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December 2010

Property Tax Appeals...how to

All properties have been assessed for 2011, so many homeowners start wondering whethter they should start a tax appeal or not.

Here are some guidlines about tax appeals I hope this helps you

1. Both buyers and sellers can benefit from tax appeals
    a. the seller can make thier property more appealing to prospective purchasers
    b. the buyer can potentially reduce their taxes by using their purchase price.

2. The Appeal Process:

    a.Filing deadline: APRIL 1st in ALL municipalities that have not had a municipal wide revaluation or   reassessment.

    b. MAY 1st or 45 days after the Final Notice pf Assessment in municipilaties that have undergone a Municipal wide revaluation or assessment.

    c. The filing deadline is STRICTLY ENFORCED. Failure to file your appeal by the deadline will result in you appeal being rejected.

3. Where will the appeal take place?

    a. COUNTY BOARD OF TAXATION    if the assesment is $1,000,000 or less, you must file with the County Board of Taxation (for me it is Monmouth)

    b. TAX COURT OF NEW JERSEY  if the assessment is more than $1,000,000 you have the right to file with   the Tax Court directly.

4. When is the date of Valuation?
    a. The Valuation date for Tax Appeals is  October 1st of the previous year. So in todays case it would be Oct. 1st 2010.

5. How Can I tell whether I am over- assessed?
    a. In New Jersey, most municipalities do not assess at 100% of true value.
    b. At what percentage of true value is my municipality assessing?
                Rumson:         84.96%
                Little Silver:   76.84%
                Sea Bright:     67.90%
                Red Bank:      100%

To find your municipality percentage value :  Tax equalization rate

6. How Does Assesed Value Compare to Implied Value?
     In the following hypothetical example I will use the above towns as an example:
            If your 2011 assessment is $500,000

            In Rumson your property is worth $588,512 using the 84.96%
I took the assessed value of $500,000 and divided it by town percentage value which in Rumson is 84.96%
    
            Little Silver: $650,703 using 76.84%
            Red Bank:     $500,000 using 100%

7. What does the homeowner have to prove?

    Assessing is not an exact science.

            You must Prove that the Implied Value is 15% TOO High
using the above example the Rumson owner is assessed at $500,000- the owner will have to demnstrate that the value was less than $511,771 as of October 2010 for any relief.

            How did I come up with this number?  on the chart that you clicked the above link, already has it done for you. 
    
    
If you want to do it manually you would take the percentage rate in this case 84.96% x1.15= 97.70 (upper rate). move the decimals over to the left. Then divide the assessed value again in this case $500,000ivided by .9770 =$511,770.726 and that' how it is done :)

 8. Appeal at Your Peril!!!
  
   a. When a homeowner appeals and their assessment is too low, their assessment can be INCREASED!
     b. The possibility of an increase is another reason that it is vital to consider engaging an attorney who focuses mainly on real estate tax appeals to examine the case.

9. Tax Court Value

    Residential Properties
        
Tax Court Value generally equals Actual Market Value
        Sales Comparison Approach
        Cannot compare assessments or taxes to other properties -  
                    The question is what was the Property Worth as of October 1 2010?
                    in other words Is YOUR VALUE too versus the comparable sales?

10. How can a Realtor Help YOU the Homeowner?
      
a. A Realtor can gather the information on comparable sale.
      b. A Realtor can use the MLS to locate sales data between October 1, 2009 and October 1, 2010.

            What is a comparable?
            It must have similar location, square feet, acreage, HOME TYPE, age, condition, amenities (pool, basement etc.)

     c. Make sure that the Comparable Sales are high Quality.
     d Questions to ask:
            -Was the sale marked non-usable? ( the SR1A's will have that marked, these are the papers that the town has on each property sale).
            -
Was the property exposed on the market for a very long time?
            -Were there several offers made?
            -Was the seller UNUSUALLY motivated to sell?

Monmuth County Appeal paperwork

for more detailed information on assessments

Before starting the appeal proces you may want to get an appraisal done cost can be anywhere from $450 up.

As a buyer who has a contract on a property and feels that taxes and assessment is high can legally start an appeal before they close on the property. This way they can benefit from the appeal during their first year in the new home.

Please feel free to contact me or Ted Kuch contact below for more information. 

This information was obtained by me from a seminar that Edward Kuch held. He and his firm handle Real Estate Tax Appeals to contact them:
                                                    Edward J Kuch III 
                                                    Skoloff & Wolfe ,P.C. 
                                                    973.232.2972
                                                    [email protected]

Let them know where you got your information.

