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donnie_trampovic t1_itjfk77 wrote

Reply to comment by PostPostMinimalist in Jersey City’s 2022 tax hikes & Q3 and Q4 tax bill flux, explained by Downtown-Prompt-6499

It depends, JC reassess property values once in a while. So it’s likely you’ll pay whatever it is currently assessed for for some time. Unless they decided to do city wide reassessment next year. On the flip side you can sue the city and prove that your property is worth less than they think.

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PostPostMinimalist t1_itjgypk wrote

And do they typically assess near market value? I feel like I've seen some places where even a freshly assessed value is like... half.

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donnie_trampovic t1_itjiybh wrote

I don’t have a definitive answer. When I was looking for an apt, I saw tax assessments just below the asking price for the property and occasionally higher than the asking price.

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SonOfMcGee t1_ito5oha wrote

There was a city-wide reval about three years ago and I think most properties got close to market value but just a little under. Maybe like 90%?

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PostPostMinimalist t1_ito5t0x wrote

Yep I found the website where you can lookup any property’s assessed value. It’s pretty close to market value. Which is brutal. Not gonna buy here

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SonOfMcGee t1_ito7jzh wrote

By “here” do you mean the state of New Jersey? We’re still a little under the state average for property tax even with the 2.1%. Average NJ property tax is 2.4%. National average is 1%.

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PostPostMinimalist t1_ito7vst wrote

Jersey City in particular. It’s value prop if you ask me is (relative) affordability with convenience. You don’t get suburban schools or houses, and you don’t get the best of NYC. Now drop the relative affordability and what’s left is somewhere I don’t want to buy. Maybe if taxes put downward pressure on actual home values it’ll even out, maybe.

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SonOfMcGee t1_ito98my wrote

Taxes and rising mortgage rates will certainly put downward pressure on prices, but it’s a question of how much and if it counteracts the still- present overall housing shortage.

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