Author Topic: Property Taxes  (Read 83438 times)

Offline Editor

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Offline ericmartindale

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Re: Property Taxes
« Reply #107 on: March 24, 2019, 08:44:15 AM »
It's good news, but the announcement is not accurate.  The rosy fiscal picture is not so much the result of cost-cutting as it is a forecast of tax revenue coming in.

What's happening is they are expecting the city's net evaluation to go way up over the next five years.  Let's say for arguments sake, 20%.  If spending was held the same, the tax rate would go down 20%. The article is written as if the public doesn't understand tax math, and that's probably true for most people. Not true for me.  So spending will go up a little bit, and inflation will factor, but revenues coming in are forecast to go up much higher than spending and inflation.

I am not faulting them, as they deserve the credit for their end of it, holding spending down.  But the real story is the tremendous increase in tax revenues. A lot of that has to do with properties in the immediate proximity of new construction in the downtown and vicinity.

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Offline Victor E Sasson

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Re: Property Taxes
« Reply #110 on: June 11, 2019, 09:07:03 PM »
HACKENSACK TAXPAYERS ARE PAYING TWICE FOR FIRE PROTECTION

https://thesassonreport.blogspot.com/2019/06/a-343000-bill-for-fire-protection.html


Offline Victor E Sasson

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Re: Property Taxes
« Reply #112 on: May 26, 2020, 05:34:15 PM »
Eric Martindale, can you elaborate on these statements?

"But the real story is the tremendous increase in tax revenues. A lot of that has to do with properties in the immediate proximity of new construction in the downtown and vicinity."

Are you saying properties next to new construction will be paying more in taxes? When do the buildings under construction start paying taxes, when they are finished, during construction or both?

Offline ericmartindale

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Re: Property Taxes
« Reply #113 on: June 17, 2020, 06:25:13 AM »
Yes Victor, that's how gentrification works.  Bring in one large development, and suddenly everything nearby is worth much more, for two main reasons.  (1) because a new and higher use has been established for the neighborhood, and theoretically other properties can be redeveloped (2) These are higher-income residents, and their spending power means that higher-end restaurants and retail can flourish in the vicinity. That also increases the business climate and attract more business. Even office use will be attracted.

One would have to look at the census reports from 2010 to establish the identity of the neighborhood, which I have not done.  But it's common knowledge that the downtown neighborhood is sparse, just a few people scattered about, living above storefronts, and just a few nearby homes and buildings. The population is low. They basically working class, and very heavily Latino and Black. The new neighborhood is middle to middle-upper income, and there will be significant numbers of Whites and Asians moving in. It'll be a very different neighborhood.  I'm sure they will be heavily supportive of "progressive" politics, whatever their background is. People wanting to live in a diverse downtown neighborhood are usually of that mindset. Who knows, they might even vote for Victor Sasson. God help us.

Offline Victor E Sasson

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Re: Property Taxes
« Reply #114 on: June 24, 2020, 11:41:18 AM »
Just saw this. LOL. What would be so terrible that people might vote for me (anyway, I won't be running for office again) or a candidate like me?

You prefer Main Street the way it was?

I would like to identify all of the people who are profiting tremendously from redevelopment, not the developers, but people like the Gelbers, former Mayor Jack Zisa, the former head of the business association who spearheaded the redevelopment and too many others I don't know.

 

anything