Jersey City’s Property Tax Rate Finalized at 1.48%

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Brownstones Downtown Jersey City
Brownstones, Jersey City. Photo by Jared Kofsky/Jersey Digs.

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%.

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5 COMMENTS

  1. Why are they keeping the property tax rate stable when they are “broke” and they “need” to implement a commuter tax/wage tax?

    • Simple, to benefit property owners over commuters (many of which aren’t JC residents). If they don’t, owners leave and the city will be left even more “broke”.

    • Simple, to benefit property owners over commuters, many of whom aren’t JC residents. If they don’t, owners leave, and the city will be left even more “broke”.

  2. As a JC resident I see that there has been an increase overall in the rates by double or triple on the quarterly taxes, I’m concerned on how much the total amount will portray per the bi annual amount. I am hoping that it will not also be double or triple…

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