. |
Mtierney
| | Posted on Thursday, January 25, 2001 - 4:23 pm: | |
My second letter from CV which I received in my middle of Maplewood mailbox on Saturday only confirmed the first 4-times-the-original assessment figure. After recovering from the first letter, I did have a meeting at town hall with a CV rep - one of those "may I peak over your shoulder to see what you have there" sessions. My present taxes of $12G represent the yearly $200 to $300 increases over the years and also reflected jumps after doing some renovations. I thought the taxes were terrible, but figured everyone was more or less in the same boat. But the anticipated increase of some $2500 or $3000 plus has awakened me! Even with a possible adjustment (if any is forthcoming for the middle) as someone has already noted, the increased tax rate will diminish any possible tax reduction. We just can't roll over anymore. |
|
Closed: New threads not accepted on this page