This information is deemed reliable and nnot guaranteed. Consult your professionals for accurate information pertaining to your individual situation.

 

 


Modern Kitchen Trends: Architecture Coach: REALTOR® Magazine

The kitchen remains one of the most popular rooms in the house. If it's well laid out and equipped, it becomes a magnet for family members. “It’s the place where they begin and end their days and also interact with friends,” says designer Cheryl Kees Clendenon, founder of In Detail, Kitchens, Baths, Interiors, a design firm in Pensacola, Fla.

 

But it can do more. “A home that’s in move-in condition (or better) is often at the top of today’s buyers’ wish list, and having a finely finished, open kitchen is among their highest priorities,” says Jennifer D. Ames with Coldwell Banker Residential Brokerage in Chicago. “What’s in style in kitchen design changes more often than hemlines, and buyers have minimal interest in buying a home with outdating rooms, whether they cook or not. A well-done kitchen absolutely can sway a buyer’s decision.”

Modern Kitchen Trends: Architecture Coach: REALTOR® Magazine.


Sea Streak Snow Schedule

Due to the snow storm please see below the schedule for Monday, December 27th.

Monday, December 27TH:

NEW JERSEY DEPARTURES

Conner's Highlands Departures

Atlantic Highlands Departures

Pier 11 Arrivals

East 35th St. Arrivals

6:00 AM

5:40 AM

6:40 AM

7:00 AM

6:40 AM

7:00 AM

7:40 AM

8:00 AM

8:00 AM

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8:45 AM

9:00 AM

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8:55 AM

9:35 AM

9:50 AM

3:45 PM

4:00 PM

5:20 PM

5:00 PM

5:25 PM

5:35 PM

6:40 PM

6:25 PM

MANHATTAN DEPARTURES

East 35th St. Departures

Pier 11 Departures

Conners, Highlands Arrivals

Atlantic Highlands Arrivals

7:00 AM

6:40 AM

7:45 AM

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8:00 AM

7:40 AM

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8:45 AM

2:50 PM

3:05 PM

3:45 PM

4:00 PM

4:15 PM

4:40 PM

5:25 PM

5:35 PM

5:10 PM

5:30 PM

6:20 PM

6:10 PM

6:30 PM

6:45 PM

7:30 PM

7:40 PM

Seastreak and outside contractors will be working throughout the night plowing, salting and sanding both the parking lots in Highlands and Atlantic Highlands and we expect all departures to leave on time.  There is no overnight parking allowed in either Highlands or Atlantic Highlands during the snow storm.

The schedule for the rest of the week beginning Tuesday, December 28th will be the modified holiday schedule.  Please click here to view the schedule.


On this day in 1908, the boxer John Arthur Johnson defeats Tommy Burns in Sydney, Australia,

On this day in 1908, the boxer John Arthur Johnson defeats Tommy Burns in Sydney, Australia, becoming the first black heavyweight champion of the world and an international icon.

 Born in Galveston, Texas, in 1878, Johnson began boxing professionally in 1897, when it was a relatively new sport. In an era of persistent racial discrimination, African-Americans were allowed to enter many competitions, but were not permitted to compete for the title of world champion. After winning many titles and a good deal of prize money, Johnson pushed for a fight against the reigning world heavyweight champion, James Jeffries. Jeffries refused to fight a black boxer, and decided to retire undefeated. In 1908, the new champion, Tommy Burns of Canada, agreed to fight Johnson for the title after Johnson attended a number of Burns’ matches around the world and taunted him from the sidelines.

 In Sydney on December 26, 20,000 screaming fans watched Johnson relentlessly pound at Burns over 14 rounds. At that point, the police stepped in to stop the one-sided bout. Officials awarded the fight to Johnson on a technical knock-out (TKO), making him the first black heavyweight champion of the world. He would hold the title until April 1915, including a successful defense against Jeffries, who came out of retirement to face Johnson in what was billed as the "Fight of the Century" on July 4, 1910. Heralded by the press as the "Great White Hope," Jeffries was knocked out by Johnson in the 15th round of that bout.

 As the heavyweight world champion in a sport that was captivating a global audience, Johnson became one of the most famous figures--black or white--in his native country and around the world. In addition to his punishing victories, however, Johnson was known for his extravagant lifestyle, and was excoriated by his white critics for his romantic relationships with white women. In 1913, Johnson was convicted (in what was widely considered a sham trial) of violating a federal law, the Mann Act of 1910, which outlawed the transportation of women across state lines for "prostitution, debauchery, or for any other immoral purpose." He was found to have traveled with his second wife, a former prostitute, across state lines before they were married.

