Cecinini Law Group Logo

Bayonne Reval – Some Surprising Early Observations

Published On: March 12th, 2020Categories: Tax Appeal

Last month there was an article in NJ.com stating that the revaluation is resulting in a reduction of taxes for 60% of property owners in Bayonne. 35% have an increase This was surprising for some who expected it to be about 1/3 who get a benefit and 1/3 who get an increase. Since then, I have noticed some other interesting trends as well.

Now, valuing property is art not science, and there is a range of possible values for any given property. It is not unusual for a revaluation company to give commercial properties a higher valuation than the residential. Some would say this is because those commercial owners are less likely to reside in town and vote against the current Mayor. In Bayonne it seems the opposite happened, at least based on the preliminary cases and data I have been analyzing in the past few weeks. It appears that many commercial buildings were assessed on the lower end of their possible valuations, whereas residential were assessed high. So it may be that in Bayonne, residential cases will be stronger this year than commercial, which is again rare for a revaluation year. That said, Bayonne small commercial values can be much lower than the values in other Hudson County towns, especially storefront space. The rents just aren’t there like they are in Jersey City for example, and in the commercial context value is all about how high the rents are.

2410, 2023

Actions for Adverse Possession in New Jersey

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

When someone exercises ownership and control over a piece of [...]

2022-09-21T22:30:54+00:00
Go to Top