It is official. Jersey City has finalized the 2022 tax rate, and it represents an unprecedented increase of 32% from its 2021 tax rate.
Remarkably, it is estimated that the average homeowner in Jersey City will see an increase of $2,360 in their yearly property taxes. This type of one-year increase can be catastrophic for both residential and commercial property owners.
The higher tax bill is due in part to the Board of Education’s recently-approved $974 million budget for the 2022-2023 school year, a 15% increase over the previous year’s budget.
Last year, the city used COVID-19 relief funds to reduce the municipal portion of the average tax bill and subsidize the increase. This year’s increase, officials say, is just returning to the 2020 level of taxation.
How should Jersey City taxpayers address these unprecedented property tax increases?
Unfortunately, the deadline to appeal the 2022 increase in taxes has passed. However, it is not too early to explore relief for 2023. It is also vital to be conscious of this increase when building, buying or selling property in 2022 and beyond. Skoloff & Wolfe, P.C. is currently advising many of the largest taxpayers in the City with respect to this increase and potential avenues for relief. Call Skoloff & Wolfe, P.C. to review your Jersey City real estate holdings and potential for a 2023 property tax appeal.