Jersey City finalized its property tax rate in October 2022 and set the rate at 2.118%, which represents a 32% increase over 2021. The increase is driven mainly from the Board of Education’s $973 million budget, a $159 million increase from the prior year budget. Meanwhile, the city’s $724.8 million budget was adopted in October and reflects a $104 million increase over the prior year.
Jersey City property owners are feeling the squeeze of the unprecedented tax rate increase in 2022 and are asking, what’s next? The deadline to appeal the 2023 assessment is April 1, 2023, and our New Jersey experts are currently reviewing appeal opportunities for all clients.
Please reach out to our local experts to ensure your commercial property is not overassessed relative to the market.
TECHNICAL INFORMATION CONTACTS:
Kurt Lieberman
Principal
Ryan
215.253.6676
kurt.lieberman@ryan.com
Andrew Sinclair
Director
Ryan
215.253.6671
andrew.sinclair@ryan.com
Dylan Pratt
Senior Consultant
Ryan
215.405.0410
dylan.pratt@ryan.com
The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.
- Topics
- Kurt Lieberman
- Property Tax
- New Jersey