From the Jersey Journal:
Jersey City is conducting its first complete property revaluation since 1988 and the new assessments have started rolling in.
Appraisal Systems, the company hired to oversee the process, has been uploading the new assessment information online, thousands of properties at a time. The company expects to release a new wave of assessments each week for the next month.
Revals are intended to square each property’s assessment — the value on city tax rolls — with its true value. Because many properties have not been assessed since 1988, the average city property is assessed at less than 24 percent of its true value.
As expected, the city’s Downtown, where property values have soared since the last reval, is home to many of the large assessment hikes — and tax increases. Excluding tax abated properties, the 500 properties with the highest tax hikes have Downtown addresses.
Property owners are still able to make informal appeals to Appraisal Systems and then formal appeals to the Hudson County Board of Taxation, so the new assessments are still only proposed. And there is no 2018 budget yet for the city, county or school district, so the tax hikes are tentative as well.
The city is predicting a new tax rate of 1.62 per $100 of assessed value.
$36,066 tax hike: 203 Washington St. (middle), 5,972 square feet
Current assessment: $175,000
New assessment: $3,068,900
Current taxes: $13,650
New taxes: $49,716
$29,480 tax hike: 104 Morris St. (right), 4,488 square feet
Current assessment: $125,000
New assessment: $2,421,600
Current taxes: $9,750
New taxes: $39,230
$29,115 tax hike: 69 Sussex St., 4,696 square feet
Current assessment: $135,000
New assessment: $2,447,200
Current taxes: $10,530
New taxes: $39,645