When the Jersey City 2024 budget was finalized, the city’s property owners received some rare news: there would be no additional cost to taxpayers. In fact, the final 2024 tax rate represents a .6% reduction from the 2023 rate.
The final rate reflects (1) an increase in the municipal portion by 1.93%, (2) no change in the school portion, and (3) a reduction in the county tax by $66 per average taxpayer.
The modest reduction represents a dramatic improvement over recent years. In 2022, the tax rate increased by a staggering 32%. The 2023 rate reflected an additional 6% increase, significantly outpacing the average annual tax rate growth across the state, and resulting in a two-year aggregate increase of 40%.
The downward trajectory is a welcome relief for Jersey City taxpayers, but taxpayers should remain wary of increases in future years.
“While this is good news for Jersey City taxpayers,” said David Wolfe, Co-Managing Partner of Skoloff & Wolfe, P.C., “taxpayers want to see multiple years of modest tax rate growth. Moreover, commercial taxpayers continue to struggle due to the increase in interest rates, capitalization rates, and the 40% increase in the property tax rate. We continue to work with our clients to obtain property tax relief and to ensure they are well-informed of all property tax-related issues and opportunities.”
Although the deadline to appeal 2024 assessments has passed, there is still time to explore potential relief for 2025. Skoloff & Wolfe, P.C. is currently advising many of the largest taxpayers in Jersey City and the Gold Coast when building, buying, selling, or operating property.
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.
