Downtown Jersey City homeowners nervously welcomed the New Year cognizant of their long-awaited property tax assessments, after initial estimates indicated that property taxes would increase by an average of 60%. During February and March, residents throughout Jersey City began to receive their updated assessments, with data published by the company hired to conduct the revaluation, Appraisal Systems, indicating that the estimated increase in Downtown was coming closer to 67% for 1-4 family homes and 24% for condominiums. Closing out the first quarter of the year, there was still no sense of finality to the tax revaluation; Appraisal Systems were relentlessly mailing out assessments and Mayor Fulop was actively committing himself to a “second revaluation” in 2019 to use any changes in the market to balance out taxes for the years to come. For more information about new changes and developments on all eight key Hudson County markets, download the Q1, 2018 market report, courtesy of Pure Properties.
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