Reval Survey Results are in!
May 18, 2018 | Dwell JC
Here are the reval survey results recently conducted by DwellJC.com over a ten-day period. The survey reached 1155 property owners in Downtown Jersey City. Of the 1155 that were sent the survey, 49 read it and 15 completed it. The survey asked if the reval resulted in a property tax increase and, if so, the amount of the increase. One hundred percent of the respondents indicated that their taxes had increased. The majority (53.3%) indicated that their increase was less than $10,000. Here are the ranges:
The reval survey also asked participants to indicate how they plan to respond to the tax increase. Respondents could select from the following actions (more than one action could be selected). Here are the results:
- I plan to appeal the new assessed value (60% selected)
- I plan to increase the rent on my rental units (46.7% selected)
- I plan to move to an area with lower property taxes (40% selected)
- I plan to stay and pay the increase (20% selected)
The majority (60%) indicated that they plan to appeal the tax reval, while 40% indicated that they plan to move to an area with lower taxes. Only 20% indicated that they would stay and pay the increase. For landlords or homeowners living in a multi-family, almost half (46.7%) indicated that they would be raising rents to help compensate for the increase in tax burden. Although this was a small sample set, we believe the reval survey results are interesting in that it helps establish a link between the increase in listings we have observed and the tax reval.
DwellJC.com previously reported that listings of single family homes and condos increased by 90% after the reval letters went out. Although, the timing seemed to suggest that the reval was the cause, the reval survey results support this conclusion.
If you are among the many that are considering whether to stay and appeal, increase rents or sell, we are still offering free comparative market evaluations that can provide an indication of market value that could be useful no matter what decision you make.
This report was prepared by Thomas Gibbons, a licensed Real Estate Agent at Warren G Curtin Realty.
Disclaimer: This article is not intended to provide any conclusions regarding the value of a specific property. Homeowners should consult with their professional tax advisors regarding how revaluation may impact their 2018 taxes and an appraiser regarding home value.