Jersey City Issues Reval Report!

Jersey City issued a report today that contains a table with information regarding the real estate tax revaluation and how that will impact your 2018 property tax bill.  The report indicates that the tax rate will be $16.21 per $1000 of assessed value.  As expected, this will mean the average tax will decrease for most of the City except Downtown.  All neighborhoods Downtown will see a tax increase of between 41 – 75% on average.   Here is the projected tax summary for Downtown:

Neighborhood Average % Increase $ Increase Average 2018 Property Tax
Harsimus Cove 59% $6,832 $18,415
Hamilton Park 55% $6,179 $17,497
Paulus Hook 75% $12,435 $29,026
Van Vorst 67% $9,368 $23,252

 

For more detailed information you should review the full report that was released by the City of Jersey City today.  This information should be helpful for homeowners whose taxes may be increasing to allow them sufficient time to adjust their budgets to save additional money for their 2018 taxes.  This essay is not intended to provide any conclusions regarding the accuracy of this report, or the value of a specific property or its projected 2018 taxes.   Homeowners should consult with their professional tax advisors regarding how this revaluation data may impact their 2018 taxes.

 

This report was prepared by Thomas Gibbons, a licensed Realtor® at Warren G Curtin Realty.  If you are interested in selling your home or just learning more about what your home may be worth, please feel free to contact us for a free market evaluation or just visit our free home valuation page.