All Forum Posts by: Terry S.

Glad I found this thread. Another thing about Newark that I find very interesting is its property tax is literally sky high! Everybody knows NJ has the highest property tax. But even by NJ standard Newark's tax is crazy. I myself live in Hoboken and invest in Jersey City, our effective tax rate is roughly about half of what Newark charges. Anyone can help me understanding why???

Huh...Probably not so fast I understand......But even with such enthusiasm from the banks....I just couldn't figure out where they see the profit coming from, let alone the big premium paid upfront......I figure I must have missed something :(

Hi forum:

Went to Jersey City tax lien sale today, and I am sure I must have missed something here.

It was an accelerated sale, which means unlike regular sale for the previous year, this sale will clear all delinquent taxes up til this point and no more subsequent tax pastdue by today. 

Before the sale I was imagining since there is no subs to pay at this point so bidders probably would go a little easier on the interest rate. And I definitely didn't expect still almost everyone willing to pay premium on current year's lien. 0 interest is bad enough, and if (I mean IF) the lien is not redeemed, the next water bill is coming due only in next Feb. Nothing is accruing between now and then, right???

My understanding is that, so basically people just shell out big chunks of money with premium first, and hope for the best scenario which is starting some time next year, hopefully we will get to pay some next years tax and only start to accrue interest from there. But any time in the next few month, if the the delinquent owner decided to pay it up, we got basically nothing?

I must have missed something, how should I make sense of this??? Help!!!

@Ned Carey Thanks :)

Wow that makes a lot more sense now. Thanks very much fellow investors :)

Mmmmm......interesting..... So that's the reason? 

I thought around 30 people there in the auction, at least 1 of them would have different beliefs, if there is no tangible reasons financially :)

Hi everyone:

A curious question wondering if anyone ran into the same thing. I went to a tax lien sale today, and it was a very well attended and competitive one. 

All interest were bid down to 0 and with ridiculous amount of premium, except for only one, a church. No one bid on it at all, and it was eventually struck off to the township.

This is seems a little odd. Did I miss anything?

Thanks very much!

@Ned Carey Thanks so much!

Any wonderful advice forum :)

Hi everyone:

Was just wondering if I can get some suggestions on whether there is a easier way to check if there is any encumbrance judgement on a property. Of course I can always go to the municipal court I suppose, but does a easier way exist, perhaps something online :)

I know to check wetland or some of the tax lien the NJ state website is a pretty good source, so it feels a bit annoying to physically go to the court just to check this one single item while all the other things are all available online.

Btw, anyone can advise if there is other things I need to check before hand before buying a tax deed? Because one auction usually has so many tax deed to sell, it might not be feasible to do title search on too many of them so I'm thinking I kind of have to take on this part myself. 

Thanks very much.