Bubble Wrap

Hoboken's 47 percent tax hike slows down real estate market

The Jersey Journal reports on the recent passage of a huge property tax increase in Hoboken, with both residents and the real estate community expressing their frustration with the local government.

“The Hoboken market has been very difficult over the past few months,” said Nick Costantino, owner of Empire Realty Group at 4th and Washington. “I haven’t seen people say ‘no’ to homes because of the tax increase but people are making lower offers on homes because of the tax increase. If your taxes go up 47 percent your price will have to come down, they just have to.”