Re: Jersey City mayor-elect orders end to citywide reval

Posted by bodhipooh on 2017/1/11 21:37:57
Quote:

JCGuys wrote:
Quote:

stateaidguy wrote:
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.





SAG, Thank you! I'm so tried of the complete and utter BS from the fearmongers and the ignorant. I saw a news report the other day saying it's a double edged sword because the reval will hurt people, but will also generate more money for the city.


Well, an ignorant reporter is just that... ignorant.

BUT, the values provided by the state are very different from what you present in your post.

The State of NJ puts the total JC EV at $21,643,490,206 (21.6 B) for 2015, and 25,679,882,705 (25.7 B) for 2016. The effective tax rate (as calculated by the state) is 2.216% for 2015.

Source for the above:
EV 2016: http://www.state.nj.us/treasury/taxat ... df/lptval/2016/Hudson.pdf
EV 2015: http://www.state.nj.us/treasury/taxat ... df/lptval/2015/hudson.pdf
Effective Tax Rate 2015: http://www.state.nj.us/treasury/taxation/pdf/lpt/gtrhud15.pdf

How did you arrive at the total tax levy of $448.7 million? Do you have a source for that figure? Also, are you sure you are not using the valuation from valuation from 2016 and applying the effective tax rate for 2015? I ask because the figures are wildly different than what is on the State of NJ website. Thanks!

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