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Latest Jersey City Revaluation Update

Published On: March 1st, 2018Categories: Tax Appeal
Jersey City Mayor

The reval has been, as expected, politically tenuous for the Mayor of Jersey City. Many residents of the City, mostly in brownstones and other older construction in the downtown neighborhoods, have received sharply higher tax bills due to the reval. Most of them were not planning for the increase, but most of them I have also noticed, were actually under-assessed.

It appears, at least anectodaly, that other parts of town are slightly over-assessed to compensate. Disclaimer, I have no actual evidence of this and am purely speculating here. But it is not unheard of for revals to benefit or disadvantage certain property types and/or neighborhoods, by accident or design who can say for sure. The problem with when this happens however, is that it effects the chapter 123 ratio for the next year. For example, Hoboken did a reval in 2014. The whole point of a reval is to get the ratio back up to 100%. By the next year however, the ratio was back at 88%, when it should have remained around 97-100% in theory. This was largely due to the rising market, which continued to go up despite the tax increases certain properties got due to the reval. Mayor Fulop seems concerned that this may happen in Jersey City next year, and has suggested a “rolling reval”, a second one for 2019 as well. We will see.

As for progress on the 2018 reval, ASI (the reval company) has only released about 20,000 new assessments, so they seem about 1/3 of the way done with getting the assessments out. I am told that there are likely to be some delays, but the state and county will work with the City to get it done. The law in New Jersey is that the tax appeal deadline must be at least 45 days from the mailing date of the tax assessment card. Since they haven’t finished up the new assessments yet, it is highly unlikely that May 1 will remain the filing deadline. There is a good chance it could be as late as June! Point is if you own property in Jersey City please have patience, DO NOT PANIC, there is plenty of time to file a tax appeal for 2018.

So if you have not yet received your new assessment, do not worry, you are in the same boat as 2/3 of property owners in Jersey City. But you will receive it soon, and once you do feel free to call us!

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