 Johnson fled the country to avoid sentencing and didn’t return until 1920, five years after losing the heavyweight title to Jess Willard in Havana, Cuba. After serving one year in prison, Johnson fought occasionally and appeared in vaudeville and carnival acts, and wrote two memoirs. He died in an automobile accident in 1946. Inducted into the Boxing Hall of Fame in 1954, he is considered by many to be one of the best heavyweight fighters of all time.


1914 Christmas Truce

Just after midnight on Christmas morning, the majority of German troops engaged in World War I cease firing their guns and artillery and commence to sing Christmas carols. At certain points along the eastern and western fronts, the soldiers of Russia, France, and Britain even heard brass bands joining the Germans in their joyous singing.

At the first light of dawn, many of the German soldiers emerged from their trenches and approached the Allied lines across no-man's-land, calling out "Merry Christmas" in their enemies' native tongues. At first, the Allied soldiers feared it was a trick, but seeing the Germans unarmed they climbed out of their trenches and shook hands with the enemy soldiers. The men exchanged presents of cigarettes and plum puddings and sang carols and songs. There was even a documented case of soldiers from opposing sides playing a good-natured game of soccer.

The so-called Christmas Truce of 1914 came only five months after the outbreak of war in Europe and was one of the last examples of the outdated notion of chivalry between enemies in warfare. In 1915, the bloody conflict of World War I erupted in all its technological fury, and the concept of another Christmas Truce became unthinkable


War of 1812 ends on this day

The Treaty of Peace and Amity between His Britannic Majesty and the United States of America is signed by British and American representatives at Ghent, Belgium, ending the War of 1812. By terms of the treaty, all conquered territory was to be returned, and commissions were planned to settle the boundary of the United States and Canada.

In June 1812, the United States declared war against Great Britain in reaction to three issues: the British economic blockade of France, the induction of thousands of neutral American seamen into the British Royal Navy against their will, and the British support of hostile Indian tribes along the Great Lakes frontier. A faction of Congress, made up mostly of western and southern congressmen, had been advocating the declaration of war for several years. These "War Hawks," as they were known, hoped that war with Britain, which was preoccupied with its struggle against Napoleonic France, would result in U.S. territorial gains in Canada and British-protected Florida.

In the months following the U.S. declaration of war, American forces launched a three-point invasion of Canada, all of which were repulsed. At sea, however, the United States was more successful, and the USS Constitution and other American frigates won a series of victories over British warships. In 1813, American forces won several key victories in the Great Lakes region, but Britain regained control of the sea and blockaded the eastern seaboard.

In 1814, with the downfall of Napoleon, the British were able to allocate more military resources to the American war, and Washington, D.C., fell to the British in August. In Washington, British troops burned the White House, the Capitol, and other buildings in retaliation for the earlier burning of government buildings in Canada by U.S. soldiers. The British soon retreated, however, and Fort McHenry in Baltimore harbor withstood a massive British bombardment and inspired Francis Scott Key to pen the "Star-Spangled Banner."

On September 11, 1814, the tide of the war turned when Thomas Macdonough's American naval force won a decisive victory at the Battle of Plattsburg Bay on Lake Champlain. A large British army under Sir George Prevost was thus forced to abandon its invasion of the U.S. northeast and retreat to Canada. The American victory on Lake Champlain led to the conclusion of U.S.-British peace negotiations in Belgium, and on December 24, 1814, the Treaty of Ghent was signed, ending the war. Although the treaty said nothing about two of the key issues that started the war--the rights of neutral U.S. vessels and the impressment of U.S. sailors--it did open up the Great Lakes region to American expansion and was hailed as a diplomatic victory in the United States.

News of the treaty took almost two months to cross the Atlantic, and British forces were not informed of the end of hostilities in time to end their drive against the mouth of the Mississippi River. On January 8, 1815, a large British army attacked New Orleans and was decimated by an inferior American force under General Andrew Jackson in the most spectacular U.S. victory of the war. The American public heard of the Battle of New Orleans and the Treaty of Ghent at approximately the same time, fostering a greater sentiment of self-confidence and shared identity throughout the young republic


Van Gogh chops off ear on this day Dec 23 1888 ouch

On this day in 1888, Dutch painter Vincent van Gogh, suffering from severe depression, cuts off the lower part of his left ear with a razor while staying in Arles, France. He later documented the event in a painting titled Self-Portrait with Bandaged Ear. Today, Van Gogh is regarded as an artistic genius and his masterpieces sell for record-breaking prices; however, during his lifetime, he was a poster boy for tortured starving artists and sold only one painting.

