Last week the New Jersey Department of Community Affairs released its annual property tax report. Mike D’Onofrio over at the Jersey Journal broke down the numbers for us. He analyzed the changes in average property values and average tax property tax bills over a 10 year span, 2004-2014.
Here’s the gist of it:
Hoboken property values skyrocketed, tripling during the 10 year span. This sharp increase in values also happens to be the highest in the country.
Hoboken average property value:
2004 – $165,650
2014 – $522,107
Jersey City property values are up marginally, about 1%.
Jersey City average property value:
2004 – $90,008
2014 – $91,459
Bayonne property values actually fell over this period.
Bayonne average property value:
2004 – $133,203
2014 – $126,186
Not surprisingly, property taxes are up all across the board.
Read full story on nj.com