When Jersey City passed its 2022 budget, it levied a hefty 32% property tax increase – the most significant property tax hike in decades. The rise was almost equal to increases in the local school budget and municipal taxes.
How the Increase Impacts Commercial Properties
The budget was passed in October 2022, several months late and only two months before the end of the fiscal year. Taxpayers were left with little time to adjust or prepare for the added expenditure. Furthermore, the increase comes at a time when taxpayers are experiencing slower growth and rising interest rates.
“Fortunately, we do see ways to obtain relief for our clients in 2023, ” explains David Wolfe, co-managing partner of Skoloff & Wolfe, P.C. “Because New Jersey has the highest property taxes in the nation, we are accustomed to identifying the opportunities that can achieve significant savings for our clients. We see such opportunities in Jersey City for 2023.”
Property Tax Relief for Commercial Property Taxpayers
There are many ways to mitigate the tax burden on commercial property owners, including a property tax appeal of the assessment. Guidance during property tax appeals is crucial; the process is fraught with deadlines and technicalities. Mistakes or misunderstandings could result in losing the appeal altogether, or, in some cases, the city actually raising the assessment. At Skoloff & Wolfe, P.C., we are well-versed in dealing with the property tax laws of New Jersey and nationwide and defending our clients from egregious increases.
Skoloff & Wolfe, P.C. is currently advising many of the largest taxpayers in Jersey City with respect to this increase and potential avenues for relief. In fact, Skoloff & Wolfe, PC. has already obtained significant assessment reductions in Jersey City since the increase in the assessment has been announced.
The property tax increase can also impact the way owners buy, sell, and build their properties. Skoloff & Wolfe, P.C. frequently works with companies through the process of acquisition and development and in quantifying the costs and potential risks of all manner of commercial property tax. Understanding and employing all avenues to protect yourself from soaring tax rates is more valuable than ever.