Re: Jersey City mayor-elect orders end to citywide reval
Posted by WhoElseCouldIBe on 2017/1/11 19:14:41
Jersey City's taxes will definitely be below 2% post-reval, but this has nothing to do with the reval so much as it does the increase in Jersey City's Equalized Valuation.
JC's EV is now $24 billion and will be even higher after the reval is completed.
JC's all-in tax levy is now $448.7 million. That rate will increase too, but not in proportion to the increase in the Equalized Valuation.
$448.7 million / $24 billion = 1.87%.
The tax rate will fall farther once the new EV is computed.
The reval will not increase or lower tax revenue for the city. It will simply re-allocate the tax bill among property owners.
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