Jersey City property taxes, as seen through state compliance data:
Jersey City’s last citywide revaluation was in 1988.
Jersey City’s 2017 equalization ratio is 23.66%.
Jersey City’s 2017 coefficient of deviation is 35.66%.
On this map: Green = under-taxed | Red = over-taxed
NJ property tax law is based on this foundational premise: assessed values are supposed to equal market values. Put another way: your tax bill is supposed to be based on the market value of your home. The state tracks how compliant a city is with this premise with something called an “Assessment-Sales Ratio” which is defined as:
This map shows the wide disparity in assessment-sales ratios throughout the city. Two examples to illustrate this concept:
The green areas show census blocks dominated by LOW ratios. A good example of a low ratio is a Downtown brownstone that was assessed in 1988 for $100,000 (at the time, that was its market value) but in 2017 that brownstone is now worth $1,000,000. In this example, the Assessment Ratio is:
$100,000 / $1,000,000 = 10%
The red areas show census blocks dominated by HIGH ratios. A good example of a high ratio is a house in the heart of Greenville that is surrounded by blighted storefronts. In 1988 this house was also assessed at $100,000 (at the time, that was its market value), but that house is now worth only $200,000. In this example, the Assessment Ratio is:
$100,000 / $200,000 = 50%
Revaluation will update all assessed values to be equal to 2017 market values. That will re-institute fairness into the system.
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