Friday, Jan 30, 2009 2:18pm | COMMENTS (20)
A painful reminder, from the Montclair town e-blast:
First Quarter 2009 taxes are due February 1, 2099 with a 10-day grace period.
Tax payments have a 10-day grace period – on the 11th day of each quarter tax payments are subject to interest. The interest rate is 8% on the first $1500 and 18% for any amount over $1500, retroactive to the first of the month. If you have any questions about tax payments, please call the Tax Department at (973)509-4923, 4922, 4921.
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Thank goodness they’re not due till 2099. That’s 90 years away. Should be out of a recession by then.
Now that’s what I call a stimulus.
Just to preempt the bitching about taxes to ensue…everyone knows that when they bought their house in Montclair that they would have to pay roughly 3% of said homes value in property taxes annually. If you stay in your house for more than 30 years you will pay more in property taxes over that time that the value of your home. The alternative is living in NYC where the taxes are much lower, but you’ll have to put down roughly 350% of a Montclair homes price to obtain a comparable property or move to the sticks. Montclair is prime real estate. If you can’t afford it, don’t move here. If you can no longer afford it, see ya.
That’s 90 years away
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90 years and 10 days with the grace period…
Should be out of a recession by then.
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I’ll be out of a whole life by then.
What could possibly be worse than having to listen to people bitch about their taxes? Having to listen to someone bitch about having to listen to people bitch about their taxes, before it’s even happened.
Yankees Fan, my primary objection is paying tax on my assessed value, which is not only more than I paid, but far higher than the house is worth now.
Is it too late to appeal the reval? If anyone has done it successfully, please post the name/number of the lawyer you used!
” If you have any questions about tax payments, please call the Tax Department at (973)509-4923, 4922, 4921″. Or Treasury Secretary Timothy Geithner at (202) TAX – CHEAT.
A decline in a homes value due to market fluctuations will not affect the tax bill. All of the property in Montclair has declined in value over the past year -although relative to other markets, not by much- however the cumulative tax revenue generated by the town for those properties is the same. If you bought your house for 1.1M and the taxes are 33,000/yr, but your house is now worth 900k, your taxes are still 33,000/yr. It would only make a difference if your house depreciated more than others in the same town…then your percentage of the tax burden would be reduced.
YF, in all due respect, I believe you are correct only in philosophy. The reality is that the town legal records submitted to the County Tax board, are in fact the records. If 100 of the 8500 residences appeal their taxes to the county (check county website for Appeal process), and have their taxes lowered, then the value of total Montclair RE value declines by that specific amount; which also has impact on your county taxes (which the town aks as collector) and school.
You should:
1) Check process w/RE Broker, get Comps from your “neighborhood” as defined in the Reval. You can do this yourself, and represent yourself at the county level at The Tax Board; or
2) Discuss possiblity w/RE Attorney. They like to “win” and remember the town Tax Assessor, is the defendant ,defending their Tax Roll (no percentage applies), and you are the plantiff.
Although I agree with your philosophical view of the percentage concept, I find that process not to actually apply, when considering the legal process, the process of evaluating Montclair’s Reval that happened at the height of the market, combing with other Essex towns including Newark, etc.
If you had intended to sell your residenece, then an appeal should be filed, so that the new owner would be able to use their purchase price, as an arguement that they are over-valued.
There is no logical, or mathematical way approved for any legal use to establish anything, other than the number shown on your tax form just received from the town. Have at it!
p.s. The Refund of taxes, is a reduction in the receivables of the Town/County (I think the school is covered by the Town), and therefor the town must either cut its operating expenses, or “Bond” the loss by adding it to the total indebtedness of the Town. Your refund, if you have your Value lowered, is similar to an “uncollectable debt” and therefor a problem for a balaced budget concept.
Someone smarter than me, please have at it.
In the event the numbers listed above experience heavy traffic, former Senate Majority Leader Tom Daschle, (D-SD) has graciously offered to field your tax questions.
Tom Daschle (202) LUV – DA – CADDY
If you are assessed at more than your house is currently worth, you can file an appeal with the County Board of Taxation. Deadline to appeal this year is April 1. The County Tax Board address and phone number are on the assessment notices which were just mailed out this week.
“It would only make a difference if your house depreciated more than others in the same town…then your percentage of the tax burden would be reduced.”
YF – That is incorrect in the case where your actual assessment is higher than the value of your home. If everyone in Montclair is assessed at 105% of FMV, you may still appeal your assessment and get it reduced to 100% if you prevail at the hearing.
Gator, You are incorrect.
If all of the homes in Montclair were re assessed at $1, the town would still need to generate 200M in taxes from the same properties. If your assessment is incorrect on the day it was made, that is one thing. However if your home subsequently loses value, you cannot retroactively petition for lower taxes
YF – That is incorrect. Our home has lost value and we have successfully appealed our assessment.
You cannot grieve your taxes, but you can grieve an assessment that is too high.
If the value on your notice of assessment is higher than the value of your home as of 10/1/2008, then you should file an appeal with the county board of taxation.
If you don’t wish to do so, then by all means, pay extra taxes each year until the next revaluation. Not everyone in town is assessed above FMV, as the average ratio (assessment/sales price) for the township of Monclair this year is 99.24.
Just to add to the above, if your assessment is above FMV, you are already paying more than your fair share of the town tax burden. There is nothing wrong with appealing your assessment down to what is a fair value.
NJGator, do you mind saying who your lawyer was for your successful appeal?
And thank you for your explanations.
Your Neighbor – My husband and I actually self-represented. We used comps from the GSMLS provided by a realtor, as well as assessment data from Monmouth County’s online tax db (they get a dump of Essex County data about once per year).
I found the town’s outside counsel to be very fair and easy to deal with, as long as you were seeking a fair assessment and nothing more.
That’s very helpful–thanks!
You’re my number one fan, Yankee Fan! If you can’t stand the heat, then get out of the fire! And yes, this is only the beginning folks, so save your pennies because the big one is coming! You might be asking, “How Big?” Well, probably bigger than any one can handle, but I always like to welcome a challenge!
You’re my number one fan, Yankee Fan! If you can’t stand the heat, then get out of the fire! And yes, this is only the beginning folks, so save your pennies because the big one is coming! You might be asking, “How Big?” Well, probably bigger than any one can handle, but I always like to welcome a challenge!