A City-wide revaluation would significantly effect the property taxes most residents pay. The average ratio in Jersey City is 32.72% for the year 2013. However, as to the Jersey Journal reports, "[i]n recommending a reval, the Board of Taxation in 2011 said the ratio between the true value of properties and their assessed value was too cavernous. "
It is not clear whether Mayor Fulop will be successful in stopping the revaluation from going forward; it may be decided by the courts. But it is now unlikely that the revaluation will take effect in the year 2014. This means property tax appeal judgments obtained by DePaul Law Firm's Jersey City clients for Tax Year 2013 will most likely remain in effect through the year 2014, doubling our clients' total property tax savings!
This post was written by Peter Cecinini, Esq., an experienced practitioner of property tax law who is of counsel to DePaul Law Firm. To reach him at his Hudson County Office, you can call Peter Cecinini at (201) 887-0847.