Jersey City has finalized its 2023 property tax rate at $2.247, resulting in a 6% additional increase over last year’s rate. Because last year’s rate soared an unprecedented 32% over 2021’s tax rate, this increase appears more “reasonable”, despite significantly exceeding the average annual tax rate growth across the state.
Skoloff & Wolfe, P.C. continues to work with a wide range of clients in Jersey City. “We advise our clients to stay well-informed of property tax issues and implications when building, buying, selling, or operating property,” says David Wolfe, Co-Managing Partner of Skoloff & Wolfe, P.C. “In this period of high interest rates and rising cap rates, we are actively working with our clients to ensure they are not paying excessive property taxes.”
How should Jersey City taxpayers address property tax increases?
It is not too early to explore property tax relief for 2024. It is also vital to be conscious of this increase when developing or acquiring property. Skoloff & Wolfe, P.C. is currently advising many of the largest taxpayers in the City. Contact us to review your Jersey City real estate holdings and potential for a property tax appeal.