The total implosion of effective government in Hoboken has resulted in an unimaginable and almost incomprehensible property tax increase. And it is prudent to be concerned that this may be just the tip of the iceberg.
What have we not yet been told? For example: is there a reserve for school contract negotiations; are all approved capital projects fully funded; assuming there are layoffs what will severance payments cost; what will the property tax increase be if the hospital closes and there is insufficient collateral to cover the City's bond guarantee?
This tax increase fiasco has a major impact on more recent home buyers since there has not been a complete property reevaluation, as required by State law, in at least fifteen years. I heard a story about a family that moved from a fairly new condo to an old house with twice the square footage, and now pays half the taxes it paid for the much smaller condo.
This tax increase will reduce property values and put some owners "under water" with their mortgages exceeding their property values.
The County will not mandate a "Reval" as it is required to do when a municipality like Hoboken breaches certain financial ratios. We know the Mayor and City Council will not do a "Reval".
Maybe it is time to ask the Courts to intervene! And seek an immediate "Reval" retroactive to July 1, 2008.
Supporting an immediate "Reval" must be the single most important criteria used to judge candidates for Mayor and the City Council.
Does any Mayoral candidate have the courage to support property taxpayer equity?
For more information go to http://www.hobokenrevaluation.com.
Jonathan M. Metsch, Dr.P.H.
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