On Thursday, November 14, 60 homeowners, and allies, from Jersey City Together (JCT) gathered outside of Jersey City Hall to call on Mayor Fulop to do a wholesale tax assessment for all homes in Jersey City that are currently under the unfair 95/5 deed restriction. See a livestream of the action here.
Decades ago, roughly 300 working class people were pushed into signing documents with hidden deed restrictions that robbed them of 95% of their equity, as part of a so-called “affordable housing” program.
“I constantly upgraded and updated my home, pouring my life savings into it because of its poor construction,” said Luisa Mantilla, a JCT leader and home owner. Decades later “I discovered from others looking to sell their home that under the 95/5 rule, the city is taking 95% of our hard earned investment if I sold. This rule was never mentioned at closing or any time after. It was hidden from us. We were taken advantage of.”
Due in part to JCT organizing, homeowners with deeds under the city program are now able to keep most of their equity, outrageously, the state is still keeping 95%.
Despite this partial progress from the City, many of these homeowners’ local property taxes have recently increased 200%- 400%.
“We cannot be paying market rate taxes on homes that cannot be sold at market rate,” said Rosemary Nwabueze, of JCT, another homeowner.
JCT and New Jersey together will keep fighting until Mayor Fulop orders a full reassessment on local property taxes for all homes under the 95/5 deed restrictions and the state allows people to keep a fair share of the equity from their investment.
You can email newjerseytogether@gmail.com if you have any questions and/or would like to get more involved.
See press from the action here:
(from 15:37-19:36)
