Jersey City has now finalized its 2025 tax rate at 5%, a number that, while not as steep as many feared, still signals meaningful pressure on commercial property owners. Earlier this year, the City’s school district saw a $4 million loss in state aid, a 3% reduction that has intensified reliance on local taxes. Commercial taxpayers should expect continued upward pressure on the rate in the years ahead.
Given these conditions, it is more important than ever for commercial property owners to be proactive. Ensuring assessments are accurate, reviewing property data, and preparing for potential increases can help alleviate unnecessary tax burdens. Skoloff & Wolfe, P.C., has reduced clients’ assessments in Jersey City by billions of dollars, resulting in substantial savings and helping mitigate the increase in the City’s tax rates.* The firm continues to contest assessments throughout the City and works with clients annually to ensure that meritorious appeals are identified and prosecuted efficiently.
Contact us to review your Jersey City real estate holdings and to discuss the potential for a property tax appeal.
Skoloff & Wolfe, P.C., is well-versed in the area of property tax law. The Tax Department has litigated the value of virtually every type of commercial, industrial, and multi-family property. Our attorneys also frequently counsel clients regarding property tax exemption matters, long-term abatements, and PILOTs. Our clients include developers, management companies, financial institutions, REITs, hospitals, universities, religious institutions, private equity firms, and insurance companies.
*Results may vary depending on your particular facts and legal circumstances.
