It’s been quite a rollercoaster for homeowners in Chilltown over the last year, and how thrilling you feel the ride has been likely depends on what neighborhood you live in. But some good news came courtesy of Hudson County’s tax board last week, as Jersey City’s property tax rate came in lower than expected.
The final rate of 1.48% has been officially certified by the board, a tad below the 1.62% estimate that had been given to residents. Mayor Steve Fulop hailed the news on Twitter, writing that “this is the 5th year we have kept the municipal tax rate stable” and adding he was “proud of that.”
The 1.48% is per every $100 of assessed value on a property, which is where the issue lies for some homeowners. The city recently completed their first revaluation since 1988 and assessed values in some Downtown neighborhoods jumped around 67%, hitting 1-4 family homes especially hard. However, a look at the numbers demonstrates that property values have held steady despite property tax increases, and some outer neighborhoods in Jersey City have benefited from the new assessments.
Jersey City’s 1.48% property tax rate remains a bargain, at least in the Garden State. The average effective property tax rate in New Jersey is 2.40%, which is significantly higher than the national average of 1.19%.
