Jersey City Tax Revaluation Update
A lot of people keep asking about the tax revaluation in Jersey City, so we wanted to provide an update for our clients that live there, or for those thinking about buying/selling in the near future. The City of Jersey City recently posted an update on their website, which I have reviewed, digested and will try to summarize here.
Currently, as of December 2017, the city is 85% complete with the appraisals of homes throughout JC. They have provided rate tables (links below) to give people an idea of what to expect, as far as tax increases/decreases are concerned. For many neighborhoods, they will be surprised at the little effect this reval will have, while others are going to be hit hard. Please keep in mind, however, that the tables provided are mostly averages for neighborhoods, and that every property situation is different.
Within the next month or so, they will be providing residents with their individual assessments by mail and then residents will have the opportunity to schedule one-on-one meetings with the reval company to discuss in more detail.
Rate table for condos: Click to View
Rate table for 1-4 family home: Click to View
Takeaways on 1-4 family homes: Downtown JC is getting hit hard. On average, taxes will go up about 60%. Taxes in all other areas will go down, on average, with Greenville seeing the biggest decrease of about 39%. Again, we can’t stress this enough, every situation is different and these are just averages!
Takeaways on Condos: Downtown, The Heights and the West Side are all going up 25-30%, on average. The biggest tax decreases will belong to the very large complexes of Society Hill and Port Liberte, which will see decreases of about 27%, on average.
We hope you found this update helpful, and we will continue to update more on this matter as we learn more.
Verdel Real Estate
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