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.
Jersey City’s recent 32% property tax increase is the most significant property tax hike levied in decades. Read on for the impact this will have on NJ commercial property taxpayers and how they can find relief.
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… Read more »