SonOfMcGee t1_ito5oha wrote on October 25, 2022 at 1:58 AM

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

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%?

PostPostMinimalist t1_ito5t0x wrote on October 25, 2022 at 1:59 AM

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

SonOfMcGee t1_ito7jzh wrote on October 25, 2022 at 2:12 AM

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%.

PostPostMinimalist t1_ito7vst wrote on October 25, 2022 at 2:15 AM

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.

SonOfMcGee t1_ito98my wrote on October 25, 2022 at 2:25 AM

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.