BAYONNE – The Hudson County Board of Taxation on Tuesday ordered the city of Bayonne to complete a citywide property revaluation by January 1, 2019. With the last revaluation having been 25 years ago, many properties are likely to see a tax increase. City revaluations typically result in a tax hike for one third of property owners, while taxes decrease for one third, and stay the same for the rest. The revaluation process is a long and costly one that requires a reappraisal of each and every property in the city.
All cities are required by law to perform revaluations, but when to perform them can be tricky.
Even though revaluation programs are inconvenient and arduous, they are meant to address an inevitable problem–the unequal tax burden on newer homes.
The revaluation is not set in stone yet. It still needs to be approved by the state in order to take effect. For more information on property revaluations in NJ, please refer to NJ State Treasury Department’s PDF titled “What is Revaluation?”: www.state.nj.us/treasury/taxation/pdf/lpt/revaluation.pdf. –Rory Pasquariello
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