News and Insights

Jersey City, New Jersey Property Owners See 32% Tax Rate Increase

Tax Development Feb 22, 2023

Jersey City, New Jersey Property Owners See 32% Tax Rate Increase

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.


Kurt Lieberman

Andrew Sinclair

Dylan Pratt
Senior Consultant

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