Vincent Willem van Gogh was born on March 30, 1853, in the Netherlands. He had a difficult, nervous personality and worked unsuccessfully at an art gallery and then as a preacher among poor miners in Belgium. In 1880, he decided to become an artist. His work from this period--the most famous of which is The Potato Eaters (1885)--is dark and somber and reflective of the experiences he had among peasants and impoverished miners.

In 1886, Van Gogh moved to Paris where his younger brother Theo, with whom he was close, lived. Theo, an art dealer, supported his brother financially and introduced him to a number of artists, including Paul Gauguin, Camille Pisarro and Georges Seurat. Influenced by these and other painters, Van Gogh's own artistic style lightened up and he began using more color.

In 1888, Van Gogh rented a house in Arles in the south of France, where he hoped to found an artists' colony and be less of a burden to his brother. In Arles, Van Gogh painted vivid scenes from the countryside as well as still-lifes, including his famous sunflower series. Gauguin came to stay with him in Arles and the two men worked together for almost two months. However, tensions developed and on December 23, in a fit of dementia, Van Gogh threatened his friend with a knife before turning it on himself and mutilating his ear lobe. Afterward, he allegedly wrapped up the ear and gave it to a prostitute at a nearby brothel. Following that incident, Van Gogh was hospitalized in Arles and then checked himself into a mental institution in Saint-Remy for a year. During his stay in Saint-Remy, he fluctuated between periods of madness and intense creativity, in which he produced some of his best and most well-known works, including Starry Night and Irises.

In May 1890, Van Gogh moved to Auvers-sur-Oise, near Paris, where he continued to be plagued by despair and loneliness. On July 27, 1890, he shot himself and died two days later at age 37.


First "Mercedes" is delivered to its buyer

Dec 22, 1900:

On this day in 1900, the first car to be produced under the "Mercedes" name is delivered to its buyer: Emil Jellinek, the Austrian car racer, auto dealer to the rich and famous, and bon vivant. Jellinek had commissioned the Mercedes car from the German company Daimler-Motoren-Gesellschaft. It was faster, lighter, and sleeker than any car the company had ever made before, and Jellinek was confident that it would win races so handily that besotted buyers would snap it up. (He was so confident that he bought 36 of them, paying D-M-G 550,000 marks in all.) In exchange for his extraordinary patronage, the company agreed to name its new machine after Jellinek's 11-year-old daughter, Mercedes.

In 1886, the German engineers Gottlieb Daimler and Wilhelm Maybach had built one of the world's first "horseless carriages": literally, their vehicle was a four-wheeled carriage with an engine bolted to it. In 1889, the two men built the world's first four-wheeled automobile powered by a four-stroke engine. They formed Daimler-Motoren-Gesellschaft the next year.

In 1896, Emil Jellinek saw an ad for the D-M-G auto in a German magazine. Jellinek was a rich tobacco trader and banker with a passion for fast (of course, "fast" was a relative term), flashy cars. As the story goes, Jellinek traveled to D-M-G's Cannstatt factory, charged onto the factory floor (wearing a pith helmet, pince-nez, mutton-chop sideburns and a luxurious moustache), and demanded the most spectacular car the company had. The first of his D-M-G cars was sturdy, but it could only go 15 miles per hour—not even close to fast enough for Jellinek.

In 1898, he ordered two more cars, stipulating that they be able to go at least 10 miles per hour faster than the first one could. Daimler complied; the result was the eight-horsepower Phoenix. Jellinek was impressed enough with his new cars that he began to sell them to his friends: 10 in 1899, 29 in 1900. At the same time, he needed a racing car that could go even faster than the Phoenix. Jellinek went back to D-M-G with a business proposition: if it would build him the world's best speedster (and name it the Mercedes), he would buy 36 of them.

The new Mercedes car introduced the aluminum crankcase, magnalium bearings and the pressed-steel frame, a new kind of coil-spring clutch and the honeycomb radiator (essentially the same one that today's Mercedes use). It was longer, wider, and lower than the Phoenix and had better brakes. Also, a mechanic could convert the new Mercedes from a two-seat racer to a four-seat family car in just a few minutes.

The new car was a hit. In 1902, the company legally registered the Mercedes brand mane, and in 1903, Emil Jellinek legally changed his own name to Jellinek-Mercedes.