Jersey City recently authorized its Tax Collector to mail out estimated property tax bills that include a significant rate increase. How significant? The rate was raised up to $1.889 per $100 of assessed value, from $1.604 per $100 in 2021.
According to the Division of Taxation, the average residential assessment in Jersey City in 2021 was $461,925. At last year’s tax rate, that assessment would yield an annual tax bill of about $7,400. With the new tax rate, that same property owner would pay about $8,700 annually, an increase of about $1,300, or almost 18%!
This will also hit homeowners hard this year, because the first two quarters are calculated based on the previous year’s taxes, meaning less was collected in the first half of the year. So, homeowners will have to make up the shortfall in the third and fourth quarters.
This rate is also not final, as neither the city nor county have adopted a budget for this year. In a worst case scenario, the final rate could go even higher.
What is a Jersey City property taxpayer to do? While the filing deadline is passed for a 2022 property tax appeal, It’s never too early to start thinking about an appeal for 2023. Also, for commercial property owners, make sure to respond to any Chapter 91 requests sent out this year! (See more about these in my blog on the subject HERE.
If you have any questions or thinks an property tax appeal may benefit you, please give us a call.