Tuesday, May 27, 2014

Election on June 3rd that Concerns Real Estate Taxes - Please vote for Phil Cohen

Did you know that your Hudson County Taxes are greater than your Hoboken taxes?

Your property taxes are based on your assessed value.  Assessed value is a function of the property value.  Hoboken just completed a city-wide revaluation that took effect in January 2014.  Assessed values and therefore property taxes are being doled out evenly for the moment.

Hoboken enjoyed the lion's share of the real estate rebound since the crash in 2008.  Our neighbors in other Hudson County towns did enjoy increases in value but relatively less.  What does this mean for you?  The double whammy.

The County budget goes up, everyone's property taxes go up.  Hoboken's real estate appreciated at a higher rate than surrounding towns, we get to pay a bigger portion of that bigger budget.

The county budget and taxes have risen by ~30% in the last 5 years.  Hoboken, Jersey City have had to tighten their belts, cut out waste on the municipal level in the last 5 years given what happened to the economy.  Both cities were able to cut their budgets and tax levies significantly, in the meantime, the county budget has gone unchecked.

Phil Cohen is running for county freeholder.  A reformist who wants to audit the county budget.  I, for one, would like to see this happen.

I believe that if Phil gets in, we'll get the audit and find out what has been inflating our county taxes - graft, patronage jobs, unchecked waste.  This is important to you as property owners, people who want to buy property and as Tenants.

Phil has the support of Mayor Steve Fulop of Jersey City and Mayor Dawn Zimmer of Hoboken.  Jersey City gets 4 seats on the 9 seat county freeholder board and Hoboken gets one because of our relative sizes.  We don't know if Fulop will support cutting the county budget but we have the best shot we've had in many years.

Hoboken pays a disproportionally high share of county taxes yet we get very little for it.  If you don't vote, don't complain when you taxes go up and your property value goes down.  If you are a Tenant, your Landlord can pass property tax increases on to you.

Vote on June 3rd.  

Hoboken has had issues with voter fraud in the Hoboken Housing Authority.  For years, established groups that rely on patronage jobs and votes have "hired" Hoboken Housing Authority residents to "work" on their campaigns for $40-75/person/per election for wearing a T-shirt on election day and of course, supplying their vote-by-mail ballot.  Approximately 500 or so people in the Housing Authority ward vote-by-mail in each election.  That means that their opponents start the election in a 500 vote hole.

Do not be complacent and allow wasteful government to prevail because you don't have time to vote.

Polls will open at 6:00 AM.  If you go early there is no line.  It will take you 10 minutes on June 3rd.

The election is June 3rd please vote.  

I am sending you this message because I believe property taxes impact real estate values.  Protect your real estate value and participate.