JERSEY CITY – Jersey City is in the process of doing a reval of all real estate properties within the city.
The city has posted information on its website (www.cityofjerseycity.com) announcing the 18-month process is already underway, along with a detailed explanation of what is a reval, or tax revaluation. Also, they are sending out the information by mail along with the second quarter tax bill.
What is a reval?
A reval is an assessment to determine the current market value of a property. People will pay a new tax amount based on that. The last one was done in 1988, and obviously, times have changed since then. Many properties will be worth more now, and some will be worth less.
Usually, the goal of revaluation is for the tax burden to be more fairly shared by the properties, based on new tax assessments resulting from current full and fair values of properties.
Jersey City Mayor Jerramiah Healy got the ball rolling on the reval issue with a letter sent to the Hudson County Board of Taxation on March 26 requesting that the board order a tax revaluation of all real estate properties in Jersey City.
But residents in recent years have expressed concern that a reval will lead to them paying higher taxes on their properties because of a new assessment.
However, on the city’s website, it is stated, “the general ‘rule of thumb’ for a property revaluation is that 1/3 of the municipal properties will see their share of the tax burden go down, 1/3 will see their share of the tax burden go up, and 1/3 of assessed municipal properties will see no change at all.”
Yet, it is little consolation to City Councilman Steven Fulop, who thinks the city should reconsider going forward with a reval.
“To do this in the declining real esate market, will put stress on homeowners,” Fulop said. “The timing is wrong.”
More on the reval will be featured in this weekend’s Jersey City Reporter. – RK