That would not work. The abated properties impact the value of regular property. However, abated properties are not subject to a reval. In the 1988 reval, my property was compared in value to abated properties. My taxes went up, not the abated property. We should have an income tax that is deducted from the state income tax. Everyone then would pay, not just the homeowners.
Yvonne

Quote:
A reval would bring everyone up to snuff. Assess the value of all the properties to equal market value.

In 2005 my property taxes were $46.06 per thousand of assessed value, the city portion was $19.30. In 2008, the taxes zoomed to $55.49 and the city portion is $25.47. Taxes have increased!
Yvonne
Speak NJ

Jersey City tax bite is kept to status quo

Tuesday, April 22, 2008

Jersey City property taxpayers have been spared a municipal tax bump - at least until the next fiscal year begins July 1.

The City Council adopted a no-tax increase spending plan last Friday - the day after state honchos gave thumbs up to an $8 million supplemental aid grant to the city.

Without the grant - which formerly was called distressed cities aid - and $15 million in a deal with Honeywell International, city officials had said they would have to raise taxes.

The $463.9 million budget represents a $20.8 million hike over last year's $443.1 million spending plan.

"It's been a long budget cycle this year," said Business Administrator Brian O'Reilly. "The city was able to take some initiative in reducing costs such as health benefits. We will continue to look at measures to increase revenues and decrease costs of the municipal operations."

The municipal tax rate remains at $25.47, meaning a property owner with a building assessed at $100,000 will pay $2,547 in municipal taxes this year.

Jersey City also received a boost with an increase of roughly $200 million in non-tax-abated ratables, city officials said. Using the city's tax rate, that would add a little more than $5 million to the city's coffers.

The county is expected to announce its budget in the next couple of weeks. The school tax levy has moved up from roughly $82 million to $86.1 million, representing a $38 annual increase to the average taxpayer, according to city officials.

The money from Honeywell is part of a settlement to develop chromium-tainted land on the city's west side. The city also saved about $4 million this year by opting out of the state-run health insurance plan.

KEN THORBOURNE