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As predicted, probable delays in Jersey City Reval

Published On: November 30th, 2016Categories: Tax Appeal

Yes the reval was ordered by the state to be effective for the 2018 tax year. A revaluation is a huge process in a City as large and diverse as Jersey City, and furthermore no politician likes a reval so there is rarely any incentive to speed it up (rather the incentive is usually to delay). ‚ÄčFurthermore, though the City was ordered to hire a company to perform the revaluation by July 17, 2016 it did not actually retain an expert until September 14, 2016.

For this reason and some others I was doubtful that the reval would be completed on time. But the classic delay in a reval is the need for a new Tax Map, a process that itself can take one or more years to complete. In this case however, the City redid its Tax Map recently, just prior to the 2014 revaluation (which the current Mayor canceled when he got into Office at tremendous cost to the City). So it was not clear the tax map would be a reason for any delay to Jersey City’s current mandatory reval.

Well sure enough, there is now an undisclosed “issue” with the tax map, reportedly brought up by the state itself. While the 2018 reval completion date never seemed realistic to me, it is even more likely in this observer’s opinion that the reval won’t take effect before 2019 at the earliest. We should know more tomorrow, when the City says it will release more info on what exactly the “issue” is with the current tax map.

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October 24th, 2023|Categories: Real Estate Law|Tags: , , , , , , , , , , , , |

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